Nouveau Riche Associates

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posted by Jacob @ 1:29 PM 1 comments

NOTICE: Orem Group Meetings Cancelled

I just found out that Justin Yates has moved his team meetings to Mondays at noon in his Thanksgiving Point office. This comes in direct conflict with out team meetings.

Since Justin is the team leader for most of the individuals in our Monday meeting group, it would be better serving to cancel our meetings and those who would like to attend Justin's meetings are probably welcome to attend.

We would like to thank all of you who have been a part of this group. We look forward to sharing ideas and such further - keep in contact and share with us your successes!

It has been a pleasure.

John Andersen

posted by John Andersen @ 10:49 AM 1 comments

10-18-2004

Pam -
Read a book called "Spin Selling". The book is a study of what has constituted a succesful sell vs unsuccesfful. He has divded it up into two different types. Lowerend, larger end.
When we are making a call on a prospect and just tell them all the advantages ands pecifics of our product, this is successful on lower-end items.

When you go into the higher end stuff...Preliminaries
Find out what their situation is
Then develop needs that go with their situation
Get them to verbalize their needs - if they don't verbalize, you lose it. NEADS. Ask what they now own. What do they enjoy about what they own. What would they alter about what they own. Are there other decision makers in the process. We show them how we reach their solutions.
Demonstrate the capability of hte product to find solutions to their problems
Obtain committment

What is a succesful contact? Advance vs. Continuation - we don't want to be put off just because they don't want to deal with you. Get their concern. "Level with me..."
Must obtain some type of commitment to the next step.

If we want to maintain a reslationship after the closuring. If we do a hard sale, it will lessen the chance of them coming in.

Four actions to obtain commitment
1. Give attention to investigating and demonstrating capability. They have to see a need for what I offer. So they realize that they have an urgent need to buy.
2. Cover key concerns. As the point of commitment nears, ask if they have any concerns before you bring up the commitment. "Is there any reason you wouldn't want to do this now, or today?" or say, "I think that about covers everything, but before we go any further are there any reasons that I haven't covered in enough detail any questions you may have?"
3. Summarize the benefits - pull together the key points especially the benefits before moving to the commitment. STAR - use a phrase that covers all these points. Saying these are benefits you can enjoy.
4. Propose a commitment - Suggest a course of action, rather than saying, where would you come in at? Asess their situation and tell them how they would most be benefitted by your product. Do not put beyond their acheivable limits.

Jason Record -
In the follow up: Meets with them. Talk to them about their needs and what they want to accomplish. Basically what is preventing you from getting started right now. are you ready to get started? Addresses their concerns. If not, closes them right there.
Asks them about real estate - any questions about it?
Should have given them some information to look over. Have they done their homework. Read the brochures, looked at the site.
Do you have any questions about the products.
What intersts you the most, the marketing, the real estate or both.
three questions - How we make money. How quickly it takes to make the money. Where do we get the money.
How we make the money is the compenstation plan
How quickly is the T close
Where to get the money - talk about their resources. Do you have a car, a home, equity line of credit, credit cards, a second mortgage Key-Lock (Home equity line of credit) lowest interest, W-2. If they have lots of money problems, say, what is your next step with Nouveau Riche. Commit them to come to meetings and to bring people to the meetings.

posted by John Andersen @ 3:26 PM 0 comments

10/11/2004

Guest Speaker - Chuck Newton - Self directed IRAs
Chuck Newton
Asset Planning
3236 Cameron Park Ct.
South Jordan, UT 84095
801-446-2849
Toll Free: 877-963-9407
Fax: 801-446-2849

Credentials:
* Served as a staff assistant to a US Senator
* Former executive director of investment newsletters
* Former lobbyist in Washington DC on economic issues
* Former Financial Radio Program Host
* 16 years experience in estate protection and financial planning.

Cash Management
- Have 3 - 6 months of cash in the bank (instead of this you can have
8000-10000 cash in a savings account)
- Need to have some liquidity if you are investing in real estate. You
may be equity rich and cash poor. That is a good way to get into
trouble.
- Real Estate market is cyclical, so you have to plan for that.
- When you retire, you really ought to have 20,000 dollars in a
savings account for reserve. As you got older, everything else that
you own has gotten older also.

