Guest Post by Marcus Lansky
Every business needs a base of operations and, if the kitchen table isn’t fit for purpose, it may be worth considering a move altogether. The professionals at Coleman Tanner Realty are determined to help you find a property suitable for both living and working. But, before you reach out, here are some important questions you should first ask yourself.
What Are Your Home Office Requirements?
When it comes to setting up a home office, there are a few key requirements – the most obvious of these is space. It can be a good idea to calculate how much square footage your business requires.
For entrepreneurs that are dealing with physical products, this may be more than someone who is entirely digitally based. Space is also a consideration when trying to partition your workplace from family areas – using floor plans, we can gauge your requirements and work out your specifications precisely.
On the other hand, if you’re working digitally you’ll have an increased reliance on high-speed internet access. The Federal Communication Commission (FCC) broadband deployment map can help you to check internet availability and compare locations. The FCC’s recent progress report found that 6% of Americans still do not have internet access so be sure to check any potential locations for dark spots.
Where and When To Move?
Location is doubly-important for someone looking to secure a home office – you may want to move into or close to a thriving business ecosystem. A study by the EPA found that central business districts tend to generate 20 more patents per worker and that’s not to mention reduced shipping costs, proximity to clients and other key benefits.
However, with the advent of remote working, these advantages can be offset by the higher costs, denser traffic or inconvenience to family life. You’ll want to weigh up your options and consider location in relation to your work.
If you’re looking to form an LLC (Limited Liability Company) in Florida then you should also pay close attention to state regulations. An LLC can help you save on paperwork, tax and reduce your personal liabilities, but the rules vary depending on location in the USA. Click here to learn more about the registration process.
The other consideration is ‘when’ to buy. In a seller’s market, it may be smarter to wait or even to purchase in an area that you think may scale over the coming years. There are now a number of online tools to help you identify high-growth properties in areas nearby or you can contact your agent directly to request a free market analysis.
How Can I Save Money?
As important as the market itself is, understanding mortgage rates and buying strategies is also key.
For example, you can save money with a new property by purchasing ‘as is’. This means that the seller has made no repairs prior to listing and any problems, major or minor, become your responsibility.
In this case, you should look to work with a lawyer to inspect and examine the land records and the property itself for any potential red flags. A property ‘as is’ can represent a great investment but background checks are crucial to avoid regrets later.
Once you’ve asked yourself the above questions, you’ll have a clearer idea of what kind, whereabouts and how to go about finding the perfect work-from-home property. From there, you’re ready to hire a trustworthy Realtor®️ and begin your house hunt.
Connect with the experts at Coleman Tanner Realty and take the next step toward securing your dream Florida home.
Guest Post by Marcus Lansky
Entrepreneurs who operate from their homes can find themselves quickly outgrowing the confines of their home office. While this is great news for your business, it might necessitate moving to a larger home to accommodate both the expansion and the needs of your family. While you may be looking at resale homes, a new home is another great option and will ensure everything is warrantied. These tips from Coleman Tanner Realty can help make buying a house a little less overwhelming.
Assess Your Finances
As an entrepreneur, you likely manage your finances and your income a little differently than you do your personal finances, even if you’re working as an independent contractor or sole proprietor. This can be a bit of a challenge when it comes time to finance a major purchase like a house. Rather than showing a mortgage lender your pay stubs and tax returns, you’ll probably be asked to provide a profit-and-loss statement and several years’ worth of business and personal tax returns. You may also be asked to provide proof of income via bank statements or other transactional documents. Lenders will want to see you have the financial resources to pay a mortgage in a timely fashion. Your credit history will also factor into what kind of financing you qualify for.
Consider a Co-Signer
Many self-employed individuals find it easier to qualify for a mortgage when they apply with a co-applicant, like a spouse or family member, who works a regular salaried position and can easily verify their income. This can be especially beneficial if, as a small business owner, you maximize deductions related to business operations, if you’ve been in business for a short period of time, or if you don’t have a significant revenue stream to demonstrate a steady income. If you happen to carry a significant amount of debt as a business owner, it can also impact how you’re viewed from a financial perspective, so it’s wise to check your credit and your debt-to-income ratio before moving forward in the home search process.
Choosing a Mortgage
You have a number of options for mortgages, all of which have different terms and conditions. A conventional loan requires a 5–20 percent down payment — putting down at least 20 percent allows you to forego mortgage insurance. A variable or hybrid loan has a fluctuating interest rate, while portable and assumable mortgages allow you to transfer an existing mortgage to another home or to take over someone else’s mortgage, respectively. With an open mortgage, you can make additional payments to pay down the balance faster, though it typically carries a higher interest rate. A closed mortgage restricts extra payments, but interest rates are generally lower. Also, consider the best amortization period or the time it takes to pay back the debt. Longer periods mean smaller payments, but you’ll be paying more interest in the process. When choosing a loan, it’s important to remember you will have to renegotiate the terms of your mortgage when the agreement ends.
When searching through the local housing market, you may see “as-is” listings that pique your interest. Buying a house “as-is” means you are accepting it in its existing condition and are not requiring the owner to make any changes or repairs as part of the sales process. This can be a good way to save money and get a deal on a fixer-upper home, but you will want to get a full inspection in advance to ensure there are no major structural problems that will be pricey to fix down the road. Consider retaining an attorney and consulting a general contractor, as well as conducting a title search to ensure there are no red flags. Also, think about the time and money you will need to invest in the home to get it into a good living condition, and weigh that against the cost-savings you’ll realize with this type of purchase.
Whether you’re building a new home, fixing up a resale property, or retrofitting your home to meet the needs of an expanding home-based business, Coleman Tanner Realty can help achieve your vision.
Book an appointment today.
Are you an aspiring real estate agent or sales professional, but have been struggling with low self-esteem or minimal self-confidence? (Me too! That’s why I created this course.)
New Release: Up! Foundations
When I enrolled in my first real estate licensing class when I was 19 (almost 30 years ago) I had no idea that I would run into obstacles and make excuses for my failures in my chosen profession – embarrassingly far too many times to count.
I even began teaching sales and marketing skills in 2015 and watching many of my own students flourish, while I was still stalled with others like me.
So, of course I wondered, “What is the difference between those sales agents who thrive and those who falter?”
The answer I came to understand is in our mindset and routines. That’s it! Sounds simple enough, right?
Hmm. (Maybe too simple, you think?)
If you’re curious about my discovery, I invite you to watch a sample video from my new series Up! Foundations and see if this TRUTH resonates with you.
If so, I am here and I’m willing to be your guide. I’m on the same journey, with the same damn struggles, as you. And I’ve studied A LOT of things about this profession. 📖📚🤓
But this course isn’t for everyone.
If your cup is already full, then I can’t add to it. Nobody can. But if you have a willingness to learn, then you can do this, I promise!
In fact, it’s primarily for real estate agents who have NOT been successful in real estate yet. But let me warn you, if that’s you I guarantee that your “reactive mind” is going to try to talk you out of watching the video or enrolling in the course.
Call it your safety mechanism if you want, but I prefer to call it what it is: self-sabotaging behavior.
Thank you for watching.
Yours in Success,
P.S. You Can Register for Up! Foundations Here 👇
Begin Each Day With Gratitude!
As part of my morning motivation ritual, after pouring a cup of coffee, I review my list of ten things that I am thankful for.
Can you think of some things you are thankful for? (How about the air you breathe? Or the ability to read this blog post?) What are some things you want, that you will be thankful for when you achieve them? Now blend them together…
Infuse Your Gratitude List With the Power of Visualization and Auto-Suggestion.
My personal gratitude list is mostly forward thinking – I visualize the goals I want to achieve and then express gratitude for having achieved them (the power of positive thinking). If you can dream it, you can achieve it! (At least that’s what I’m hoping to prove.)
10 Things I’m Thankful For:
- I am thankful that I have reached the top 10% of the most successful real estate agents on earth.
- I am thankful that I am wealthy in finances and have a very high quality of life. In fact, because iron over $5 million per year, I am able to give 90% of my income away in tithes and offerings, and other charitable contributions, and I live exceedingly well on the remaining 10%!
- I am thankful that I have very high self-esteem and high value self-worth.
- I am thankful that I have always been positively influenced by others who are excellent teachers and remodels to me.
- I am thankful that I am a positive, influential role model to others and that I am making a positive lifetime impact on them.
- I am thankful that I am a master in real estate investments and have an outstanding portfolio to give to my family.
- I am very happy and thankful that money comes to me and increasing quantities through multiple income streams on a continual basis, such as earning income from: (1) Health supplements, (2) Real estate brokerage services, (3) Real estate investments, (4) online courses, (5) subscription coaching & group mentoring, (6) instructor work, (7) subscription VOD TV shows, (8) affiliate income, (9) JV partnerships, (10) Brand deals, (11) speaking engagements, seminars, and webinars, and (12) book sales.
- I am thankful that I get to travel around the world to explore new cultures and meet new people, to participate in missionary trips, and be a light to others at speaking engagements, seminars, and retreats.
- I am thankful that my son loves our Heavenly Father and is making a positive impact on the lives of others as their role model.
- I am thankful that I have an amazing wife who loves our Heavenly Father with all her heart, who is intelligent, adventurous, and hard-working, who has a great sense of humor, and who accepts me fully just as I am, she really is beautiful (on the inside and out) and she is the best life partner I could ever ask for.
Now it’s your turn. What are you thankful for?
Do you wake up every morning feeling excited about the day ahead of you? Honestly, sometimes I do, sometimes I don’t. That’s why I find it helpful to engage in a self-motivation ritual that helps me raise my energy level to start the day with a sense of optimism, hope, and joyfulness. And you can do it too!
How I Do It:
I have several reminders set on my cell phone (41 at present) to alert me at 6am. Each reminder carries different positive messages or tasks that I must accomplish, such as rehearsing my real estate sales scripts for working with buyers and sellers.
Today, I’d like to share with you 15 self-esteem affirmations. I use these to overcome my low self-esteem (something that I have come to realize I had developed growing up in a ‘challenging and toxic’ environment, to put it nicely.
Over time, the conscious activity of repeating positive affirmations will transfer the information from your conscious mind to your subconscious mind, also known as “auto-suggestion,” and will morph from thoughts to words, to actions, to habits, to character, to a new destiny. So, without further delay…
15 Self-Esteem Affirmations
- I add quality and value to my life and to the lives of others.
- I do what makes me feel alive.
- I enjoy spending time in quiet places.
- I have the courage to map out my own life.
- I believe in myself, even when no one else does.
- I am gifted in unique ways.
- I feel accepted and loved.
- I am independent.
- I accept myself completely.
- I embrace myself fully and joyfully.
- I am superior to my old self.
- I never underestimate my abilities.
- I embrace self-acceptance.
- I have the right mental attitude for success.
- I enjoy helping other people.
I hope you find these affirmations useful. To get the most out of them, I recommend that you read them three times a day for 21 days (morning, midday, and before bedtime.)
To your success!
Just reached ten years of blogging on WordPress. I wish I could spend more time blogging, I love connecting with others and sharing our views on everything under the sun (and sometimes under the moon, too). 😉 Thanks, WordPress friends! Cheers to you!! 🥂 🎉
Your Audience (and Their Attention) is Gone in 60 Seconds – So Use it To Your Advantage!
If you haven’t heard, Tik Tok is on fire and IG and YT are playing “catch up!” If you want to win viewers, then you need to deploy a 60 second video marketing strategy to lure viewers into your lead funnel’s traction beam.
Start with a hook that teases the benefit of watching your long-form content (and by long-form, I mean 3-8 minute videos on YouTube or Vimeo.)
Don’t leave them hanging, feed their hunger for more information. Close out your video message by recapping your main points and tell them where to go for more information.
End with a clear CTA.
Ex: Curious to learn how we got this goldfish in the bag? Go here (xxx) to learn more!
Gotta love a good alliteration! All kidding aside, this blog post is about taking account of your business homepage to ascertain whether or not it’s time for an update!
Start With a Spotlight Video!
One of the best ways to inform your viewers of who you are and what you do is by adding a promo video at the top of your homepage underneath your banner.
The best way to sell your products or services is to present a problem/solution demonstration inside of your spotlight video. For instance, if you’re a pressure washing company, you could display a homeowner who is getting the home ready to list in this hot real estate market, but the driveway looks dirty and the neighbors are judging. Uh-oh.
The owner receives a flyer from your local pressure washing company in the mail and the owner has an immediate ‘aha’ moment. Cut to pressure washing service in action. Next, the owner peeks out the window to a line of buyers outside waiting to present their offers (above asking price, of course!) The homeowner (your prospective client) lives happily ever after!
Like a Good Kindergartener, Compartmentalize Your Wares.
