How to Turn Down a Billion Dollars

RISMEDIA, Dec. 5, 2007-How do you refuse a billion-dollar offer for a little company that you just started a few years ago? Some possible answers are:

a) You are already a gazzillionaire and another billion means nothing.
b) You have sheer guts.
c) You suffered a temporary loss of sanity.
d) You have powers that allow you to see into the future.
e) You are blessed with incredible foresight.

Let’s talk about Mark Zuckerberg, the 23-year-old Facebook founder who dropped out of Harvard to build a company. A 1.6% share of his little company was just sold to Microsoft for $240 million.

Last year, he could have sold his company to Yahoo! for over $1 billion, but he didn’t want to. With the Microsoft deal, the company is now valued at about $15 billion, with his piece alone at about $3 billion. In hindsight, this was an extremely savvy business maneuver, but really it was a decision that was made with incredible foresight.

How do you turn down $1 billion? You can only make that kind of decision, and have the kind of guts it takes to turn down that kind of money if you believe with every fiber of your being in what you are doing. Zuckerman and his two partners-his roommate at Harvard, Dustin Moskovitz, and his prep school buddy, Adam D’Angelo-have ultimate belief in their creation, and in its “off the charts” potential. They have complete faith in their concept. So much so, that they could turn down $1 billion.

Facebook represents the new blueprint: the innovative platform for interactive, social networking. It’s about vision. It was easy for Zuckerberg to turn down the original billion because he wasn’t anywhere close to reaching his goals.

For him, it wasn’t the right deal. He commented to Forbes magazine that he didn’t care about being a CEO of a company; that he “just wanted to build cool things.” And in response to declining the billion dollars last year he said, “I’m here to build something for the long-term. Anything else is a distraction.”

Wow. “Anything else is a distraction?” Let’s apply this to our real estate careers. Hey, let’s apply this to our lives. There are some very big talking points in this success story that might read: Here’s what happens when you have ultimate faith in what you do, and the decisions you make, when you truly enjoy what you are doing and greet each day with pleasure and passion, and when you stick to your plan, working on it everyday without distraction. Ultimately, this brilliant multibillion-dollar deal underscores one indisputable fact. The young man behind Facebook made a decision to own his life. Have you?

In our real estate careers, we are asked to make buy/sell decisions all the time; it’s the foundation of our business. Sometimes we have to have the guts to walk away from an offer because it just doesn’t meet the criteria, and sometimes our “hole-in-one” deals fall through. If a multimillion-dollar deal fell through, would you:

a) Immediately head to the bar and ask the bartender to leave the bottle?
b) Know that although this is disappointing news, another deal-likely a better one-will come along soon, and you continue to move forward with your other prospects? (OK, you are allowed one drink on the house!)

What do we have to do to empower ourselves with the insatiable strength of mind that leads to ultimate success in our real estate careers?

This is what you need to know if you are going to turn down $1 billion and come out on top: Own your life.

When you live in alignment, and take responsibility for the choices you make, when you live each day with focus, and make choices that are aligned with your dreams, hopes and visions, then you will own your life. For Zuckerberg, it was about taking the right deal, and $1 billion to sell his company outright just wasn’t what he was looking for.

The right deal allowed him to keep his company, allowed him to keep living his dream and continue to fulfill his passion with no distractions. He made a decision that what he wanted to accomplish in his life was more important than $1 billion. It’s easy to make decisions that serve you if you are aligned with what you ultimately want to achieve and you don’t waiver from that platform.

What does your life have to do with the choices that you make? This one is not a multiple choice question. The answer is simply: “everything.” Own it.

Kim Ades, MBA, is president of Opening Doors and Frame of Mind Coaching. Visit www.capturemoresales.com and download free: “The Seven Secrets to Adjusting your Frame of Mind to Attract More Real Estate Sales Sooner.”

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source: rismedia.com

The Hijacking of Mile High Capital Group and Its More than 1,000 Victims

RISMEDIA, Dec. 18, 2007-No doubt about it, investors involved with the Mile High Capital Group (Denver, Colorado) lost millions of dollars. They put down earnest money on residential duplex properties, most of which were never built. The Mile High Capital Group sold a product that it failed to deliver, and investors lost a lot of money.

Rick Dryer, founder and former CEO of Mile High is currently under indictment on 67 felony charges ranging from theft to securities fraud for his involvement in an alleged real estate Ponzi scheme.

Dryer has pleaded not guilty on all of the charges, and is scheduled to appear in Denver District Court in February of 2008. Clearly, someone is guilty of wrongdoing here, but which (if any) laws were broken, by whom, and for what purpose are still a mystery.

Shortly after my book “Protect Yourself from Real Estate and Mortgage Fraud” (co-authored with attorney and noted mortgage fraud expert Rachel Dollar) hit the bookstores, Kaplan’s public relations department contacted me. They informed me of an opportunity to promote the book via a talk show called “Real Estate Wealth, Myths Facts and Strategies,” a spin off of the Real Estate Dialogues with Rick Dryer and Professor Gary Eldred, the best selling author and head of curriculum at Trump University.

