What is a Cap Rate? [Podcast]

Walking and Talking … Cap Rates!

(Podcast Transcript)

Cap Rates. You hear about them all the time, from people who specialize in investment real estate. They’ll says things like, “That property sold for a 6 cap,” or, “We’re looking for properties priced in the 9 to 10 cap range.” Today’s Walking and Talking podcast is all about Cap Rates!

What is a Cap Rate? - Beautiful business woman with question mark above the head
Photo Courtesy of @istockphoto.com

Today, you will learn 5 things:

  • What is a cap rate?
  • The reason why so many people are often confused about cap rates.
  • The best way to remember how to easily calculate a cap rate for any investment property.
  • The five main factors that influence cap rates.
  • Why you should beware that all cap rates are not created equal!

Hit Continue Reading and listen to the Audio:

You are unique! Plan Accordingly with a Single Page Life Plan

An example of a Single Page Life Plan

It has been said by many people, in a variety of ways that people who don’t care where they are going, don’t need a road map. The rest of us, however, recognize the value of adding direction to our lives. Of setting a course that aims us towards our  dreams and aspirations.You are unique! Plan accordingly!

  • CEO’s need a business plan,
  • Coaches need a game plan,
  • Builders need an architectural plan,
  • Pilots need a flight plan,
  • Leaders need a life plan!

You need a Single Page Life Plan!

A Single Page Life Page is fast, simple, and life-changing. It is personal to you.  Choose:

  • A Mission Statement that you want to achieve,
  • Life Categories that give focus,
  • Action Steps that keep you on track
  • Coins you can spend
  • Attitudes you want to maintain,
  • Potholes you need to avoid, and
  • Skills you want to promote.

Avoid the Clutter! Priorities have to earn their way to page one!

Peripheries are not priorities. Peripheries in your life have to earn their way to page one. Until then, they are just distractions; they are clutter. They are the 2nd and 3rd ideas that get in the way of your 1st good idea. Don’t let your laser beam focus be diffused by a wide array of useless, energy-zapping activities.

Keep your plan flexible!

Your plan is a working plan that you will want to:

  • Continually update
  • Edit
  • Change

A life plan is to be used as a tool not adored! Be prepared to take a pen or pencil to it. Scratch it up! Your plan should be nimble so you can adapt quickly to changes-in-priority.

Tell others!

Studies show that you are more likely to achieve success while on a diet if you share your goals with friends, family, and colleagues. It is a positive challenge for you to share your life plan with others. This will:

  • Motivate yourself to stay accountable to your goals,
  • Empower others to help assist you in achieving your quest!

American Founding Father, Thomas Paine, once said:

“A body of men holding themselves accountable to nobody, ought not be trusted by anybody.”

Create a Single Page Life Plan for free online

Visit www.GarrettScanlon.com and download a FREE copy of Single Page Life Plan today!

Other posts on Single Page Life Planning:

The 5 Elements to a Single Page Life Plan

5 Reasons Why We Embrace Chaos!

For Real Change in Your Life Add Coins!

The Power of a Single Action Step

Create your own Single Page Life Plan free! And have a prosperous 2016!

Garrett Scanlon

P.S. For the Realtor in your life, order a signed copy of Single Page Life Plan for Realtors from Amazon today!

Help the Young Person in Your Life See Past Friday Night

Photo courtesy of iStockphoto.com
One afternoon while speaking to a classroom full of freshman students, I said, “Your 4 years of high school might end up being the riskiest and most dangerous 4 years of your life. Likely, you will never again have a time in your life when you are granted an explosion of new freedoms and responsibilities, while having such a low level of experience.

Photo of a car driving along a winding road

A Collission Course: Expanding Freedoms vs. A Lack of Experience

“You will learn how to drive a 2000 pound car 65 mile per hour down the freeway. You will make choices on

  • Where you want to go,
  • What kind of summer job you want to have, and
  • Whether or not you will pick up the habits of drinking, smoking, or doing drugs.

You will decide

  • How you handle dating relationships,
  • Which college to attend, and
  • What career path to follow.

And your experience in these matters, like everyone when they are freshman, is just about … zero!

These expanding freedoms and your lack of freedoms are on a collission course. They will converge. How will you deal with that?”

11 Speaking Techniques of the Great Communicator

President Ronald Reagan and General Secretary Mikhail Gorbachev meet for the first time. Here, walking towards each other to shake hands. Reagan would later implore, "Mr. Gorbachev, tear down this wall."
Photograph and Audio Clip Courtesy Ronald Reagan Library

As he approached the microphone at Brandenburg Gate, with a wall of bulletproof glass behind him, I wonder if Ronald Reagan knew that the words he would speak that day would be heard by billions of people spanning across multiple generations, into the future.

