A lot ot talk, several books, and valuable minutes of nearly every self-help seminar conducted in the past 10 years have been devoted to the topic of “Knowing Your Why.” It’s a trend for a good reason. It’s important to know your Why and it’s important to get beyond trivial things like “money” and “the stuff you buy with money.” I value and salute the idea of “knowing your Why.” But today I’m going to balance that with not a competing, but complementary idea. “Know Your Why Not.”
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- https://www.attomdata.com/news/market-trends/figuresfriday/how-much-do-you-need-to-earn-to-buy-a-home-near-you/
- https://www.attomdata.com/news/market-trends/home-sales-prices/q2-2019-u-s-home-affordability-report/
- https://www.attomdata.com/news/market-trends/may-2019-u-s-foreclosure-market-report/
- https://www.attomdata.com/news/market-trends/figuresfriday/top-10-markets-where-home-flippers-are-flipping/
A lot ot talk, several books, and valuable minutes of nearly every self-help seminar conducted in the past 10 years have been devoted to the topic of “Knowing Your Why.” It’s a trend for a good reason. It’s important to know your Why and it’s important to get beyond trivial things like “money” and “the stuff you buy with money.” I value and salute the idea of “knowing your Why.” But today I’m going to balance that with not a competing, but complementary idea. “Know Your Why Not.”
I mean Why Not in a couple of different ways. In the first section I’m going to talk about “Why Not” in terms of reasons why you should NOT pursue something. Then in Part Two I’ll talk about “Why Not” in the sense of, well, why not? Why not go ahead with whatever…? These principles can apply to your ideas, your life choices, your career, your education, even your life partner. Bookmark this so you can come back to it when you face a significant decision.
Why Not Part One:
- It doesn’t fit YOU.
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- Requires something from you that you don’t have
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- Personality type
- Maneuverability (think on your feet, adjust course as you go)
- Detail orientation
- Relational skills
- Skill set
- Ideation
- Follow-through
- Requires something you don’t do well
- Sedentary vs Active
- Travel vs Stay home
- Early vs late hours
- Tied to a location vs Free to roam
- Requires a life-style you don’t want
- It’s too new (ideas you had in the past 24 hours)
- Risks - How can this come back to kick me in the fanny?
- How realistic the Opportunity is. “If I could just get 1 million people to give me a dollar…”
- Implementation
- You don’t fully understand it.
- Fear of loss?
- Limited time opportunity?
- Short-cut?
- Greed?
- Vanity?
- Would your reason for doing this be consistent with your purpose in life?
- Your motivation is suspect
Why Not, Part Two
- What do you have to lose? No really, think about what you can lose here.
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- Time
- Money
- Relationship(s)
- Reputation
- More than Pros and Cons, weight the items by their importance and look at the score.
- Is this something you can “dip a toe in” to test? Ease in gradually before going all in?
- With projects, it’s usually pass or fail, but you don’t know what you don’t know and you don’t know what you might learn that could lead you to the next thing.
- With people there are multiple variables. You don’t know who you don’t know or who you might meet and how that might take you to the next person.
- Are there multiple unknown outcomes? Could there be several possible results?
- What happens if I take this to an extreme (unrealistic and sometimes illogical, but sometimes helpful).
- Does this put me in a position to make a positive move or draw closer to one of my ultimate goals?
- If I go for it, how long before I can back away if not working? What’s my commitment?
- From Kay in Atlanta, I have a few questions about Subject 2 and I am hopeful that you can assist me.
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- My partner Kathy P... spoke with a potential client which we plan to meet up with on Monday. We will like to proceed with a subject 2.
- 1) The owner divorced and was awared the home. The ex-wife did a quit deed so the husband has a limited warranty deed in his name. But the ex-wife's name is on the loan.
- The husband was given 1 yr as of November 2018 get her name off the loan. The home is heading into forclosure which they do not want to happen.
- A)Is there paperwork we can have the ex-wife sign to protect ourselves, having her acknowledging that she is aware we are taking over pmt. And her name will stay on the loan until the ex- husband assumes or refinance the loan? How do we protect ourselves?
- B) How do we take ownership on the warranty deed? Do we put in our company name? Do we keep the owner's name c/o our company name. Do we put deed in out personal names? Do we put deed in a land trust?
- C ) Getting insurance on the property. What step do we have to take for home insurance since the owner policy will only be good for 30 days after the transfer. I hope that you can assist us with our questions.
- Is this going into the August foreclosure sale? If so you have time, but you need to move quickly.
- Great Questions:
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- 1. Do you have a real estate attorney? You need one who is accustomed to dealing with investors and familiar with the Subject-To process. Craig Halperin is a friend and he can help if you don’t already have one.
- 2. Meet with the man and write down everything in plain English you are agreeing too. Craig will translate that into a formal contract you can sign at closing. You’ll need to be prepared to pay him for the closing costs.
- 3. Do you know whether the ex-wife is in the mood to cooperate? If she will,you have until the end of October to sell the property unless she is willing to agree in writing to extend the deadline. I’ll be surprised if she agrees to that - she probably wants out. But if she doesn’t need to buy a home right now, she could possibly be incentivized to extend (i.e. small monthly payment or something).
- 4. He will not be able to re-finance the loan once he has turned it over to you.
- 5. Once the property is in your name you may be able to re-finance into your name, depending on your credit and other qualifications.
- 6. Take possession in your company name.
- 7. Get insurance based on your intended use of the property. Rental and flips get different policies. Your insurance professional will guide you. Cancel the homeowner’s insurance as soon as you can. Provide on-going proof of insurance to the lender so they don’t do a force placed policy.
- 8. Be careful what you say to the lender.
- 9. I cover sub-to in my Ultimate Course. It takes about 30 days to get that far in the course. That’s if you watch one 10-min video every day. You can use a land trust but they are somewhat over-rated in terms of protecting you from the Due Upon Sale Clause.
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Motivational Thoughts for the day
- “One Half of knowing what you want is knowing what you must give up before you get it.” - Sidney Howard
