[Will Chen]

Good Will Report

Will Chen's Monthly Newsletter
Issue 6 | February/March 2007
1.425.301.9652 | will@willchen.ca
Print Version | Archive | Bookclub

Happy Chinese New Year!

[MasterMind Group Photo]February, especially in Chinese culture, marks the beginning of spring time. Hence Chinese New Year begins a 15-day celebration called Spring Festival in Chinese. The "passing of the year," as we call it, is a time when the family gets together and share their outlook for the new year in wishing others propsperity and good fortunes.

This year I had the pleasure of spending Chinese New Year with members of the MasterMind Group, who are much like my family, at Ruthia's home in Richmond. We had a potluck party that ended with real estate updates and a game of Cranium to push our comfort zone picking out only the acting and singing cards. It was a lot of fun spending time with my friends who share similar values and talk about an investment vehicle we all feel passionate about. Spending time with like-minded people with similar values allows you to be more powerful as a team working together, sharing market research results and networks, and leveraging each other's resources.

Building a Real Estate Power Team

Speaking of leverage, one of the most powerful way to do a lot is to have a team of experts working for you. As a real estate investor, who do you need on your team to help you with your real estate business?

This month I am going to introduce the first two very important members of your real estate power team. I will follow up with the rest of the power team next month, so stay tuned!

Realtor

Your realtor is one of the most important members of your team. A realtor is a real estate broker who usually represents a buyer or a seller in a real estate transaction. A realtor is registered and must abide to a strict code of ethics, for example, a realtor representing you must act for the best of your interest; he/she can offer advice but must do what you ask him/her to do.

The realtor represents you in every way, from negotiations, making offers to closing the deal. If you were investing out of town, the realtor must be the local area expert so he/she can tell you about the area and give you a rough idea of what to expect. Your realtor must understand your needs as a real estate investor and share your values to best represent your interest! In fact, the best investment realtors, like my realtor in Edmonton, Rosanna Mazzuca, may even ask for your plan to help you achieve your goals!

Mortgage Broker

A mortgage broker helps you obtain financing, from the bank or other sources, for your property, which allows you to leverage other peoples money to purchase real estate. One of the best things about real estate is that the bank will lend you their money up to 100% of the purchase price for you to purchase it, which means you can save your own money for other things, even more real estate deals!

Mortgage brokers are licensed professionals whose job is to shop around for mortgages for you so you can save time from going around to each of the banks. Some of you might think, "Well, wouldn't that cost me money?" In fact, a mortgage broker is paid by the bank, and you might actually get a better deal because they get mortgages from banks all the time and they get volume discounts.

Much like how you work with your realtor, it is important that your mortgage broker understands your needs as a real estate investor. Some mortgage brokers will not work with a real estate investor because we tend to purchase cheaper properties and they don't get paid as much; however, an investor also tends to purchase many properties, making it a great long-term relationship. That being said, you should make sure your mortgage broker knows what your plans are, so he can best structure every deal such that you will be able to qualify for the next mortgage.

The Real Secret to Wealth...

Secrets of the Millionaire Mind book coverHave you ever wondered why some people seem to get rich easily, while others seem destined for a life of financial struggle?

Do you think that the difference is found in their education, intelligence, skills, timing, or their choice of career, businesses, or investments?

The surprising answer is: None of the above!

In reality, your level of wealth has everything to do with your "financial blueprint." You can learn about this blueprint, and permanently change it in order to start living a life filled with abundance, in one fun-filled weekend of intense learning and self-discovery.

T. Harv Eker is the author of the number one NY Times bestselling book, Secrets of the Millionaire Mind, and his programs have changed the lives of hundreds of thousands of people all over the world.

Personally, learning about the millionaire mind has changed my life in ways I did not think was possible. I cannot express how much I would love to have you there, so just say "Yes, I want a Millionaire Mind!" and attend the Millionaire Mind Evening or Millionaire Mind Intensive event. Ask me how you can attend the Intensive for less than $100!

Onwards with March

On March 30 I will be competing with my barbershop quartet and chorus in Abbotsford at the Evergreen District Division I Convention. This will be my second contest and I am very excited about the challenge. Please come out and support my new quartet, TNBT!

I decided to merge my February and March newsletter so I can better present up-to-date information. Have a great month in March and I will see you again soon!


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