I was shocked to learn of the indictments against Dryer when I “Googled” him prior to the show. I also learned that he “had moved to North Carolina where he was hosting his popular “Right Place Right Time Real Estate Investment Strategies” work and working as a consultant for a company called Convergent Acquisitions and Development Inc. in Charlotte, among others. He also has a home in Colorado.

I had known of Rick Dryer and his seminars for some time. I also knew of his very public record of accurate predictions as to emerging markets and trends. If there is anyone whose knowledge of real estate would seem to empower investors to earn millions in real estate, Rick Dryer would be such a person. So when I heard the rumors about millions stolen from Mile High investors, I was stunned. After all, why would a successful real estate investor, a multi-millionaire, need to steal money?

I did an informative and interesting interview with Dryer and Professor Eldred, which is offered by podcast to swarms of subscribers. The show was scheduled to debut on XM Satellite, too, but XM pulled the plug on the show after receiving calls from a reporter. That apparent violation of its contract will be the subject of another column.

In doing some background on Convergent, a company for which Dryer was working as a consultant. I discovered that Convergent has two things in common with Mile High. First, it acquires rental properties for investors, which is basically the same service that Mile High offered investors. Secondly, it had had great success in following Rick Dryer’s Right Place Right Time principles.

I called Convergent president Nicolas “Nick” Sabardin to find out more about what was going on and about Dryer’s involvement with the company. Sabardin was very cooperative; he believed anyone who looks into this will help in clearing Dryer’s name. He welcomed my interest, and thought an independent analysis would be fantastic. He offered to help in anyway he could. Shortly thereafter, my assistant and I flew to Charlotte to meet with Sabardin.

After a couple meetings, Sabardin had aroused my curiosity. He and his company have an impeccable reputation. He is a Sorbonne graduate, a former airline pilot, and an MBA. He had had his lawyers do a complete background on Dryer before hiring him. What he told me, which I confirmed, made me become fascinated with the Mile High case.

Here was a company that had over a quarter billion in sales and $45 million in cash flow, and records showed that Dryer was on the receiving end of only $50,000 in cash. If this was a case of real estate and mortgage fraud, someone was doing an excellent job of laundering the money. Where did all that money go? Why did Dryer leave Mile High? And why were clients like Convergent enjoying such success? Is Rick Dryer a criminal mastermind or the fall guy for clever con artists who used him as an unwitting accomplice, as Mr. Sabardin believes?

Over the course of the next several months, I will be independently reviewing the Mile High case myself and posting my findings, most every Monday, under the “Mile High Monday” header on www.FlippingFrenzy.com . Through my posts, I hope we will all be able to discover the truth about Mile High Capital Group. From its very beginnings, through the trial, to the very end, when the judge or jury reads the verdicts…if it ever gets to trial. I invite you to tune in to what appears to be the unveiling of one of the most complicated and sinister corporate real estate cons of our times. But is Rick Dryer mastermind or victim? Stay tuned.

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source: rismedia.com

Taking Home Buyers Sky-High

RISMEDIA, Dec. 20, 2007-Louis Howard, executive vice president of John F. Buchan Homes, has announced a unique opportunity for purchasers of a Buchan-built home. In partnership with Flight Options, John F. Buchan Homes is offering their clients a private jet membership with the purchase of a Buchan home priced over 1.2 million dollars. The package is valued at $100,000 and can be used to fly on one of several private jets operated by Flight Options.

“As one of the pre-eminent builders in the Puget Sound Region for the past 46 years, John F. Buchan has set the standard for luxury home construction, backed by a tradition of quality and design,” said Howard. “We also pride ourselves on being innovative and going above and beyond the competition.”

Howard says that he not only sees the private jet membership as an incentive for buyers, but also as a means to take their lifestyle to an entirely new level. The jet membership campaign launched on December 7 and will run through January 31. Only full-price, non-contingent offers on completed John F. Buchan Homes priced at 1.2 million dollars and higher are eligible for the private jet program.

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source: rismedia.com

Recruiting Success in 2007, Independent Model’s Appeal is Growing

RISMEDIA, Dec. 20, 2007-Leading Real Estate Companies of the World® (LeadingRE) announces that it recruited nearly half of its new sales associates in 2007 from the ranks of national franchise organizations. The return of these companies to local/regional branding signifies the strength of the independent business model and builds on recruiting successes from the past several years. The network recruited nearly 50 firms in 15 states and 12 countries in 2007, bringing its total number of affiliates to 700 companies with 5,600 offices and 170,000 associates in 35 countries around the globe.