Three types of Cash Management Accounts
- Short term savings - bank account
- Intermediate savings - for additional investments or larger purchases
- Long term savings - for retirement and life after working. (401k, IRA)

Risk Management
- Insurance (Health, Home Owners, Auto)
Many people are underinsured and you don't realize it. Many have a
cap on them of a certain amount.
Most health insurance policies have a cap of 1MILLION dollars
Home owner's insurance - most cap at 100,000 of liability and 3,000
of medical. Someone gets hurt on your property, you need to have a
personal liability policy or umbrella (1M, 2M, or 3M). They may
require that your current policies meet certain standards.
Minimum requirments in the state of utah - 25/50k
- Need to shelter your assets in an LLC or an FLP (Family Limited
Partnership) or an S-Corp

Investment Planning
- Stocks and Bonds
Stocks give you ownership in the company. As the company value
grows, so does your stock. If they are doing well, they will issue
dividends. They give the shareholders money back for investing in
their compnay
the advantage of having an S-Corp - Salary 30% and the rest is
Dividend money. Save money because don't have to pay FICA tax
Bonds - loan money to a company. They pay you an interest rate. the
company determines the rate. At the end of hte stated period, you get
your money back with interest or roll it into another bond.
Asset Allocation - diversify your money into different types of
accounts. Stocks or Mutual funds.
Municipal bonds are free from federal and state tax. 100% liquidity.
4% interest rate. Use this for intermediary funds.
Tax Free - Roth, Mutual funds
Tax Deferred - IRA's, Real Estate (but you can do 1031 exchanges to
defer it longer 45 days to identify the property and 90 days to close
- time limit)

Tax Planning
- When you deal with an accountant, they are only looking at a
snapshot of them, they are not looking at your entire life span. You
need to keep track on that.
- If you are married and a spouse dies, your tax brackets come down to
affect you- your retirement will be the same, but now you are a single
filer and so now you get to higher tax brackets with less money.

Estate Planning
- Wills vs. Trust
- wills go to probate, trusts don't
- Trusts avoid conservatorship. If one of you get sick or injured
your spouse can use the money in the trust without going to court to
get a signature power.

Corporations - 850 to set up. LLC's - 650 to set up with attorneys -
Watch out for someone that only files your articles. You need to have
bylaws, minutes, etc. If you are in business for a few weeks, you are
ok, but if in business for a few months, you are going to be in
trouble.

Have a Living trust that serves as your managment of your assets.
Then LLCs for properties. LLCs for different TYPES of real estate
holdings. If you want to shift money to your kids, you may want to
have an FLP so that you can rent your own condo from yourself and
right it off as your own business expense. Pay the kids income from
the FLP - tax free.

Self Directed IRA -
Investing in real estate is kind of tricky. 401K - you can borrow
money and invest it. If you quit working then, you roll it into the
IRA. Zero self dealing in an IRA. You can't take proceeds from real
estate deals in IRAs and use them for personal matters.
Set up an LLC that is owned by an IRA.
You cannot personally guarantee your IRA's real estate deals.

Roth IRA's
- Says that you cannot use a ROTH IRA to do

Attorney associated with this visit:

Walter "Wally" Bornemeier
Attorney and Counselor at law
1000 N 500 E Suite 100
North Salt Lake, UT 84054
P: 801-2926400
F: 801-292-6414
WallyB@JJBLegal.com

Pam - No Thursday Night Meeting this week - the following thursday -
SLC downtown Hilton 7pm thursdays 21st - $25.00 per colleague

posted by John Andersen @ 11:56 AM 0 comments

October 11th Team Meeting

Guest Speaker - Chuck Newton - Self directed IRAs
Chuck Newton
Asset Planning
3236 Cameron Park Ct.
South Jordan, UT 84095
801-446-2849
Toll Free: 877-963-9407
Fax: 801-446-2849

Credentials:
* Served as a staff assistant to a US Senator
* Former executive director of investment newsletters
* Former lobbyist in Washington DC on economic issues
* Former Financial Radio Program Host
* 16 years experience in estate protection and financial planning.

Cash Management
- Have 3 - 6 months of cash in the bank (instead of this you can have
8000-10000 cash in a savings account)
- Need to have some liquidity if you are investing in real estate. You
may be equity rich and cash poor. That is a good way to get into
trouble.
- Real Estate market is cyclical, so you have to plan for that.
- When you retire, you really ought to have 20,000 dollars in a
savings account for reserve. As you got older, everything else that
you own has gotten older also.

