Learning The Real Estate Language – Talk With Confidence | Real estate

Every profession has its distinct language, from doctors to lawyers to rocket scientists, the use of which in thought and in speech separates the insiders from everyone else– and professional real estate investors are no exception. When taken in small bites it is easy to learn the real estate language.Anyone can buy or sell their own home without knowing what a writ of restitution is or how to calculate the Gross Rent Multiplier, but if you want to step into the real estate investing arena as a serious investor one of the first things you need to do is grasp a firm understanding of the insider language.When you can comfortably use the lingo familiar to others in the business, they will listen that much more closely to your ideas and proposals because they know they are dealing with a seasoned insider. Plus, those that don’t know will respect you that much more that you do.And bottom line, you’ll put yourself in more positions to get paid.If my company were to provide a textbook copy of the real estate investing glossary terms and definitions in the free modules on our website it would amount to well over 250 pages and growing. For some people, that’d be an overwhelming undertaking, to sit and read end-to-end, regardless of the fantastic benefits. But that wouldn’t be the best way to learn in our opinion, as retention in “cramming” is little.That’s why we’ve broken the undertaking of learning to speak, and most importantly to think, like a real estate insider down to a manageable task you can complete over time– or get the information you need immediately at your fingertips in one convenient place.I advise that new investors take 15 minutes 1-2 times a week to learn a couple dozen terms and definitions and you’ll be taking a pivotal step to mastery of the real estate investing game– a step that those who are destined to remain on the sidelines watching never have the discipline to take.Our top students “bookmark” the module links on their computer’s internet browser and return to it at least once a week each week at a specific recurring time (i.e. a planned consistent ‘time block’), to study for 15 minutes or so as time allows, using a calendar on their phone or computer to remind them until it becomes a habit.I can’t stress how important it is to have the right lingo down. One can tell the difference from a newbie and someone who is more seasoned. My observation has been that there is a different respect and willingness of a contact to tune in when they perceive that you know what you are talking about.Part of branding, especially when you are the ‘brand’, is how you present yourself. Within 40 seconds, how you look and the energy, pitch, tone, and rate of speech at which you speak, impacts the perception one forms about you to the greatest degree. However, what you say is still very relevant to success. First impressions are exceptionally hard to shift.Dr. Robert Cialdini calls it the “halo effect”. This is why I enjoy that many of our investors now first have their impression of me or our company from content marketing which is designed to portray our company and me for instance in the best light– that of a credible authority and trusted advisor. Much better than if I had met someone initially sitting at home in my boxer shorts, and said “hey bud, got a hundred grand? Let’s invest it!”I believe so much in this activity as a great catalyst for new investors, that our office has been given strict instructions to pass along for free the 4 module interactive online glossary we created for in-house training purposes to anyone who visits one of our websites and contacts us asking for the investor glossary.Should you want it, just ask for it. Create a weekly reminder in your calendar to spend 15 minutes studying this glossary. Take something as daunting as learning all the terms in a very large glossary and turn it into a very doable activity in bite sizes over time.I say all that to say this. Your mind is an amazing tool. It will serve you as you stretch it.Learn the lingo of real estate.It will pay off when you can “talk the talk” with confidence and multiply the effectiveness of your conversations in your real estate business with buyers, sellers, lenders, investors and tenants.

