Conquering Your Fears of Investing
Do you have a fear of becoming wealthy?
People do not succeed because of fear. Why do people have a fear of investing? Some people are afraid of making decisions because they continually feel they don’t have enough information. This is what is called “paralysis by analysis.”
Do you have a fear of failure? If you do not act because you’re afraid of failure, you won’t act at all. If you do not act at all, you’ve lost your opportunity. Everyone fails at one time or another. That’s human nature. The only way to conquer fear is to keep trying. It doesn’t matter how many times you fail. What matters is that you just keep trying and never give up. This is what life is all about. This is how to get ahead.
Strange as it may seem, people have a fear of becoming wealthy. They have a fear of losing friends by moving into a different socioeconomic level.
They’re afraid of losing the need to be wanted. They feel people will only like them for their money. Having total freedom to make your own choices and not having someone make them for you, can cause feelings of insecurity. People coming from countries where the government maintains complete control over them from cradle to grave have difficulty dealing with this freedom. Financial freedom works in the same way. People don’t know what to do with their time or their money.
In his book, In Search of Excellence, Tom Peters noted that the best strategy for success is, “Ready, fire and aim.” (As opposed to ready, aim, fire.) If you’re “ready,” then you’re ready to fire. Just get out and do it. Fine tune it later. Most people spend so much time aiming, they never get off the ground.
- Adapted from How To Buy And Sell Apartment Buildings by Eugene E. Vollucci
What’s New At Wagenseller Law Firm
Preparing for Trial
As many of you know, we have been working non-stop this last month to prepare for a month long trial in the Los Angeles Superior Court downtown. Trial preparation is always a time consuming process and this case was no different.
In this case, our clients were both suing and being sued in a business dispute involving our clients (wheel distributors), a Chinese wheel manufacturer and its marketing agent in the United States.
Through aggressive pre-trial moves, we were able to preclude our opponent’s expert witnesses so that they could not testify at trial. On the other hand we hired a top wheel engineer to testify on our clients’ behalf regarding wheel fitment problems and engineering defects. Our expert accounting witness (Scott Mowrey of Cohen, Miskei & Mowrey) did an excellent job in helping to analyze our accounting and lost profits issues. Our experts were ready to testify unopposed.
We were also successful in convincing the court to compel two depositions of the opponent company’s owner, to compel the production of documents, to compel responses to our written questions and to impose monetary sanctions against our opponent and its attorney. At the same time we prevented our opponents from taking more than one day of deposition of our clients and blocked them from taking two other depositions.
We reported ready for trial on October 20 and on October 25 engaged in a full day Mandatory Settlement Conference with our opponents and the judge. At the end of a long hard day, the parties were able to reach a settlement on good terms for our clients.
Chasing Tenants: Is It Worth It?
We are helping several clients sue their former warehouse tenants for unpaid rent and damage. Tenants often leave before the end of their tenancy when times are bad. While the corporate tenant may not have any money, a thorough landlord will have personal guarantees from the company’s principals.
Because claims for lost rent, new brokerage commissions (for finding a new tenant) and property damage can be substantial, it is often worth it to pursue these tenants. We will send out a demand letter on law firm stationary and, if that does not work, file suit to collect the damages. Your lease should also provide for the award of attorneys fees so that you can recoup this expense.
A lawsuit often forces a tenant to settle. In other cases the tenants default and judgment is automatic. If the guarantors have homes, we will file a lien on those homes and any other property they may have. A judgment continues to accrue 10% interest until paid.
In the end there are often sufficient assets to make it worth your while to pursue tenants who skip out on their lease.
Real Estate Development From Beginning to End in California
September 23, 2008 (Long Beach, CA)
Laine Wagenseller spoke on real estate development issues at this all day seminar in Long Beach last month. Mr. Wagenseller addressed how to structure real estate transactions and what to do when those transactions fall apart. His topics included drafting real estate contracts (such as purchase and sale agreements and options to purchase), litigating real estate cases (including specific performance, quiet title, breach of contract and partnership dissolution actions) and the pros and cons of alternative dispute resolution (mediation and arbitration).
Mr. Wagenseller is a frequent speaker at real estate seminars, trade group meetings and other events. If you would like to have Mr. Wagenseller address your group on real estate related issues, feel free to contact the office.
Wagenseller Law Firm specializes in real estate litigation. Our clients include real estate developers, owners and investors throughout Los Angeles. We pride ourselves on the service we provide our clients and the results we achieve for them. If you would like more information about the firm, please feel free to call us at (213) 286-0371.
Wagenseller Law Firm