Mohit Tater's Blog, page 662

How Do You Define a Deed in Lieu of Foreclosure?

If you run late on mortgage payment and you want to avoid a foreclosure, one option that you could go for is the deed in lieu of foreclosure. This is a mortgage transaction that benefits the borrower and lender by avoiding the lengthy foreclosure process. It occurs when the homeowner deeds the collateral property, which is essentially the home, back to the lender in exchange for a release of the mortgage obligation. This can only happen when both the mortgagor and lender enter into an agreement voluntarily.

How the deed in lieu of foreclosure process is conducted?

Both the lender and borrower can initiate the deed in lieu of foreclosure process. Some lenders offer it in the begin stages of the foreclosure process in order to avoid spending a lot of money and time. When the borrow is the one making the application, information such as financial statements, proof of income, recent tax returns and a hardship letter need to be submitted along with the forms.

In most cases, the lender will require you to try and sell the home for like 90 days before they consider accepting the deed in lieu. You will need a copy of the listing agreement when applying the deed in lieu as proof that you tried selling the home.

Why are deeds in lieu unpopular?

Before accepting the deed in lieu, lenders will first assess several risks. For instance, there is the risk that the property’s value may not be more than the remaining balance on the mortgage. There’s also a risk that there could be other creditors who hold liens on that property. Lenders usually have to consider these factors before agreeing to a deed in lieu.

Most lenders do not also want to go through the hassle of dealing with additional property which they need to sell. For this reason, the deed in lieu is growing significantly less popular over the years. Additionally, there are properties that have multiple numbers of mortgages in them and liens. Sometimes the deed in lieu can be rejected because of these reasons. Lenders may be required to assume all the debts and encumbrances as a result of this transaction which makes it even harder for most lenders to agree to take this route. The deed in lieu of foreclosure normally works well when the lender has great interest in the property.

Author Bio:

Patrick Ward is a legal researcher specializing in finance, loans and debt analysis, and bankruptcy law. He has a decade of experience in analyzing the legalities involved in the dynamics between local and global financial institutions. He is also passionate in helping individuals overcome their financial challenges. Follow on twitter @blgbankruptcy

The post How Do You Define a Deed in Lieu of Foreclosure? appeared first on Entrepreneurship Life.

5 Most Common Interview Questions

Every interviewer is going to ask the following 10 questions, irrespective of what post you are applying for and what the job demands of you:

“How are you doing?”

How do you reply to this? Do you say “I’m good.”? Or does “I’m well” sound correct?

All you have to say is “Fine. Thank you.”

“How do you do” isn’t actually a question about the person, but just a formal greeting when you meet someone or are being introduced by a third person. This is often accompanied by a firm hand shake or a simple head nod.


“Tell us about yourself.”

How do you introduce yourself without being boring? The answer you give has to concise and to the point. Don’t give out too much personal information, stick to talking mainly about your educational qualifications, your past work experiences, what are you looking forward to do, you strengths and weaknesses.


“Why should we hire you?”

Talk about an experience that highlights your strengths. Research well about the company and job requirements well before you go down with the interview. Using your past experiences and the information you’ve read about the company, you need to prepare a short and smart answer for this question. Highlight using your success story, that you do have the required skills and qualities, required to fill in the position. On the other hand, be careful about not sounding too arrogant, or too general with your answer. Answer to the question “why do you think you are fit for the job”, rather than, “why do YOU want this job”.


“What is your greatest weakness?”

Now, you need to answer this question very smartly, by mentioning very few of your weaknesses, especially the one which is a core competency of the job. Mention one or two weaknesses, and then cover it up talking about how you are working on those shortcomings.


“Why do you want to work for us?”

Now, this is the chance for you to talk about some achievements of the company. Apart from the fact that you need this job for its pay, you have to highlight other underlying motivations for wanting this job. You may be there for the paycheck, but you have to make them believe that you want to become an integral part of their company, and grow along with it. Talk about some specific things you like about the company. Demonstrate how your strengths align with their needs, how you can perfectly blend into the organization.

