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10 Networking Myths For Newbies-To-Networking

by: Maria Marsala

It’s a given, isn t it? If you’re in business, your number one job is to market. If you keep your business a secret - don’t let people know how you can help make their lives better and what you do, you won’t be successful - because no one will know that you’re in business. How well you network, which is the “letting people know how you can help them” part, may well determine whether you succeed or fail.

There are four main types of organizations where networking opportunities for business owners exist. There are 1) business networking groups, 2) service-oriented groups (Rotary, Elks, Soroptimist, for example), 3) our local Chambers of Commerce, and 4) business-specific groups (realtors-only, coaches-only, etc.)

Which one is best for you? Well, in all of the groups, you are connecting with other business owners, getting to know them personally and professionally, building trust, and forging new relationships that can potentially bring you business. However, with business networking groups, the main focus, the primary objective, is to boost each member’s business. And isn’t that a great objective?

Business networking groups are “exclusive,” meaning that only one member in each category of business can join. So each group will have only one printer, one residential real estate agent, one property manager, one web designer, etc.

For many women getting started in business, the business networking options probably seem abundant. Online, offline, via email, via telephone, groups meeting weekly, groups meeting once monthly. Some are geared specifically towards women business owners; others are not. Some groups are part of a larger network of regional, national and international association, while other groups are home grown. The networking events or meetings are usually structured so that women feel “welcome” and are designed to maximize opportunities to meet others. Sounds good, right?

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But what if you’ve never had to network before? Or if you’re an introvert? Like me!

Some people make networking look effortless, but here’s a secret: even for the most gregarious among us, networking always requires preparation. Introvert who prepare, practice, practice, and practice can become Networking Queens. (And don’t forget to breathe!) If you re a newbie-to-networking, don’t let these common myths about networking de-rail your efforts to become well known in your industry.

Myth #1: Networking groups are only for new business owners.

Truth: Many networking groups who show sustained growth have a majority of members who have been in business at least 5 years.

Myth #2: The only business owners who join networking groups are unsuccessful ones.

Truth: See myth #1.

Myth #3: Men don’t join networking groups.

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Truth: In the small county I live in, men started 1/3 of the business networking groups. One group is a women-only group and the other groups are a mixture of both men and women.

Myth #4: Only home business owners or solo business owners join networking groups.

Truth: Home business owners join groups quicker because they’re looking for community outside their homes. However, many bricks ‘n’ mortar businesses join networking groups and do extremely well, too.

Myth #5: Only business owners join networking groups.

Truth: Professionals, usually executives and agents who work for existing companies, join to promote their companies’

services and/or products, too.

Myth #6: Multi-Level Marketing folks are not welcome at networking groups.

Truth: If you are an MLM-er and attend meetings to sell your products, you’ll get a warmer reception if you’re there to talk about your products not to increase your downline.

Myth #7: Dues are so very high.

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Truth: Membership dues vary from group to group - some groups have no dues and others charge dues of $500 per year. Find a group that fits your needs or start your own!

Myth #8: You must refer to those you meet at your meetings

Truth: No one wants to refer people they don’t know well, so your goal at these meetings is to get to know other members until you’re comfortable referring them. Sometimes, you may have another associate/friend outside the group that you refer instead of, or in addition to, one of your networking partners.

Now, while you’re usually not “required” to refer a particular person, remember that referring business to other members is part of the business networking process. (In a few groups, not referring others is a big “no-no” and you will be asked to leave; ask about the rules before you join.)

Myth #9: You must attend all meetings.

Truth: The commitment of your time and talents to a group is very important, since you ll be part of a team of business owners. In some groups, you - or a representative - must attend all meetings. Most groups have a 75% mandatory attendance of its members. A rare few groups have no attendance rules.

Myth #10: I have to join right away.

Truth: Each group has its own “flavor.” Many groups allow you to attend two meetings as a guest before you have to decide to join or not. Pretty fair rule!

The bottom line is this: People like to do business with people they know and trust. Relationships — business and personal — take time to develop. Remember that networking isn’t about instant gratification - it’s about long-term partnerships. The opportunities are numerous business networking groups are varied enough so that any woman can find at least one group that feels like “home.” Or two or three

So go grab a cup of coffee and visit the list of online and offline networking groups I’ve compiled over the years. It’s time to get out and become a Networking Queen! If I can do it, you can, too!

http://www.coachmaria.com/business/networking.html

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Negotiating A Short Sale The High Road to Huge Foreclosure Profits

by: Richard Odessey

Buying foreclosures can be extremely profitable for real estate investors. However, most of these homeowners are mortgaged to the hilt. They have no equity, and big loan payments. In fact, many actually owe more than the property is worth!