Three types of Cash Management Accounts
- Short term savings - bank account
- Intermediate savings - for additional investments or larger purchases
- Long term savings - for retirement and life after working. (401k, IRA)

Risk Management
- Insurance (Health, Home Owners, Auto)
Many people are underinsured and you don't realize it. Many have a
cap on them of a certain amount.
Most health insurance policies have a cap of 1MILLION dollars
Home owner's insurance - most cap at 100,000 of liability and 3,000
of medical. Someone gets hurt on your property, you need to have a
personal liability policy or umbrella (1M, 2M, or 3M). They may
require that your current policies meet certain standards.
Minimum requirments in the state of utah - 25/50k
- Need to shelter your assets in an LLC or an FLP (Family Limited
Partnership) or an S-Corp

Investment Planning
- Stocks and Bonds
Stocks give you ownership in the company. As the company value
grows, so does your stock. If they are doing well, they will issue
dividends. They give the shareholders money back for investing in
their compnay
the advantage of having an S-Corp - Salary 30% and the rest is
Dividend money. Save money because don't have to pay FICA tax
Bonds - loan money to a company. They pay you an interest rate. the
company determines the rate. At the end of hte stated period, you get
your money back with interest or roll it into another bond.
Asset Allocation - diversify your money into different types of
accounts. Stocks or Mutual funds.
Municipal bonds are free from federal and state tax. 100% liquidity.
4% interest rate. Use this for intermediary funds.
Tax Free - Roth, Mutual funds
Tax Deferred - IRA's, Real Estate (but you can do 1031 exchanges to
defer it longer 45 days to identify the property and 90 days to close
- time limit)

Tax Planning
- When you deal with an accountant, they are only looking at a
snapshot of them, they are not looking at your entire life span. You
need to keep track on that.
- If you are married and a spouse dies, your tax brackets come down to
affect you- your retirement will be the same, but now you are a single
filer and so now you get to higher tax brackets with less money.

Estate Planning
- Wills vs. Trust
- wills go to probate, trusts don't
- Trusts avoid conservatorship. If one of you get sick or injured
your spouse can use the money in the trust without going to court to
get a signature power.

Corporations - 850 to set up. LLC's - 650 to set up with attorneys -
Watch out for someone that only files your articles. You need to have
bylaws, minutes, etc. If you are in business for a few weeks, you are
ok, but if in business for a few months, you are going to be in
trouble.

Have a Living trust that serves as your managment of your assets.
Then LLCs for properties. LLCs for different TYPES of real estate
holdings. If you want to shift money to your kids, you may want to
have an FLP so that you can rent your own condo from yourself and
right it off as your own business expense. Pay the kids income from
the FLP - tax free.

Self Directed IRA -
Investing in real estate is kind of tricky. 401K - you can borrow
money and invest it. If you quit working then, you roll it into the
IRA. Zero self dealing in an IRA. You can't take proceeds from real
estate deals in IRAs and use them for personal matters.
Set up an LLC that is owned by an IRA.
You cannot personally guarantee your IRA's real estate deals.


Roth IRA's
- Says that you cannot use a ROTH IRA to do


Attorney associated with this visit:

Walter "Wally" Bornemeier
Attorney and Counselor at law
1000 N 500 E Suite 100
North Salt Lake, UT 84054
P: 801-2926400
F: 801-292-6414
WallyB@JJBLegal.com

Pam - No Thursday Night Meeting this week - the following thursday -
SLC downtown Hilton 7pm thursdays 21st - $25.00 per colleague

posted by John Andersen @ 8:15 AM 0 comments

Misc Notes from Today

Dan Van Woerkam – Real Estate Attorney 801-407-8330 – Says he can evict someone in 11 days. Located in the Salt Lake area.

Betty got a packet from the court house on the eviction process.

Royce Monson knows someone that might be able to come and talk about self-directed IRAs

posted by John Andersen @ 1:02 PM 0 comments

tentative schedule for team meetings

RS : Real Estate Training
M : Marketing training

This is subject to change. Pam was not at the meeting, but rumor has it she was able to get a property manager to come for next monday??

October 4 RS – Pam's Property Manager Contact??
11 M - John Andersen
18 RS – Royce Monson
25 M - Jason Butterfield
November 1 RS -Lori McDonald
8 M - Jake Andersen
15 RS - ???
22 M - ???
29 RS - ???
December 6 M - ???

posted by John Andersen @ 5:07 PM 0 comments

Open Slot in Orem Nouveau Riche Office

Opening up in the office – 65 dollars a month – security card and key to the office. Access to the internet and conference rooms. 480W 800N Orem. Call Dave Welch – 427-4549.

posted by John Andersen @ 5:07 PM 0 comments

Park City condos

Lori McDonald – 801-450-9038 – Lori has access to some Condos in Park City 100k+ for any interested investors.

posted by John Andersen @ 5:06 PM 0 comments

A recommended Accountant for Real Estate

Lori McDonald recommends
Barbara Iwaniec from Preferred Accounting, Inc.
801-365-0945 - 13th E 6774 South.
She has experience in setting up Real estate entities.
She is Inexpensive.
Great for the starting investor.

posted by John Andersen @ 5:05 PM 0 comments