You heard it before from financial advisors; there is good debt & bad debt. For me, I’ve used my credit cards for bad debt, buying real estate courses, or going to boot camps.
Plus I ended up co-signing a loan for a family member in the tune of $50,000 in 2010 for a business that never got off the ground, and I got left holding the debt.
So now I have $50, 000 in debt, nothing yet in real estate investing, I’m depressed because the people I co-signed for haven’t paid me a dime, at that time and through 2016!
How are you paying that debt off?
One thing I did was read financial books and learn how money can work for us, and one book caught my attention,“ The secret of the millionaire mind” by T.Harv Eker. In the book he talks about allocating you’re after tax dollars into different bank accounts, see video below how to set yours up.
Automating Your Finances
Once I learned the concept of allocating my after tax dollars, and set up different bank accounts, I was able to pay down my debt within 5 years.
It took a lot of discipline to curb my spending habits, but once I saw results paying some debts off quickly, I bought into the different bank accounts system which I still use today.
Education at what price?
These are some books I recommend to get your financial education off the ground.
I read all of these books, it’s a good start to learn different ways to invest and save money.
That’s it for now
Thank you & until next time
What is a note? My interpretation is I lend you something, and you promise to pay me back by a certain date agreed upon.
Types of Notes
There are different types of notes; in Real estate there are notes from a bank. You purchase a property you look for a Mortgage, and you just created an I.O.U, which you promise to pay the bank back.
Or you can become the bank yourself, you can lend money out, like I have and get paid back monthly.
I Also heard of Notes where you buy either performing or non-performing notes, to learn more about them, you can Google or log on to YouTube and get educated.
How can you protect yourself?
This is where I have some experience, unfortunately I have a current note with an investor, now the note is small, but the point is I was promised to be paid back. The
Note was established on September of 2015, and a year and a month passed and I haven’t received a dime.
Now there is no guarantee I will be paid back, the investor might file bankruptcy, or the judge can rule against me. A few ways you can protect yourself is by having the note notarized which is important, also you can add to you contract. “If not paid by this date I will file court papers to receive payment”.
So I have no choice but to file a claim against the investor, which is currently pending.
Should I or Shouldn’t I?
Yes, it’s our choice to move forward after being stiffed by this investor, but let’s remember that one bad apple, should not spoil the bunch. There are many people who are honorable and will do the right thing.
I won’t sour on having a note, in fact I’m currently getting educated on the note business, it is another way to receive passive income, if done right.
That’s it for now, till next time
OneWill Properties, LLC
By: William Morales
Should you use it to invest in real estate? Tough question to ask someone! I applied for business credit cards in 2015; the best thing at the time was 0% interest for a year!!! Not bad right? Flash forward to 2016 and the interest of some of the cards I have (8 in all) has kicked in, and wow, one card in particular is 22%!!!
Oh oh…..A Problem
As you can see from above I have 8 cards in all, some have small amounts some larger, it’s a nightmare for me to keep tabs on 4 that I have used. Plus when I applied for business credit, with a company that specializes in getting credit for business owners, I’m at the mercy of the company, let me explain.
I Live Where?
Out of the 8 cards I currently have, I used 4 to invest in education and real estate, the other 4 I decided to close the accounts, now the problem has started, one of the cards, M&T Bank has me living in Colorado, I wanted to close that card, but since I live in New York city I have to show the bank proof that I do live in NYC and never lived in Colorado, So when you used these institutions you don’t know what they are telling the credit card companies/banks about you, we need to be careful.
So What’s the Solution You Say?
We need to apply for business credit, not a business credit card!
A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.
However, some companies out there offer "business" credit cards. These companies will often ask for a personal guarantee which I did, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – I AM!!
How Do We Apply for Business Credit?
There are a few books out there that can show you ways to get a line of business credit, like “Business Credit Decoded: Discover the Secrets and Power of Business credit” by Ty L. Crandall.
