Grow Your Business to Support Your Perfect Life

Grow Your Business to Support Your Perfect Life As we learn in BOLD, “The purpose of business is to fund a perfect life.” Once you shift your mindset from thinking like an agent to thinking like a business owner, you may be tempted to dive right in by focusing only on your business or turning […]

Grow Your Business to Support Your Perfect Life

As we learn in BOLD, “The purpose of business is to fund a perfect life.” Once you shift your mindset from thinking like an agent to thinking like a business owner, you may be tempted to dive right in by focusing only on your business or turning all of your attention to building a real estate team. But by doing that you would be missing a huge opportunity — the chance to put your perfect life first and grow your business to support it.

“Many agents start focusing on the business or the team,” says legendary coach Tony DiCello. “Start with the life you intend to live, and the business and team will follow.”

What’s the key to doing just that? A simple two-step process:

1. Let your life dictate your business. Never lose sight of the fact that the entire reason you are growing your business is to support the life that you want to lead. First, figure out what your perfect life should look like and then let that perfect life dictate how you run your business. Otherwise, instead of running your business, your business will be running you.

2. Let your business dictate your team. Once you have let your desired life dictate the size of your business, it’s time to let your desired business dictate the size of your team. Some agents view having a large real estate team as the definition of success, but only business success will help you build a bigger life. Don’t fall into the trap of wanting to expand your real estate team too quickly simply to create the impression of success. Getting the most out of current team members is better than adding new ones. At the end of the day, the purpose of your team is to support your business, which in turns supports your perfect life.

Getting Past No: What To Do If You're Turned Down For A Mortgage

With most home prices well above what the majority of us have in the bank, getting approved for a mortgage can be the deal maker or breaker when it comes to purchasing a piece of property.

Getting Past No: What to Do If You're Turned Down for a Mortgage or Other Home FinancingGetting Past No: What To Do If You’re Turned Down For A Mortgage

By: Rick Guthrie

Getting pre-approved for a mortgage loan is an integral part of having the ability to purchase a home in today’s society.

With most home prices well above what the majority of us have in the bank, getting approved for a mortgage can be the deal maker or breaker when it comes to purchasing a piece of property. Therefore, getting rejected for a mortgage can feel like a huge loss.

The first thing to realize, however, is that there are action steps you can take to get to “yes.” Here’s what to do if you’re turned down for a mortgage or other home financing.

Shop Around: Don’t Take “No” The First Time

If you get a “no” from your bank the first time around, don’t be fooled into thinking that everyone will give you the same answer.

Instead, be sure to shop around your mortgage with different banks, and opt to speak to a mortgage broker to leverage all of your options.

When looking at several different lenders, you’ll have a much higher chance of getting a yes since every lender adheres to different rules and restrictions. Though you may end up with a mortgage with a slightly higher interest rate, you’re likely to get approved for a mortgage or other home financing.

Ask Friends: Get A Co-Signer

If your “no” was the result of bad credit history or a low credit score, perhaps you should consider asking for the help of friends and family. Sometimes bringing a co-signer in on the deal who has better credit history and a higher credit score will change the response of your bank or lender significantly, and suddenly you’ll find yourself hearing the sought-after “y” word.

Ask Questions: Fix The Problem

If you’ve sought out several different banks and lenders, and still find yourself with rejected mortgage applications, be sure to understand why the “no” came in the first place. If it’s an issue of your credit history, which can’t be appeased with a co-signor, you may need to put in the time in order to correct some of your credit issues.

Other common reasons why people are rejected for a mortgage include unrealistic borrowing expectations, i.e. applying for a mortgage that is too high for you to satisfy, as well as an unreliable employment history or a general lack of credit history. Speak with your mortgage professional to determine the reason, and if shopping around or bringing in a co-signor doesn’t transform the “no” to a “yes,” seek to fix the problem instead.

Though it can be a daunting task to apply for a mortgage after you’ve been rejected, ensuring that you arrive at that ultimate “yes” is something you need to undertake in order to purchase a home and reach that next milestone in your life.

Having trusted professionals on your side is something that will surely ease the tension on all things involved in purchasing a home, including getting approved for a mortgage. For more information on how to get past “no” when searching for a home, call your trusted real estate professional today.