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Most investors will walk away from these deals because they see no obvious profit. However, you can create your own equity by negotiating a Short Sale with the bank or lender.

What is a Short Sale?

The concept behind the short sale is simple: your goal as a real estate investor is to convince the bank to sell for less that is owed as payment in full. Of course, this concept is easy - buy the foreclosure from the bank at a big discount, sell the real estate, and make money!

How to Negotiate the Short Sale with the Mortgage Holder

Once you have your secured a contract with the homeowner and have your paperwork in order, you’ll be ready to deal with the loss mitigation department of the bank. Short Sales success relies on dealing with the loss mitigation department at the bank. Although most lenders look at short sales as a necessary evil within the lending industry, that doesn’t mean that the bank will just roll over and do your bidding.

Understand the Bank’s Perspective

With foreclosures at a 52-year high, the loss mitigation department at the bank is busy, if not highly overworked. Turn this disadvantage into an advantage - sell them the benefits of your short sale.

Short sales contracts help lenders unload unwanted property and spare many expenses associated with the foreclosure process. These expenses include, but are not limited to, court costs, bankruptcies, repairs and marketing. This is in addition to the $300,000 to $800,000 (or more!) normally held in reserve by lenders. Federal regulations require this reserve, which is usually many times over the actual price of the bad debt.

As the investor, keep these benefits at the top of your mind. After all, it’s up to you to convince the lender that cutting their losses short is the best option.

It’s time to hone your negotiating skills. Here are 3 Steps to help you out.

Step 1: Have Your Paperwork Ready

There is paperwork that all lenders will require in order for you to submit your offer for the short sale. Second, many of the larger institutional lenders have their own short sale package (their own forms to be filled out and signed).

Since many of these forms have to be signed by the homeowner(s), it’s best to have them with you when you meet with the homeowner to work out a deal. At a minimum you should have the homeowner fill out and/or sign:

• Authorization to Release Information (homeowner’s permission for the bank to speak to you)
• Purchase and Sale Agreement
• Hardship letter (showing why the homeowner can’t make the mortgage payments)
• Financial statement (showing the assets, liabilities, incomes & expenses)
• Estimated HUD1 or Net sheet (showing the bank what they will get)

Second, find out if the lender has a package they want completed. You can do this usually by calling the lender and asking them to fax you the package. Get the lender information from the homeowner in a phone call, so you can get the package before you go out to the house.

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Step 2: Approaching the Loss Mitigation Department:

One of the first challenges you’ll face with the bank is getting your call to the right person. Some banks have systems set up in a way that when you call put in the homeowner’s account number, the call transfers to the appropriate department.

If the bank doesn’t have a system like this, call around to find the Loss Mitigation Department. Many banks have different names for this department, so you may spend some time getting bounced around. Other names to try out are foreclosures department , short sale department, or loan modification departments.

Make sure you introduce yourself and be nice, polite, and patient when you reach the right person. This is the person that can make or break your deal. It’s helpful to have some form of a script in front of you to get the conversation.

When you speak with them, make sure you cover the following:

• Introduce yourself.
• Name the homeowner, the account number, and the fact that you represent them.
• Ask for the fax number.
• Let them know you’re faxing over an authorization to release information so that the loss mitigator can talk to you.
• Stay on the phone as you fax this information.
• Explain to them that you’re interested in a short sale.

Once they have the paperwork in front of them, the negotiations begin.

Step 3: Begin Your Negotiations

Every bank has its own personality and approach when it comes to short sales. Some teach their employees to at least show resistance up front. One reason for this is that many investors call them expressing interest in a short sale, with no clue how to do it! These loss mitigators usually have about 80 to 300 files on their desk. They just don’t have the time or desire to teach you! Let them know you don’t need them to!

Many new investors have been advised to not reveal that they intend to invest in a property. However, it is better to be upfront and let them know that you are an investor, and you are buying the property.

Being honest and upfront allows both parties know what is required of them, and what needs to be negotiated.

While speaking with a loss mitigator, make sure to emphasize the following points:

1. You’re an investor and you know what you’re doing. Although you do want to make profit, let them know you’re not out to steal the property from them.

2. You understand that they are busy and appreciate the valuable time they are spending to negotiate with you. Find out what will make it easier on them.