Also go to YouTube and enter getting business credit and you will find videos on the subject or google articles on the subject.
There are many steps to follow in terms of getting business credit, and I think that’s better than getting Business credit cards from banks, believe me I’m paying for it. So I will now work on getting my business line of credit ASAP, and follow the steps of some of my mentors who are helping me.
Thanks for reading & until next time,
OneWill Properties, LLC
By: Michelle Wong
The beautiful province of Puerto Plata is located in the northern part of the Dominican Republic, with a population of 321,597 residents. It is primarily known for the beautiful beaches, amazing resorts and hotels, and for the tourist destination. Apart from other province Punta Cana, Puerto Plata is the second popular tourist destination. Tourists from all over the world come to visit the Dominican Republic and especially Puerto Plata.
Puerto Plata is located between the Atlantic Ocean and the Isabel de Torres Mountain, known for its agriculture and architecture designs by the European and Canadian immigrants that settled in the area in the mid-16th century. There was and still have influence of British, French, Italian, German, Canadian and other European countries. It brought great influence in the culture that is known today. The Victorian era had great influence in the northern area of the Dominican Republic; the clothing, architecture of residential homes, commercial hotels, etc. The city of San Felipe de Puerto Plata was founded by Canadian immigrants. They also brought with them the architecture style of bridge formation, created the Guinea Bridge in 1879. It was not until after the Restorer War, that heavier influence in modern architecture came in place. It was the modern architecture in this area that influences the change of construction of buildings and resorts and hotels.
Puerto Plata known for the picturesque views, the natural beauty of the beaches, it is also known for the various attractions. Puerto Plata has many recreational activities for tourists to participate in: Cable Car, Zip lining, Snorkeling, Windsailing, Aquariums, Museums, Boardwalk, Live Dance Entertainment, Horseback Riding, Quad Riding, Kite Boarding, Safari Trail, Hiking, Waterfalls and Parks.
Real Estate Investment Opportunities
There are over 70 resorts and hotels located in the San Felipe de Puerto Plata area, all located on the beach front. There is a big market for Real Estate Investment in Hotels & Tourism. Since November 1995, there have been incentives for foreign investments. There are natural treatment for foreign investors and minimum restrictions in investments and free access to the international currency through local banks and the Central Bank of the Dominican Republic.
I took the opportunity to visit Puerto Plata for business purposes as well personal time for relaxation. I went on a business trip look at the residential and commercial area that I could invest in. There are many land and building for sale for investors. There is plenty of land for development and creation of new resorts. Many investors that come into the country are American, Canadian, European, Latin American and Asians. The resorts that are being constructed now are designed and built by European architects and/or engineers. There is much potential to continue to grow the country and make a great profit with great rate of return.
Iberostar Hotel Costa Dorada
Lastly, upon my visit to Puerto Plata, I stayed at the Iberostar Hotel which is an international based company originated in Spain. It is located 25 minutes from the Puerto Plata Airport or the formal name of the Georgio Luperon International Airport. The Iberostar Hotel Costa Dorada is all inclusive 5 star hotel with 540 rooms situated in 10 buildings on the premises. It has all that is needed without leaving the premises. Just feet away are the beaches, pools, restaurants, nightclub, spa, etc. There is a security safe in each room, air conditioning, complimentary drinks and coffee in each room as well. There are also balconies in each room. Laundry service 24 hour service with 48 hour delivery service. There are Shopping store and convenience store located by the lobby of the hotel.
It has 5 restaurants: El Mercado, El Bohio Palappa, which are all buffet style restaurants. They serve hot and cold buffet foods. They serve breakfast, lunch, snack and dinner. Depending on what time of day you decide to dine, you would have to go to one or the other. There are also 3 a la carte restaurants called La Acienda (Mexican Cuisine), El Rodieco (Brazilian Cuisine), and Hashiriu (Japanese Cuisine) The 3 a la carte Restaurants serve dinner from 6:30pm-11pm but with reservations. Both El Mercado and El Bohio serve typical Dominican Cuisine and some American Cuisine. They serve in 4 time patterns: 7am-10am, 10am-12pm, 1pm-4pm, and 6:30-10pm.