Who’s Your Daddy

Who’s Your Daddy By:Rick Guthrie Who’s your daddy? Who’s your mother? Who are the people that make you succeed? They are the people in your core advocacy group.  What if you only had to make contact with a few of these people and could be making six figures before the end of the year because […]

Who’s Your Daddy

By:Rick Guthrie

Who’s your daddy? Who’s your mother? Who are the people that make you succeed? They are the people in your core advocacy group.  What if you only had to make contact with a few of these people and could be making six figures before the end of the year because you contacted nine of them? If you want to know more about this come to a meeting on Tuesday July 1, 2014 at the Keller Williams Fairfax Gateway Office to get information and hear the guest speaker, and hear about the new contest that includes your nine core advocates.

For more information please click here.

who's Your daddy

What's Ahead For Mortgage Rates This Week – June 23, 2014

Last week’s scheduled economic news included the National Association of Home Builders Wells Fargo Housing Market Index, Housing Starts and Building Permits. The Fed’s Federal Open Market Committee (FOMC) issued its usual statement at the conclusion of its meeting, and Fed Chair Janet Yellen also gave a press conference.

What’s Ahead For Mortgage Rates This Week June 23 2014

What’s Ahead For Mortgage Rates This Week – June 23, 2014

Last week’s scheduled economic news included the National Association of Home Builders/Wells Fargo Housing Market Index, Housing Starts and Building Permits. The Fed’s Federal Open Market Committee (FOMC) issued its usual statement at the conclusion of its meeting, and Fed Chair Janet Yellen also gave a press conference.

Home Builder Confidence Improves, but Housing Starts Slow

NAHB released its Housing Market Index report, which reached its highest reading in five months. The index moved up from 45 to 49; a reading of 50 indicates that more builders are confident about housing market conditions than those who are not. David Crowe, NAHB chief economist, said that builder confidence is in line with consumer confidence; he noted that consumers are waiting for a stronger economic recovery before buying homes and that builders didn’t want to build more homes than markets would bear.

According to the latest figures from the Department of Commerce, May housing starts fell to 1.00 million from April’s reading of 1.07 million on a seasonally adjusted annual basis, and missed the consensus reading of 1.02 million. Building permits issued in May fell by 6.40 percent to 991,000 permits issued for single and multi-family construction. In recent months, permits for single family homes have fallen, while permits for multi-family units are increasing. This concerns economists as single-family homes generate sales of retail goods including furniture and home improvement supplies, while multi-family housing is often occupied by renters and yields fewer home related purchases.

Warmer weather was expected to add to the pace of housing starts, but this did not occur during May.

Fed Reduces Asset Purchases, Mortgage Rates

FOMC members reduced the Fed’s monthly asset purchases by $10 billion, for a monthly volume of $35 billion in Treasury securities and MBS. The meeting minutes noted FOMC concerns that inflation has not yet reached the committee’s benchmark of 2.00 percent inflation as a benchmark of economic recovery.

The minutes reflected FOMC’s position that it will maintain the target federal funds rate at between 0.00 and 0.25 percent for a considerable period after the asset purchases under the current quantitative easing program have ended. While analysts previously associated “considerable period” with a time frame of six months, Fed Chair Yellen stated during her press conference that there was no formula for determining the Fed’s actions; she emphasized that the Fed and FOMC would monitor a wide range of economic indicators, economic reports and developments in support of any decisions to change current monetary policy.

In response to a question about tight credit, Chair Yellen cited banks’ reluctance to lend to all but those with “pristine” credit scores as a factor contributing to slower recovery in the housing sector.

Mortgage Rates, Jobless Claims

Freddie Mac reported lower mortgage rates on Thursday. The reading for a 30-year fixed rate mortgage was 4.17 percent, a decline of three basis points. Discount points were also lower at 0.50 percent. The average rate for a 15-year fixed rate mortgage was lower by one basis point at 3.30 percent; discount points were unchanged at 0.50 percent. The average rate for a 5/1 adjustable rate mortgage fell to 3.00 percent from last week’s reading of 3.05 percent. Discount points were unchanged at 0.40 percent.

New jobless claims were higher than expected at 312,000; analysts had predicted a reading of 310,000 against the prior week’s reading of 318,000 new jobless claims.

No economic reports were released Friday.

What’s Ahead

This week’s economic calendar includes several housing-related reports. Existing home sales, the Case-Shiller Housing Market Index and New Home Sales will be released along with multiple consumer-related reports and weekly updates for mortgage rates and new jobless claims.

