7 Habits of Highly Effective People

7 Habits

Last week Stephen Covey, author of The 7 Habits of Highly Effective People, one of the most successful self-help books ever, died at the age of 79. Covey sold over 25 million copies of the book, and it's still in demand. I found my dusty copy among a collection of "help this, help that, try this, try that" books, but none of them stack up to the simple, straightforward, and powerful seven things you can do to improve your personal and professional lives. Pick up a copy -- you won't regret it. Here's a preview: the list of "seven habits":

1. Be proactive.
2. Begin with the end in mind.
3. Put first things first.
4. Think "win-win."
5. Seek first to understand, then to be understood.
6. Synergize.
7. Sharpen the saw and undergo frequent self-renewal.

Thank you to Tony LoPinto of GlobeSt.com for the blog post.

Report: Multifamily sales trigger bidding wars among investors | NJBIZ

Report: Multifamily sales trigger bidding wars among investors | NJBIZ
By Katie Eder

With banks moving forward on single-family foreclosure actions in New Jersey, demand in the multifamily market has intensified competition among investors for a shrinking available supply, according to a quarterly report from the Elmwood Park office of Marcus & Millichap.

"There's a market-rate, 56-unit property in Clifton we're marketing right now, and it has 15 to 20 offers on the table — and that's just one deal," said Thomas McConnell, a senior associate at the firm. "It's healthy to have multiple groups chasing one deal, but I think it would be nice to see more supply come in."

According to the report, developers added 1,485 market-rate apartment units to the state's inventory over the past year, though it fell below the previous year's total of 2,245 new units. However, nearly 4,400 units from stalled projects are under way, and builders will complete an additional 2,415 units in the state this year as a result of increasing demand, the report said.

According to McConnell, fierce competition among large investment firms in the North Jersey class A apartment market is driving smaller investors to lower-class properties in central and southern parts of the state, where multifamily construction and sales historically have lagged.

"North Jersey has become so ultra competitive that 90 percent of local folks can't compete against the institutional money from firms that are much more willing to overpay for class A properties," McConnell said. "It's leading independent investors to acquire lower-class properties at a discount and then upgrade them to drive more demand, since folks coming from single-family homes are used to certain amenities that the older garden properties in Central (Jersey) and South Jersey don't have."

According to McConnell, the inevitable increase in interest rates and the looming potential increase to the capital gains tax following the presidential election are prompting landlords to put their properties on the market to avoid reductions in the value of their assets, which has led to a 40 percent surge in sales activity from a year ago.

 

Lender Alert: Exclusive Rate Offering!

An Exclusive Rate Offering   Limited

One of our primary lending sources is offering the following lending program on a limited basis      Parameters Eligible Locations - US, with an emphasis on NY, NJ and PA Property Types - Stabilized property types including Office, Multi-Family, Retail, Industrial, Hotel and Self-Storage Facilities Loan Amount - $5,000,000 to $175,000,000 Loan Term - 5, 7 and 10 year loan terms Amortization - Typically 30 years (shorter terms may be required based on property type and use) Loan to Value - Up to 75% DSCR  Minimum - 1.25x DSCR Lender Fee - PAR Reserves - Tax, Insurance and Replacement Reserves required Recourse - Non-recourse, with the exception of industry standard "bad boy" carve outs Assumability - Permitted subject to lender approval and an assumption fee Prepayment - Defeasance with 2 year lockout and 90 day open period during the 90 days prior to scheduled maturity date. Yield maintenance available on a case-by-case basis

Please contact us if you have an interest in this loan program (732) 389-9701 Kathy Anderson    Joel Kraut www.PROGRESSREALTYADVISORS.com Join us on Facebook and LinkedIn to be the FIRST to hear about our exclusive rate offers! Progress Realty Advisors, LLC                                                                 1151 Broad St., Suite 212         Tel: (732) 389-9701                                                                                   Shrewsbury, NJ 07702        Fax: (732) 389-8899                                                                     Email: progressrealty@pranorth.com                                                                                                     Web: www.ProgressRealtyAdvisors.com