 

“Mr. Gorbachev, tear down this wall!” These words might represent the pinnacle of the Great Communicator’s impact through words. Though his advisors continually tried to temper his words, President Reagan had a sense of history, public sentiment, and timing.

Here are 11 techniques Ronald Reagan used that can help you become a great communicator:

Why Investors Buy Apartments in Today’s Artificial Market

Multifamily flyer photo copy

The main reason for owning multifamily property has changed …

Since the tax change of 1986, until recently, the top 4 reasons for buying apartments were:

  • Cash Flow
  • Appreciation
  • Principle Reduction
  • Tax Deferral

These reasons have flipped in order. Now, they are:

  • Appreciation
  • Principle Reduction
  • Tax Deferral
  • Cash Flow (if there is any!)

The new, overiding motivation for owning real estate is Equity Preservation!

Why the change? One reason … Artificiality

Closing Checklist for Apartments

A closing checklist for apartments is essential for staying organized at a real estate closing for multifamily property. Attached is one I use when buying or selling apartments in Columbus, Ohio.

Closing checklist for Apartments

This list, that you can download here, does not include everything that you will need for your closing. That depends on your local area. For instance, if you are closing on multifamily investment property in Manhattan, you will be concerned with a host of other considerations at the time of the closing.

However, no matter where you buy property, it is essential that you make sure of at least one thing:

My First Lesson in Commercial Real Estate – Walking and Talking

I will never forget the day I learned my first lesson in commercial real estate. It came shortly after I joined a team of 25 brokers at Coldwell Banker Commercial Real Estate. They ultimately became a who’s who of Columbus real estate that included Richard Schuen, Ed JosephJohn Hall, Don Matsanoff, Greg SchenkChuck Manofsky, Doug Goddard, Ted Hobson, Bob MatiasBenton BenalcazarTom McGarity and several others.

Cover of the book Walking and Talking - 57 Stories of Success and Humor in the Real Estate World of Business. Walking and talking was an early lesson I learned in commercial real estate.

Copyright 2014 Ballylongford Books, LLC

The Day I Learned About Walking and Talking

One of those brokers was Wayne Harer. Wayne played 10 years of minor league baseball for the Red Sox and Yankee organizations and actually won the

For Real Change in Your Life, Add Coins

In my book, Single Page Life Plan, I explains how you can make a big change in your life, just by adding a few Coins to your day.

For Real Change in Your Life, Add Coins. Photo of a person holding a tray of coins, from which sprouts a green plant


Photo courtesy of @iStockphoto.com

What are Coins?

Coins are those small things we can do every day to help make another person’s life better. Every day we wake up in the morning with a certain number of Coins in our hand that we can potentially spend.

To spend them wisely, we have to be:

  • Creative
  • Intentional
  • Proactive

Because here’s the thing … the Coins you don’t spend by the end of the day, are gone forever.

What They All Have in Common

What they all have in common. This was what I wanted to know. In my first book, Walking and Talking – 57 Stories of Success and Humor in the Real Estate World of Business, I recounted stories from some of the top real estate professionals in the Midwest. After observing their careers and listening to their stories, I asked myself this: Other than their sheer success, what do all of these winners in real estate have in common? This is what I learned:

Photo courtesy of @iStockphoto.com

4 Characteristics of Top Real Estate Pros …

1. They create structure in an unstructured environment.

Real estate is not your typical 9 to 5 job, where opportunities are clearly identified and day-to-day responsibilities are well-defined. It is up to the real estate professional to identify the problems and opportunities; to set a plan of action that will bring success. They are not told how to allocate their time, or which deals to pursue or ignore.

The successful ones create a great framework for activity.

The Five Elements of a Single Page Life Plan

It has been said, in a lot of clever ways, that people who do not care where they are going, don’t need a map. But CEO’s need a business plan, coaches need a game plan, pilots need a flight plan, and leaders need a life plan. Here are 5 things to include in yours …

single page life plan
Single Page Life Plan™  2013 Ballylongford Books, LLC

The Five Elements of a Single Page Life Plan™:

1. Mission or Vision Statement:
This is the overarching vision you have for your life. All other parts of your plan synchronize with this.

2. Life Categories:
Your Life Categories are the six major highways that lead a path towards your Vision Statement. These Life Categories are the most vital aspects of your life.

To see an example of a Single Page Life Plan™ that has already been created, click here: