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Playing Cash Flow 101 in Real Life
Monday, December 14, 2009
First Step: Look at your current financial situation. Complete your own personal financial statement to see where you are. Don't hide your head in the sand! You need a starting point and to do this, you MUST clearly see and understand where you are. This is a real eye opener. Don't worry if you're not where you want to be. That's why there's a starting point in every game you play.
Second Step: Get a copy of your credit report and score. Individuals are able to obtain their credit report once a year without affecting their credit score (souce: Credit Repair Consultant). This will help determine what kind of Opportunity Cards you can buy. CashFlow members are buying investment properties with no money down so if you can qualify for these types of opportunities, why wouldn't you?!!! Lenders are seeking at least 680 fico score.
Third Step: Lets get those expenses down. Before you can start to increase your income, we recommend that you look closely at your expense column and look for ways to decrease these expense items. Sometimes, all it takes is a little time and effort, like making a call to the cable company threatening to cancel service and then they offer 3 months of free service, or shopping insurance rates and getting cheaper premiums. Our CashFlow Guides goes through each line item in the expense column to make sure all discounts, renegotiations, etc are being utilized by our CashFlow members.
Fourth Step: Selecting a City. This is fun and life changing as many of our CashFlow members live in areas where cash flow doesn't make sense so they must go out of their area and even out of state to get the types of returns they want. This can also be the most challenging step as investing out of state can make investors get out of their comfort zone. Sometimes, getting out of your comfort zone is BETTER because you conduct MORE due diligence, as you should, and make sure you dot all your "I"s and cross all your "T"s. Our CashFlow members have access to over 250 cities with 22 economic indicators on an interactive, color-coded, flash map which makes the numbers EASY to analyze and fun to interpret.
Fifth Step: Once you've selected a target area. Now, it's time to get Pre-Qualified for Financing if you plan to Leverage! CashFlow members have access to our Power Team Members in their selected city to start the process. Once the pre-qual letter is received, you get to start step 6!
Sixth Step: Start shopping in CashFlow's property bank filled with opportunity cards!!! The deals are all fully analyzed for you so CashFlow members get to see exactly what is "passive income" is their ROI!
Seventh Step: Purchase & Close Escrow!
Eighth Step: Doing it AGAIN and AGAIN and AGAIN until you're OUT of the RAT RACE, reached FINANCIAL FREEDOM and on to the Fast Track!!!
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Second Step: Get a copy of your credit report and score. Individuals are able to obtain their credit report once a year without affecting their credit score (souce: Credit Repair Consultant). This will help determine what kind of Opportunity Cards you can buy. CashFlow members are buying investment properties with no money down so if you can qualify for these types of opportunities, why wouldn't you?!!! Lenders are seeking at least 680 fico score.
Third Step: Lets get those expenses down. Before you can start to increase your income, we recommend that you look closely at your expense column and look for ways to decrease these expense items. Sometimes, all it takes is a little time and effort, like making a call to the cable company threatening to cancel service and then they offer 3 months of free service, or shopping insurance rates and getting cheaper premiums. Our CashFlow Guides goes through each line item in the expense column to make sure all discounts, renegotiations, etc are being utilized by our CashFlow members.
Fourth Step: Selecting a City. This is fun and life changing as many of our CashFlow members live in areas where cash flow doesn't make sense so they must go out of their area and even out of state to get the types of returns they want. This can also be the most challenging step as investing out of state can make investors get out of their comfort zone. Sometimes, getting out of your comfort zone is BETTER because you conduct MORE due diligence, as you should, and make sure you dot all your "I"s and cross all your "T"s. Our CashFlow members have access to over 250 cities with 22 economic indicators on an interactive, color-coded, flash map which makes the numbers EASY to analyze and fun to interpret.
Fifth Step: Once you've selected a target area. Now, it's time to get Pre-Qualified for Financing if you plan to Leverage! CashFlow members have access to our Power Team Members in their selected city to start the process. Once the pre-qual letter is received, you get to start step 6!
Sixth Step: Start shopping in CashFlow's property bank filled with opportunity cards!!! The deals are all fully analyzed for you so CashFlow members get to see exactly what is "passive income" is their ROI!
Seventh Step: Purchase & Close Escrow!
Eighth Step: Doing it AGAIN and AGAIN and AGAIN until you're OUT of the RAT RACE, reached FINANCIAL FREEDOM and on to the Fast Track!!!