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CONTACT WALTER

559 S. Washington Ave., Kankakee,IL 60901

P.815.929.9258 P.815.929.9200

walter@waltersanford.com

The gifts of giving with love to others with return to you a hundred fold. Thank you for a new level of life. Terry Murphy, Real Estate Speaker

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YOU DON’T HAVE TO QUIT COLD TURKEY December 1st, 2017 | Posted in General Real Estate, Other Interests, Real Estate

You have climbed the mountain.

You generated listings, helped buyers and processed closings for years.

You have followed my plan and acquired some cash flow real estate.

You treated everyone like you would like to be treated which resulted in a good reputation…maybe you are an icon.

You try to eat correctly trying to get some of the sugar out of your diet.

You regularly get a little exercise.

You have a lot of years left and think you might want to change things up.

When you hear about me retiring from real estate brokerage and speaking about it on the road, it sounds good, but you ask…”what would I do?”  So let me give you some options, all which I have tried with different levels of success.  But please remember, nothing works really well without money.  If you have not made your nest egg yet, it is not that hard.  I have written 10 manuals – every system that has ever made money for me or the top agents that I coach.  These systems, books and software used to sell for $1500.00 bucks.  No more speaking means that I don’t need a warehouse of product.  Therefore, don’t miss your chance to get all of my newest products, still with the cellophane on it….the same stuff you would buy at my seminars, but for about 95% off, the cost to produce the products, which is $90.00 for everything.

You probably don’t the time to develop a super-efficient operation that brings in multiple listings and multiple buyers every month with the instructions on how to wow them without spending all you money and most of your life.  Every one of my coaching clients doubled their net in the first nine months.  How many years of that would it take for you to have a down payment on a newer 12 unit building or a few houses in decent areas that you depend on in your retirement.  Remember what I said last month…it all starts with systems that make the money first…get my stuff while you can!!!.

Now assuming you are on the previously mentioned net worth road and you are looking around for some options to change things up a little, some things that you can do in your spare time. Here are the changes that I made, in the order that I made them.

  1. Delegated some stuff to my clients, my assistants, the front desk and cut services that no one ever noticed or cared about.
  2. Made sure that any paid assistant did lead generation for at least 2 hours a day.
  3. Did not take listings from under motivated sellers that wanted to list at above retail unless it was for a year or more in a good market.
  4. Referred out all buyers that I did not want to work with, did not like, were not clear what or were they wanted or were a little out of my immediate area.
  5. Did not sanction incompetence from  anyone.  If employees or vendors were not delighting me, they were warned and if they persisted, were traded out for better.
  6. Manualized my operation with the thought of training in it and selling all my secrets.
  7. Understood that working for money gets old and wanted to start seeing my money work for me.  (Cash flow real estate purchase with down payments made by my great brokerage business).
  8. Relentlessly cut expenses.  If it did not result in traceable net income, I eliminated that expense for the next year.
  9. Kept the IRS at bay by maximizing tax advantaged moves such as SEP’s, IRA’s, 529 plans and HSA’s.  Later did self-directed IRA’s into cash flow real estate.
  10. Kept my commission split beneficial for me.  (I was bringing lots of activity to the brokerage)
  11. Opened my own small brokerage using my now commission split to fund the payments on a small commercial building.
  12. Cut turnover and expenses on rentals by requiring two year leases and minimum 625 Fico scores on all tenants.  Improve the property on every turnover because my plan is to keep them forever put them in a trust and have a inter-generational and tithing cash machine.
  13. Tried to give my book of business to my assistants.  Assistants usually are not rain makers.  The competition made sure that my assistants did not get as much business after I moved on.  Hindsight, I would have done a 5-7 year referral deal to another top agent or team.
  14. Just taking the business that I liked from the people I liked with the big numbers never really worked for me because my ego still wanted to be recognized as a top agent in town.
  15. As you grow up toys, crazy expensive cars and second and third homes become less important.  Legacies become more important.
  16. Working on the relationships with your kids and spouse become more important….start earlier.
  17. As your net worth grows the target on your back grows.  Write tight contracts, get the right contractors, the right tenants and the right vendors so you can have less attorneys in your life.
  18. Dad said only invest in what you know and can control.  Partnerships will break you.  The less partners and employees the better.
  19. Have a higher purpose than “getting rich”.
  20. Increased the things that work and decreased the things that did not.

 

It all starts with having a cash flow from your brokerage business.  The profitable business of having clients that list sale-able properties and want to buy available inventory is an art form.  I was like Rembrandt, get my stuff before it is gone forever. 

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