Every Month Profit Share

Every Month Profit Share By: Rick Guthrie Today Rick talks about profit share.  If you don’t know much about Keller Williams Real Estate then you must be thinking, “what is profit share?”  Profit share is the portion of the company’s profits that is given back to the agents in the program.   This program is […]

Every Month Profit Share

By: Rick Guthrie

Today Rick talks about profit share.  If you don’t know much about Keller Williams Real Estate then you must be thinking, “what is profit share?”  Profit share is the portion of the company’s profits that is given back to the agents in the program.   This program is unique to Keller Williams.  The breakdown of this goes something like this… you bring talent to Keller Williams and they go in your downline.  If anyone in your downline makes a sale you get a thank you from owners of Keller Williams for bringing that agent to Keller Williams. The best part is you don’t have to recruit them, let the team leader do all the work. If the agent joins the team and names you as their sponsor you get a bonus every time that agent gets a commission. To start making more money please click here to contact me.

To Contact Will Rodgers please click here.

Profit Share

Tips for Keeping on Top of Quarterly Payments

Tips for Keeping on Top of Quarterly Payments When you’re earning business income throughout the year, chances are you’re going to have to pay estimated quarterly income tax payments. Whether you’re a sole proprietorship, LLC or corporation, these quarterly payments are due four times each year and the penalties for failing to remit them can […]

Tips for Keeping on Top of Quarterly Payments

When you’re earning business income throughout the year, chances are you’re going to have to pay estimated quarterly income tax payments. Whether you’re a sole proprietorship, LLC or corporation, these quarterly payments are due four times each year and the penalties for failing to remit them can be harsh.

Quarterly Payments

 

 

 

 

 

 

 

Keep your tax adviser involved in your income fluctuations so he or she can help you properly report and remit your taxes due. The typical due dates—which are not based on equal quarters—are:

Period Due Date
January 1 through March 31 April 15
April 1 through May 31 June 15
June 1 through August 31 September 15
September 1 through December 1 January 15 (the following year)
If the due date falls on a weekend or holiday, the due date is the next business day. Visit IRS.gov and search for Estimated Quarterly Tax Payments for more information about your type of business and the taxes due. In addition you can find remittance addresses or online payment options on the IRS web site.

Work On Your Core

Work On Your Core Core advocate group are the closest people to you that are going to always praise and refer people interested in buying or selling a home to you.  Your core advocate group could be close family or friends that will only refer clients to you.  Most core groups consist of  nine or […]

Work On Your Core

Core advocate group are the closest people to you that are going to always praise and refer people interested in buying or selling a home to you.  Your core advocate group could be close family or friends that will only refer clients to you.  Most core groups consist of  nine or ten people, your core could be below or above depending on your database and relationships.

Real Estate Agents

How To Leverage Your Home To Reduce Your Tax Burden For Next Year

Your home is good for many things, but using your home to reduce your tax burden may be one benefit you haven’t thought of.

It's Tax Time - Here's How You Can Leverage Your Home to Reduce Your Tax BurdenEach year around April, we can find ourselves becoming a little more tense at the thought of what is about to occur: tax time.

Instead of falling into the trap of procrastinating your taxes, however, it’s much more beneficial to face tax time head-on and do your research on your applicable deductions well in advance.

Your home is good for many things, but using your home to reduce your tax burden may be one benefit you haven’t thought of.

Here are some tax benefits that can be leveraged with your home, and some ways to lower your tax bill in 2014.

Deduct Interest On Home Loans

Though interest paid on personal loans isn’t deductible on your tax return, interest paid on mortgages is.

Home mortgage interest, for both your primary residence and a second home such as an investment property, can account for a large bill near the end of the year, and can significantly decrease your tax bill for 2014.

Interest paid on a line of credit for your home or a home equity loan is also usually deductible, and you may also qualify to deduct the insurance premiums on your private mortgage if this was a requirement from your lender. Ensure you keep your Form 1098 from you lender, and be sure not to miss each of your interest deductions.

Deducting Points Paid For A Better Rate

If you paid points in order to get a better interest rate on your home mortgage, the IRS will allow you to deduct these, too. If you meet the requirements for this deduction, one of which is that you paid the points in the same year that you purchased your primary residence, be sure to add the points to your list of deductions.

Deduct Property Taxes

Property taxes are also deductible on your tax return, and since they make up a significant portion of your home expenses each year, they certainly shouldn’t be excluded from your list of deductions in 2014.

As an annual deduction for the entire period you own your home, ensure you don’t forget about your first year in your home. If you’ve just purchased your home, the property taxes would have been split between the seller, the previous homeowner, and you, the buyer, at the time of the property transfer. Your portion of your first year’s property taxes for the home is also fully deductible.