3. Remember your selling points. The bank wants to avoid the homeowner filing bankrupty, and the bank needs to unload unwanted property without taking a huge loss. (And yes, while you are in it to make a profit, you’re not trying to rip them off! You’re just trying to use your expertise to do what you’re good at.)

4. A short-sale is a win-win situation for everyone!

Once you have spoken to the loss mitigation department and given them your paperwork, the lender will need information about the property, the borrower and the deal that you are proposing. If the person you are speaking with tries to test your resistance, make sure you answer as many questions as thoroughly as possible to let them know you are a professional. Hang in there, answer and ask as many questions as possible, and they’ll be more apt help you out along the way and walk you through what it is that you need to do.

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The most important fact that the broker needs to know is: How much is the property worth? Banks usually hire a real estate broker or appraiser to evaluate the property. This is called a broker’s price opinion or BPO . The BPO is one of the largest hurdles you need to clear when perfecting your short sale negotiations. In the next article, you’ll learn the in’s and out’s of the BPO and how to negotiate the BPO down to create profit for your short sale.

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Avoiding PMI

by: Max Hunter

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PMI - a recurring, monthly, unwelcome guest. It sounds similar to and is about as welcomed as a similar acronym. PMI is private mortgage insurance. This insurance policy is paid for by the homebuyer when the amount of their primary mortgage is greater than 80% of the value of the property.

You will note that the term “primary mortgage” was used. This is for a specific reason. It is not the total of all mortgages and home loans on the property that is evaluated, but rather the amount of the primary or largest mortgage on the property that can trigger PMI.

PMI is calculated by taking 0.5% of your primary loan balance and dividing it by 12 (12 monthly payments). For example, if your primary mortgage is $200,000 and you are required to pay PMI, your mortgage payments would be an additional $83.34 per month. For most homebuyers, this additional premium is a considerable financial burden to undertake.

There are ways around PMI for those homebuyers unable to put down 20% or more on their new home. Mortgage lenders have created loan packages which include two or more home loans that when combined exceed the 80% threshold, while no one of the loans exceed that threshold. Typically there is a primary mortgage and either one or two home equity loans taken out simultaneously which are 81% - 100% (or sometimes more) of the home value. This affords the homebuyer to put less than 20% down, or perhaps put nothing down at all while at the same time eliminating the need to pay PMI.

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If you know you are going to be putting less than 20% down on the purchase of your home you should immediately speak to your home lender about avoiding PMI. A good home lender will inform you about these types of packages. Though the rules on these packages may differ from state to state, the vast majority of states allow for these types of loan packages.

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When you review this type of package you will note that there will invariably be a different interest rate on the mortgage than there is on the home equity loan(s). The mortgage rate may have a slightly lower interest rate or perhaps even a considerably lower interest rate. You should be able to calculate what the monthly payments would be for the combined loans and then determine if it comes out less than a single mortgage with PMI. Obviously, a good lender is only going to present you the package if the payments are cheaper than a single loan with PMI.

You are able to refinance the loans at any point and combine them into one payment. You would only do this when the value of the home is more than 20% above of the amount you will mortgage. As the value of your home increases through home improvements or time, you can receive an appraisal and speak to your home loan professional to determine if refinancing the loans into one loan makes sense.

These types of loans are often referred to as 80-10-10 loans or 80-15 loans, among other names. An 80-10-10 loan is a mortgage at 80% of the amount to be financed and than two home equity loans at 10% each. You will likely find that all three loans will have a different interest rate with this type of package. 80-15 loans are similar but would be the main loan at 80% and a secondary loan at 15% with the buyer putting down the additional 5%.

It is important to note that when financing 90% - 100% of a home, or more, the appraisal will play a key role in the loan approval process. If the appraisal does not come out at a pre-determined amount, the lender may feel that the transaction is not a sound one. You may need to go back and renegotiate the purchase price of the home or run the risk of being denied the mortgage. Most real estate contracts, however, do have a clause in them that allows the buyer out of the contract if they are denied a mortgage. You will want to speak to the lawyers and real estate agent in advance if you are planning for applying for this type of loan. Some contingency clauses in contracts specify a maximum percentage of a loan you need to qualify for and if you are denied for a loan at a higher percentage you are not protected by this clause.

It is important for you to have all of this information in place before you start your home search. By knowing how your financing is going to be handled you will be able to make sure you are protected in the transaction and you will also be able to negotiate a better deal since your financing has been completed or is close to being completed. The key is knowing in advance what percentage of the value of the home you are able to and willing to put down on your new home.

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