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Real Money Talks

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Now displaying: May, 2020
May 28, 2020

The world will witness the greatest transfer of wealth possibly EVER SEEN during the next 10-12 months, and you need to be ready to take advantage. It doesn’t matter where you are in the world there are so many ways you can enter into the market.  

In this follow-up episode, I am answering all your questions about buying businesses and moving forward in the next few months.  I talk about the benefits of buying now.  I also talk about what to access before buying and thinking creatively when restarting to expand and grow. I talk about many different types of businesses including hair salons, daycares, auto detailers, art galleries, and more.   

Right now you need some creativity in the current market to restart, expand, and grow.  I share many different types of ideas for restarting your current business or a new business.  Creativity is the key! 

Show Notes:

  • [00:54] It would be beneficial to buy in now with hair salons because you would be buying in at a low rate and you could be a part of bringing it back up.  
  • [03:05] Loral shares about a VIP experience that they created to bring in cash flow for a hair salon.  
  • [04:31] Managing and holding on to the credit card and contracting the cash on a twelve-month contract is a great way to manage and contract cash flow. This can be done with many types of business including daycares and auto detailers.  
  • [05:24] Hemp farms can be a great investment if you have a buyer.  
  • [07:10]  If you get motivated you can really get creative about creating a revenue stream.  
  • [07:54] You do need to be geo targeted or at least understand the pattern of the traffic. Is it seasonal? 
  • [09:34] She likes to see a variety of kinds of income which can recession-proof you.  
  • [10:59] My goal is to get your mind churning and give you an initial script to go and look around your community and start walking in or getting online and talking to the owner.  
  • [11:44] One creative way to get people involved in your business is to take them on a virtual tour or have an online event especially if you are an art gallery or similar business.    
  • [13:38] The biggest missing piece is lower-end ticket items that are missing to just get people interested.  
  • [13:58] You do want to look at your competition.  Loral suggests and walks clients through using SWAT charts.    
  • [14:39] If you come in and take over a business do you want to clean house or maintain the same employees?
  • [15:32] Will there be an ownership change or can you just add a new division and just take over that? You would need an LLC with the new division.  
  • [18:22] If you are in the Millionaire Training group that is where you are going to get your most prized content, bonuses, and offers.  
  • [19:29] Get your head up and think, talk, and make money the way the wealthy do.  
  • [19:35] Your homework is to go look around your community and see what is available to buy and bring any questions back to the Millionaire Training group.  
  • [20:07] Is there a target industry that may hold a sweet spot for consumers?
  • [21:42] People are looking at how they are going to spend differently.  
  • [22:51] If you have good expertise and a good team on your side you can buy things and not have to pay a dime.   

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store

May 21, 2020

We want to keep you focused on what is important and not go back to old bad behaviors of ignoring money.  Today we are going to talk a lot about what you do when you make money.  Most people need money rules and to decide where you want to put your money.  

This episode is called “The Most Indiscriminate Crash.”  The reason it is indiscriminate is that it is not age-sensitive. The world will witness the greatest transfer of wealth possibly EVER SEEN during the next 10-12 months, and you need to be ready to take advantage. It doesn’t matter where you are in the world there are so many ways you can enter into the market.  

I talk about how to decide what type of business you want to buy, questions you need to ask to evaluate a business, and how to approach the current owner. Real estate has for sale signs and the MLS, but that is not true with businesses.  You have to approach the current owner and I talk about how to do this and exactly what to say.  

Show Notes:

  • [00:50] What have you been doing that is new around your money plans?
  • [02:05] Making money is not a one-time event.  It needs to become a daily behavior. 
  • [03:33] March 17th was the largest crash since 1929 that we have ever seen in the stock market.  
  • [04:15] The decisions now are how much more money can you make and where do you want to put it.  
  • [05:23] May is going to be one of the riskiest months to make these money decisions.  
  • [07:24] We are going to talk about the break-even points of a business opening.  
  • [09:05] Who do you want to be in all this? Who do you want to be on the other side of this?
  • [11:08] Everything is on sale and it is going to get more and more on sale.    
  • [11:32] Loral shares a list of questions that are critical to ask if you are deciding whether to buy a company or not. 
  • [13:38] Think about the types of businesses that are going to have the cash flow you want.  
  • [15:45] Her #1 negotiating conversation is “Yes is going to be the answer so now let’s talk about how it’s going to work.”  
  • [17:02] Without the real estate, I wouldn’t become a tenant.  I want to be a tenant in my own place.  
  • [17:32] Not knowing how to do it is never the consideration.  You will hire people to do it that actually know what they are doing and you will find the money if the deal is right. 
  • [19:34] Does the current owner want to sell the business?
  • [21:12] You want to be thinking about how does the money flow. 
  • [22:06] Real estate has for sale signs and the MLS, but that is not true with businesses.  
  • [24:03] The lawyers you need to be using are business lawyers that have actually owned and operated entrepreneurial businesses. 
  • [24:29] Loral shares more evaluation questions when looking to buy a business.  
  • [27:12] It is really important to look at the business database. 
  • [28:19] You can get a lot of new runway with an endorsed database.
  • [30:56] A big question is how many customers does the business serve on a regular basis and what has the decline been because of COVID. 
     