It helps viewers when you compartmentalize each section of your business so they can go straight to the resources they are looking for (and reduces your click through rate in the process!)
Now is the time to channel your inner air traffic controller 🛩 psyche and plan how you’ll drive traffic on your homepage.
- Start with a story. Why should a viewer stay on your page? What’s in it for them?
- Compartmentalize your page into at least three sections:
- Part One: problem/solution
- Part Two: client testimonials
- Part Three: CTA – appointment calendar links or order buttons.
Leave the “we’re the best on earth” braggadocio behind! No one cares about us, they only care about how we can make their lives better.
In closing, take some time this week to check the pulse of your page. is it time for a remodel? Even BK and McD know when it’s time to remodel, and look how they’re doing! Go remodel, revamp, and modernize your business page.
Yours in Success,
John W. Tanner, J.D.|M.S.
Founder, The Entrefluential Marketer
Having a Real Estate Portfolio Roadmap Can Help Investors Identify and Visually Communicate Their Vision.
What is a Real Estate Portfolio Roadmap?
A real estate portfolio roadmap (REPF) is a top-down view of your future real estate holdings that you desire to accumulate over the life of your investment career. The roadmap begins as an idea, becomes a plan of action, the steps needed to reach your end goal – the accumulation of real estate – and works as a punch list throughout your journey.
Because of the difficult nature of real estate transactions, namely their many interrelated pieces, the timeframes presented on this type of roadmap are more like aspirational guide posts rather that steadfast directionals or exacting deadlines.
Your REPR is a working, evolving document. It’s goal is to lay the foundation to reverse engineer your investment agenda over the next five, ten, fifteen, or twenty years.
Do I Need a Real Estate Portfolio Roadmap?
For the novice private investor, a REPR outlines a specific growth path to follow which can help move you towards your end goal faster and with less surprises.
For the investment team, such as a REIT, it moves all stakeholders in the same direction, at the same rhythm, helping them achieve their business objectives with more clarity and synchronicity.
Moreover, using a real estate portfolio roadmap does all of the following:
- Provides clarity
- Communicates investment impact
- Guides the investor (or investment team) along the journey
- Creates the initiative to forecast future income & expenses for each investment project (deal)
- Assists the project manager in forecasting required resources for specific initiatives
- Bolsters accountability, and
- Tracks milestones and progress
- Develop a Real Estate Investment Portfolio Vision.
- Ask yourself, “how much money do I want to net in retirement?”
- Talk to other investors, bankers, and real estate brokers to learn about income and expenses for any given investment.
- Create your investor dream team, which includes an accountant, a lawyer, a banker, and a real estate broker.
- Decide on your internal management team. (Are you a solopreneur or an entrepreneur?)
- Create Your First Draft Picks – a ‘Bird’s-Eye’ View of Your Real Estate Investment Portfolio Over the Span of Your Career (the roadmap).
- The private investor or management team should brainstorm investment options to meet the investment portfolio vision.
- Identify specific purchase initiatives, cost estimates, and management (holding) expenses.
- Decide on how to best structure each deal, taking into account the availability of investment and working capital, funding, tax implications, legal, government restrictions, and internal level of priority.
- Create an Internal Investment Roadmap.
- Start with your first purchase objective. Walk through the entire transaction to identify and document all of the potential moving pieces, costs, timing, potential pitfalls, risk reduction strategies, management duties & expenses, and BTCF.
- Decide who will be the project manager for the first undertaking (and each project thereafter).
- Hire your ‘dream team’ and ask your real estate broker to “shop the market.”
- Implement your plan!
- Rinse & repeat!
As your portfolio grows, so will your ability to scale up small projects or take on bigger projects. Thus, your roadmap will undoubtedly be edited several times throughout your career.
Remember, not even “…the best laid plans of mice and men” ever happen perfectly. Be flexible. And, above all, enjoy the journey!
In closing, if you want to be (or already are) a real estate investor who has several properties in mind, then you should create a REPR. It will help you to organize, evaluate, prioritize, forecast, track, and communicate your investment initiatives throughout your investment journey.
As a real estate broker, my team and I want to help you understand our markets and identify potential investment opportunities for you. We want to become your ‘go-to’ real estate consultant, “your source for real estate investment solutions!”
The Groover-Stewart Building
25 N. Market Street
Jacksonville, Florida 32202
By Appointment Only