And you have to decide what your priorities are.
Up next from Facebook, we have Belyne, and she says,
"I'm an entrepreneur,
"but I can't make my new business full-time yet."
So she's so hopeful, great.
She balances a full-time job and she's a new mom.
How do I know how much time to set aside
for my business while juggling all three?
I know you got this.
I've heard it, go for it.
I think you got it too.
That would be my suspicion.
For you, Belyne, you have to decide what your priorities are
and if you're a very new mom,
maybe you haven't discovered it yet,
but your kids are in charge.
Your new baby's in charge.
So you can't decide how much time to give that child.
No, the child's gonna decide.
Next comes your day job.
That's number two, your day job.
And why is that number two?
What comes very next, is because it pays your expenses.
And so, you can't give up the day job
or you wouldn't be asking about it in the first place.
And then third, in last position,
like the horse that comes in last is your new company.
You cannot possibly succeed with any new business
as a third priority, just doesn't work that way.
So the only thing I could truly suggest to you
is find yourself a partner.
Find yourself a partner who is also pressured
for their time, perhaps another new mom,
and combine forces.
And before choosing that partner,
you should really make a list
of what you're really good at and what you don't like to do,
what you're not so good at.
And then look for a partner who has the lists
that you don't have.
And then together, the one-on-one can equal three
or maybe even four,
but you have to keep your priorities straight,
and you're not in charge like you think you are
now that you're a mom, really.
And I love that list element.
We've talked about this so many times, Barbara,
but it's so important.
You have to be so honest.
When you write a list like that,
a life list as I've done many times, as you have done,
you have to be brutally honest.
You're not making a list to show a friend
or to get people to like you,
you're making a list for yourself.
Keep it real, right?
And if it's real, it becomes your love letter, truly,
over the long haul.
(air whooshes) Hi, Michael.
Welcome, welcome.
I cannot tell you how much I trust this human.
She is just fantastic, so have at it.
It is now your show, Michael.
What would you like to know?
Thank you, Rachael, and thank you, Barbara.
I'm a huge fan of you both.
And thank you for this opportunity.
Barbara, I'm a realtor in New Jersey,
and the market is wild right now.
I work with a lot of investors, and I'm an investor myself.
So I wanted to ask you a two-part question.
First off, during this challenging pandemic,
do you think it's a good opportunity for people to invest
in long-term rental properties
as like a landlord tenant situation
or short-term fix and flip opportunities?
And the second part of the question is,
it's a very competitive seller's market here in New Jersey.
So what can buyers do
in order to stand out and edge out the competition?
Both very good questions.
And probably the same question
that almost everybody out there buying a house
is sort of asking themselves right now.
Number one, it's terrible time to flip houses
unless you have a secret formula.
The time of flip houses
when you can buy something on the cheap.
And right now, 60% of every house sold in New Jersey
as well as everywhere else is going into a bidding war.
So you're not gonna buy anything on the cheap.
Forget that.
It's much smarter, much smarter, to buy, to rent,
and to hold probably for three to five years
because you will definitely make money.
It's the right way to go, but you need to know your numbers.
I'm sure as a professional real estate person,
you're walking in and you already know
what the house is gonna sell for before you walk in.
You know what the improvement is gonna be.
And you better be really clear
on your numbers 'cause those are going through the roof.
And you'll also know hopefully, clearly
what you're gonna get in rent.
Any of those three numbers are wrong,
you don't make any money.
It's a tough market, but if you're careful with those three,
you can make a lot of money.
And then your second part of your question is
how do I stand apart from a competition or the crowd?
What I think is the most powerful tool
you could have as a buyer is to say
you're an all-cash buyer, no contingencies.
So waiving contingencies, going in with a prequalification
from a bank or a mortgage broker
with the financing already approved,
you could say, "I'm an all-cash buyer.
"There are no contingencies here."
That gives you power.
And last, in addition to that,
you have to go in and not be afraid to bid high and overpay.
Now, most people feel ashamed of overpaying.
I don't, I've overpaid for every great piece
of real estate I've ever bought,
and I've still made money
as long as I've held it in the longterm.
So don't be afraid to overpay.
It's that kind of a market.
Thank you so much.
That was great advice.
And I'm definitely going to relay that over to my buyers.
I really appreciate it. (air whooshes)