There are 3 huge pools with bar service from 10am to 7pm. You can lounge in the pool or along the lounge chairs and waiters will come over and take your drink order. If you want to snack while you take in the sun the El Bohio restaurants is only 50 feet away. They also have private water aerobics classes that you can take in the morning. They also have outside recreational activities you can partake in: tennis, diving, and snorkeling, quad riding which are all near the hotel area.
If you want to relax and have some R&R, you can use the Jacuzzi, steam baths and massage parlor; which you have to set up an appointment prior to attending. There also beauty salons to have your hair done or manicure and pedicure. You can also request a professional make-up artist to apply your make up for an outing.
There are also nightly entertainments: Night club and 3 bar lounges. La Fuente, El Bohio Aqua Bar, La Plaza Lounge Bar and Route 66 Night club. All of the bars and lounges serve late night snacks. No reservations are needed. Lounges and bars open from 11pm-3am. The night club is open from 10pm-3:30am.
The Philadelphia market has been on the rise in the past five years, it is a hot market to invest and to purchase a home if you're a homebuyer. For the past 3 months we have been researching and looking at properties.
Philadelphia is very much like New York City with diverse streets and eclectic feel to the architecture there. In Delaware County has a very familiar feel to Brooklyn where at night it comes to life and young families come out and celebrate the evening. In the bordering area of Delaware County it has a tranquil feel of Westchester. Beautiful homes with acreage of land, perfect for family reunions or block barbecues.
We have traveled to Philadelphia on two occasions to see the area for ourselves, see the properties that we can close on and meet local realtors, residences, in which we want to build a team.
The market is hot in Philadelphia and for less than $100k you can obtain a townhouse, rowhouse or a duplex. Owners and sellers are willing to listen to how we operate in investing and would consider as an option. The key to finding great deals are connecting with local realtors and lead generation from direct mail. The combination of the two gives you a better chance of connecting with motivated sellers. The other part of this formula is having an option the seller would agree with.
By: William Morales
Many people don’t want to invest in Real Estate because of the three T’S, Tenants,
Toilets & Termites, and I understand completely. But there are other ways to get
into Real Estate without involving yourself. Many new companies are now opening up
investing opportunities for everyone like crowdfunding.
What is crowdfunding ? It’s the practice of funding a project or venture by raising
small amounts of money from a large number of people, typically via online. So you
can invest your money without being involved, in other words a passive investor
where you sit back and collect, now I’m not endorsing crowdfunding, you have to do
your due diligence before investing in any of these projects.
Another way besides these funding portals, you can invest in a REIT, what is a Reit?
A reit, or real estate investment trust, is a company that owns or finances income
producing real estate, Reits provide investors of all types regular income streams
through a dividend you can get either monthly or every quarter depending on the
So don’t feel you have to be a landlord, just do your research you have plenty of
choices to be in Real Estate.
By: William Morales
When I started learning about real estate investing in 2007 I was basically lost in the
terminology of investing, with words like ROI, CAP RATE, CASH ON CASH RETURN.
So you can imagine what I and other new investors were going through.
That is why education is very important in any endeavor you might partake in. So I
set out to read, watch, or listen to anything related to Real Estate. And one thing I
want to say, I’m still learning 8 plus years later.
There are many ways to get your education for investing, you have sites like Google,
Youtube, & other social media sites that are everywhere we look. But for me the
easiest way to learn was being with like-minded individuals that have the same goal
Which means network, network & more networking, we can take many classes but
being around the people that are doing it, that is the best education, you are learning
on the job. For those who are new, look at your local meetup.com site and type in Real
Estate and you will see hundred’s of clubs you can join.