General Accepted Accounting Principles | accounting

The differences of financial accounting and managerial accounting are very prevalent. Some of these differences include precision, mandatory external reports and emphasizing financial consequences of past activities. These characteristics are describing financial accounting. Financial accounting is a way of measuring economic performance. This type of accounting summarizes data to prepare balance sheets and income statements for the firm. The specific difference discussed in this piece will be the difference of the Generally Accepted Accounting Principles (GAAP). Financial accounting must follow GAAP, while managerial accounting does not need to follow GAAP.The Generally Accepted Accounting Principles help steer firms in recording business transactions. The GAAP are not rules, but guidelines for a firm to follow for recording. The principles set a minimum level of regularity in statements. There are many positives in compliance with the GAAP. The principles maintain creditability because it informs outside companies that this company using the GAAP is being portrayed precisely. Stockholders and analysts can read a report knowing that it abides with the accounting principles.There are many principles to be discussed for the GAAP. The six principles to be discussed during this article are economic entity assumption, accrual basis accounting, revenue recognition principle, relevance, reliability and consistency principle, materiality principle, and cost principle. Economic entity includes any organization in the economy. Examples can include schools, hospitals, governments and churches. Every event must be recorded by a specific entity. Another part to this principle is that records can not include any personal assets or liabilities relating to the owners. The second principle is the accrual basis accounting principle. Accrual basis accounting captures financial aspect in each event in the period of occurrence. Revenues are recognized when the business receives the cash. Expenses are recognized when the business pays with cash. Furthermore, the revenue recognition principle is when revenues are earned upon the finishing of a product or service, but without view to the timing of cash flow. The last principle in the GAAP discussion is relevance, reliability, and consistency. Information must be useful. To be useful, this information in accounting must be relevant, reliable and in a consistent method.Relevant information will help a decision choice understood properly by examining the businesses past performance, and the future position. Detailed information is needed for internal users to estimate the company’s value. Reliable information must be confirmable. Otherwise, this information cannot be used or trusted in preparation of financial statements. Lastly, the information must be consistent. This means that the methods must be the same for each accounting period. Comparisons can be made between accounting periods if consistent. Consistency will help a company evaluate the methods of the accounting periods. The materiality principle states the requirements of any principle may be ignore, if and only if, there is no consequence on the users of the financial information. An example of this principle would be tracking individual staples used in a department of an office. There is no definitive gauge to calculate the staples used. This judgment of dollars is not a significant entity to a large corporation, but it may to a small, privately owned business. It will depend of the size of the company. The cost principle is dealing with the recording of the company’s assets. The assets equal the value exchanged at the time of their attainment. Assets consisting of land or buildings value with time. Land and buildings do not need to be appraised for reporting.So what is the difference of why managerial accounting does not need to follow GAAP but financial accounting need to follow the principles? Managerial and financial accounting is two separate types of accounting, so each one needs a specific method for financial reports to help that type of company. Managerial accounting is not bound by the General Accepted Accounting Principles. In managerial accounting, managers set their own rules for financial report methods. Using the General Accepted Accounting Principles set a common ground for external users to rely on when evaluating a company. The GAAP help reduce fraud and catch misrepresentations on financial reports. Managerial accounting prepares reports only for internal use of the manager. This information helps to make decisions on the company’s future. There are no specific required reports, only the reports what the manager sees fit to help make decisions. The reports are normally focused on departments of the organization, not as a whole. Financial accounting relies on reports for perspective of the organization. It focuses on specific information because it is used outside the company. This is why financial accounting must follow GAAP for external reports.

Wedding Day Transportation | transportation

Most soon-to-be-married couples think creatively when planning wedding transportation. When planning for wedding transportation it is very important to look at original ideas. Most couples making wedding plans, use the telephone book as the starting point, looking for the limousine service with the lowest prices. It is no doubt that using a limousine is very fitting transportation, but it is also the least creative. If you want your wedding day to stand out, you need to get creative. Some transportation challenges to look at prior to the wedding day are mentioned here as well as some alternative transportation ideas you may not have thought about.Don’t delay making the arrangements for the transportation for your wedding. These plans should be made at least six months to a year in advance of your wedding date. Planning the wedding transportation should be on your checklist right after your have finalized the location for the wedding ceremony and the reception, and once you have decided on the number of attendants you want in your wedding party. Why is planning the transportation so important? Well, the arrangement for the transportation has to do with the time it takes to move your wedding party from point A to point B and then to point C without leaving anyone behind as well as meeting the time schedule you have set.Begin with transporting the bridal party from where they will be dressing to the wedding ceremony.If you decide to transport the entire wedding party it may take multiple trips to get everyone to the reception. Concerns about transportation end once the wedding party arrives at the reception.Since all the logistics have been resolved it is now time to start the search for your wedding transportation. First, re-look at the wedding budget worksheet Looking at your wedding budget worksheet to check the amount of money set aside to cover transportation is the first step to take. The options for wedding transportation can be very expensive. Besides limousines, you can make a grand statement by being transported in a stretch Hummer or SUV, either of which can transport large groups. Classic or vintage cars are a stylish option. You may want to consider other ideas such as the use of a beautifully decorated horse-drawn carriage or a hot air balloon that would land on the driveway or lawn of the location of the ceremony. If your budget permits, make a dramatic entrance in a helicopter, or a less expensive alternative could be a motorcycle and side car. Really any transportation idea that you may have that fits with your theme is an idea worth investigating. Of course a personal vehicle is always a fine option and is the least expensive.Be sure to ask about wedding package deals like a free bottle of champagne, or transportation at the end of the evening. And always carefully review the contract before you sign. Verify that it states date, pick-up times, total costs and payment schedule, and any other details, the driver’s name and what he or she will wear, and the cancellation/refund policy.