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Money Rules
Millionaire Maker Store

 

May 14, 2020

There will be an upcoming shift in the real estate market you can take advantage of. In this episode, we talk about real estate, self-directed IRAs, and the current market. I have my wonderful friend Ron Legrand with me for this episode. Ron is a dear friend, mentor, and has taught me a ton about this business. Not only is he the best I know in real estate, but he has a consistent and constant following. Even though he is humble and doesn’t brag about it he has made more millionaires and has helped countless families thrive in real estate. 

We talk about real estate and how you can sell or buy using terms to create residual monthly income. Even though we are living in uncertain times people still need a place to live. We also talk about self-direct and Roth IRA’s and how they can benefit you financially. You don’t want to miss it! 

Show Notes:

  • [02:35] Ron has bought and sold over 3,000 houses. 
  • [03:01] Ron’s specialty is buying and selling in terms. In other words, we get the seller to sell it with terms so we can offer it to our buyers with terms and those are the folks that can not qualify at a bank. 
  • [04:20] There are three kinds of terms. You lease it with an option to buy from the seller, or the seller deeds it to you and you start making their payments or buy it with owner financing.  
  • [05:02] Most of the ones Ron buys are on a wrap-around mortgage because the seller has a debt. He buys it with owner financing. 
  • [05:46] Some people will sell you a house with nothing down if you use the right script.  
  • [06:28] Ron is able to help buyers with a lower deposit and less than perfect credit.
  • [07:07] He is able to create a residual monthly income that keeps on coming in for years. 
  • [07:40] Ron gets all these advantages for owning real estate. He wants growth, tax reduction, and wealth all in one deal. 
  • [08:39] He uses free apps and websites to help him find the homes he wants to buy including Facebook Marketplace and Facebook Ads. He also uses door hangers and flyers to get the word out about properties he is selling. 
  • [10:20] How would you use self-directed IRAs? 
  • [10:36] Self-directed IRAs can buy real estate just like we do. They are better suited for the cash, rehab, or wholesale deals that do not come with debt. 
  • [11:53] A Roth is the only IRA one needs because it is tax-free. Doing business tax-free is always better. 
  • [14:41] There are self-directed IRA companies that only focus on these specific IRA’s. 
  • [15:45] You can’t deal with anyone in your linear descent including your spouse’s group or you are self-dealing. Self-dealing can wipe out your IRA and cause penalties. 
  • [16:12] In these current times, Ron has found that business is better than it was. Buyers have a different mindset, they are way easier to deal with and they are abundant with money to put up. 
  • [17:38] Why are current times so different than 2008, 2009, and 2010?
  • [18:28] Many of Ron’s colleagues are finding the real estate market easier right now. 
  • [18:50] Ron has a free 3-day summit coming up on May 5th-7th.
  • [20:08] During the summit they actually do deals while you watch. 
  • [20:56] Loral is speaking at the summit about how to buy businesses. 
  • [21:08] Ron’s free summit is a 3-day event. The event runs from 11 AM EST - 6:30 PM EST on days 1 and 2. The event wraps up at 5:00 PM EST on day 3. 
  • [22:34] Ron has been doing live events for a long time and will continue doing them once we get passed all this.  

Links and Resources:

Ask Loral App
Loral on Facebook
Loral on YouTube
Loral on LinkedIn
Ron’s Website
Ron on Facebook
Ron on Instagram
Ron on YouTube
Ron on Twitter
Quest Trust Company
Summit Sign-Up

 

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