“We have been gratified by the interest in our network and support from prominent companies that had previously been with national franchise organizations for many years,” said Pam O’Connor, president/CEO of LeadingRE. “These companies have realized the freedom and flexibility afforded to them as independents. LeadingRE offers its members this autonomy, as well as access to global marketing, recruiting, technology and other LeadingRE business resources.”

In the past three years, LeadingRE says that it has added nearly 20 former franchise firms to its ranks, with nearly 150 offices and 4,300 associates, including companies from Prudential, Coldwell Banker, ERA and GMAC. In addition, the network has recruited nearly 125 offices and 1,200 associates from former Sotheby’s affiliates that opted not to franchise.

LeadingRE’s new members span the globe, from places such as Austria, Canada, Costa Rica, Denmark, Italy, Jamaica, Mexico, Panama, Scotland, Singapore, Switzerland, and Thailand.

“Our expansion into the luxury market, with the first real estate Web site, LuxuryPortfolio.com, to offer translation into eight languages and 22 currencies, has definitely been a factor in our global growth,” said Ruth Ann Pepple, LeadingRE’s network services president. “Our members also have access to our international member industry conferences in Dublin, Ireland, and Valencia, Spain, with another pending in Rome in 2008, which offer a forum for real estate professionals from around the globe to come together and discuss industry trends and the state of the market.”

In the United States, LeadingRE has members in 49 states, with representation in nearly 15,000 communities and has comprehensive coverage in all of the top 50 markets.

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HUD to Take Over Rental Housing Assistance for Residents Affected by 2005 Hurricanes

RISMEDIA, Nov. 21, 2007-Nearly 30,000 residents affected by the 2005 Gulf Coast hurricanes will continue to receive housing assistance when the U.S. Department of Housing and Urban Development (HUD) assumes control of the Federal Emergency Management Agency’s (FEMA) rental program on December 1, 2007. HUD continues to work with its local public housing agencies (PHA) to reach out to those families who are eligible for this critical housing program to ensure their rent payments continue, and to offer them services to help them get back on the road to self-sufficiency.

“Thousands of hurricane victims still need help,” said HUD Secretary Alphonso Jackson. “That’s why earlier this year we decided to extend the rental housing program, but for FEMA to hand it over to HUD since we are in the long-term housing business.”

On December 1, thousands of families affected by the hurricanes will continue to receive the housing assistance they need to rebuild their lives and regain self-sufficiency. Families who have been contacted by a local public housing agency will continue to see no break in rent payments.

“If you think you’re eligible for assistance, but have not been contacted, please call us immediately. We are committed to doing whatever it takes to help those who need it most,” added Secretary Jackson.

To ensure help reaches all eligible families, HUD continues to work closely with approximately 375 PHAs and 12,000 landlords who will be implementing and managing the temporary rental assistance under the new Disaster Housing Assistance Program (DHAP) now run by HUD. In the past seven months, HUD and PHAs have been aggressively reaching out to families eligible for assistance, sending letters, knocking on doors and calling households. HUD will deploy nearly 20 staff members to cities where the largest numbers of displaced families are currently living, including Houston, Dallas-Forth Worth, New Orleans, Atlanta, Baton Rouge, and Memphis.

To date, participating PHAs are working hard at reaching out to approximately 29,000 people for DHAP, linking them with case managers that help them gain access to job training, housing counseling and other forms of support, enabling them to regain self-sufficiency. However, individuals who believe they may be eligible for the DHAP program, but do not think they have been contacted, should calls HUD’s toll-free referral center immediately at 1-866-373-9509. Operators are available Monday through Friday from 9:00am to 7:00pm EDT, 9:00am to 1:00pm EDT on Saturday and Sunday.

“All hands are on deck to make this transition as seamless as possible for these families who have already been through so much. Working with HUD’s extensive network of public housing agencies and thousands of landlords, we have built a coalition that is working overtime to help families get the housing assistance they need. We will not rest until every eligible family has a roof over their head,” Jackson added.

HUD is also requiring all landlords and PHAs participating in DHAP, like it does for all its programs, to meet basic housing quality standards by providing residents with decent, safe and sanitary living conditions. PHA’s are required to conduct limited inspections of units to make sure there are no serious health and safety items that may impact the life and well being of these families.

DHAP will also be vital for helping families rebuild their lives and become self-sufficient. Starting March 1, 2008, the level of rental assistance will begin to be gradually reduced to help put program participants on a path to independence. While still receiving supportive services, program participants will have ample time to prepare themselves for self-sufficiency. Residents will pay a small portion of the housing cost, which will begin at $50 per month in March and incrementally increase each month thereafter until the program concludes on March 1, 2009. Seniors and the disabled whose primary source of income is Supplemental Security Income or other fixed income that make them eligible to receive assistance under existing HUD programs will be protected.

Finally, beginning January 2008, HUD will begin working with FEMA to transition remaining eligible families out of travel trailers and into rental housing in the private market.

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source: rismedia.com