Tax-Free Sales Gain

If you’ve owned and lived in your home for a minimum of two years and are ready to sell, you likely qualify for up to $250,000 dollars of tax-free profit, or up to $500,000 for married couples.

If the sale falls short of the two year mark, the IRS provides some tax relief if the sale is due to a list of unforeseen circumstances, such as changes in employment or health. Be sure to see where you qualify, and leverage the sale of your home for tax-free sales gain.

Having the ability to leverage your home in order to lower your tax burden is, of course, another benefit of being a homeowner. Often, reaping the full benefits of tax deductions is a simple matter of doing your research or speaking with a professional to get the information applicable to you.

Team Work "Play Your Angles"

Team Work “Play Your Angles” By: Rick Guthrie With the World Cup going on this week it’s very fitting that today Rick talks about using your database to help improve your odds of making a goal much like in a soccer game.  The game of soccer is pretty easy there are two teams trying to […]

Team Work “Play Your Angles”

By: Rick Guthrie

With the World Cup going on this week it’s very fitting that today Rick talks about using your database to help improve your odds of making a goal much like in a soccer game.  The game of soccer is pretty easy there are two teams trying to make as many goals as possible to win.  The way to win is to use the field to find openings to get to the opponents side of the field and kick a goal.  The way most teams achieve success is through team work.  Real Estate and soccer have a lot in common. In real estate and soccer you have to use your angles to achieve the goal. In soccer it is the left wing and the right corner and in real estate your angles are your repeat business and your referrals.

This week you need to focus on your databases, the people that refer business to you and the clients you have in done previous work with in the past.

Use your resources to meet your goals! Team Work "Play Your Angles"

 

Your Space…. "It is the Final Frontier"….

We’re back on my blog series “Plane, Space and Time”. Thanks for reading. by Rick Guthrie In my last blog we talked about how important it is to create a vision chart. The blog was entitled, “Charting Your Plane – It’s Your Vision”. Now I want to move into the “Space” section of our discussion. […]

We’re back on my blog series “Plane, Space and Time”. Thanks for reading.

by Rick Guthrie

In my last blog we talked about how important it is to create a vision chart. The blog was entitled, “Charting Your Plane – It’s Your Vision”. Now I want to move into the “Space” section of our discussion. Like I said earlier, “It is the Final Frontier”.

With all of the challenges I’ve had in my life, the ones that seem to be self-induced, are the ones that involved having the wrong people in my space. How did they get in there? If you’re driven and motivated you want to tell the world about what your vision is. Sometimes the world is curious and wants to come along for the ride. But do they deserve to be in your space?

I remember in college I was driving a beat up old Pinto. When I was getting ready to go into town, I suddenly had a lot of transportation challenged friends. Your space in a Pinto can get pretty cramped. Also several trips to town, acting as a free chauffer, can get pretty expensive. No one seems to offer to contribute. The screaming laughing crowd of your college buddies jammed into a small car with no seatbelts, no real agenda and an attitude that they will live forever can get a bit distracting and dangerous. I probably shouldn’t have let them in my space especially if they were not going to chip in.

My business relationships, in the past, have been a lot like that. I get real excited about a project or an idea and my excitement seems to draw a quick audience. That audience takes an interest and starts filling up my space. The question is, “What are they there for”? In the past, basically, I liked others being in my space. I liked sharing my excitement. Sometimes people in my space profited financially from being in my space. The question again is, “What were they there for”?

The reason SPACE is the true final frontier is that we’re finally starting to realize how important and expensive our little space is. The space I’m talking about is our vision, our thoughts and ideas. It’s like a piece of real-estate. I’ve finally learned that there has to be a reason for someone to be in my space. I’ve realized I need to be proactive in determining who I let in my space and who I choose to keep out. The only way I can do that is to have an organized plan that defines who and certainly why, someone should be in my space. Do they have a defined purpose for being there and what is it? Does that purpose bring me more money, more time, more creative leverage or all three?

If we don’t protect our space in our business and consistently ask who, what and why when someone’s in our space, we will develop squatters and then realize we are the only one that’s doing anything. The sad news is eventually we won’t be able to continue and the vision and dream will be gone. The interesting thing is that the squatters will be gone too!

So in our next blog we’re going to start the process of developing an organizational chart. We need to define who should be in our space and what qualifications will they need to possess to be there. Some of the most successful visionaries have this down to such a science; their names aren’t even on their own organizational chart. Think about that.

Blog you soon.