The most important point is to focus on the needs of the company, and how you are tailored to be a part of them.

The post 5 Most Common Interview Questions appeared first on Entrepreneurship Life.

Is a Service Plan Worth Buying for a Company Car?

Cars need regular maintenance and servicing to make them efficient and durable. You can decide to buy a service plan from the car dealership or use the local mechanic to handle these tasks.  Car dealerships offer service plansthat need careful evaluation. You should ask these basic questions to understand the mutual relationship from this deal. The following are the advantages of a pre-paid service plan.

Assurance of genuine parts

Such companies are concerned about repeat business and will thus use original equipment and parts when handling your car. Most dealerships have a direct connection with the manufacturer and can offer software upgrades at no extra cost.

Handling by qualified staff

Unlike the local garage, a dealership has qualified staff trained to handle your car type accurately. Such service-person handles such models on a daily basis which gives them the experience needed for many tasks. They assure you of personalized services because they want to keep you close to their business.

 Reputation

This point applies if you want to resell your car in the future. Potential buyers will be interested in the service history, and the company tasked with these activities. Stamps from the main dealership assure such customers that the vehicle has been in safe hands. It is also easy to convince the potential customer that the car has genuine parts.

The maintenance costs do not fluctuate

The dealership sets the servicing costs based on the current market value. That means that they shall repair your car using the same prices in the future even if there are market inflations. The cost of spares and labour will be within the plan that you sign, and this ensures that you can estimate spending and plan accordingly.

Disadvantage

The main disadvantage of a service plan is the higher price when compared to a local mechanic. You can save up to 50% on the service cost from a garage (but with this basic interactive MOT you might even be able to attempt your own checks).

A dealership can offer discounts also in a bid to entice and keep you close. You have to evaluate the two options carefully to determine whether prepaid car maintenance saves you money. If you choose against a service plan, just make sure that you use a qualified and licensed mechanic for repairs if your car is under warranty.

The post Is a Service Plan Worth Buying for a Company Car? appeared first on Entrepreneurship Life.

Creating Wealth Through the Sharing Economy

Many of you have heard the term “side gig” tossed out there as a way your friends and neighbors earn a little extra money. It’s a great way to help make ends meet or as a way to save up for vacation, college, retirement; you name it. One of the things that makes up a side gig is that it usually relies on something you already have or can do and is apart from a formal mode of employment. You are effectively self-employed or an independent contractor. Delivering pizzas for Dominos is a second job, not a side gig. A side gig would be driving for Uber.

While a side gig can be anything from cleaning houses, doing other odd jobs, or selling your crafts on Etsy, those can be a hassle. You have to market yourself, place ads, and filter through the dead end leads and spam. The amount of time you spend doing that can make what little money you earn not worth it. Plus, there’s the problem of never knowing who you’re dealing with on sites like craigslist. This is why the sharing industry is so attractive to a growing number of people looking to make some extra cash.

The sharing economy (shareconomy if you want to be cute) covers a lot of ground. It has challenged and is in the process of transforming the way some longstanding industries operate. Some aspects of the sharing economy are akin to bartering, like seed swaps among gardening enthusiasts. The big headline grabbers are Uber, Lyft, and Airbnb, but there are several others out there and much more on the horizon. Eventually, there will be some aspect of the sharing economy that anyone will be able to participate in.

This is what has so many everyday people so excited and hungry to be part of the sharing economy. There is a potential for real money to be made in it. Some ride share drivers have made full-time jobs out of their side gig. At the very least, they can afford and drive a much nicer car than they otherwise would have been able to. There is also the freedom that allows participants in the sharing economy to set their schedules, be more selective with whom they do business with, and have more control over their earning potential.

What specifically do these share-based jobs offer?

Airbnb is the king of the hospitality mountain for the sharing economy. For decades, the hotel and motel chains have had an iron grip on lodging and travelers were at their mercy. Before these chains rose to prominence, the way, most people found lodging was through boarding houses. Airbnb is essentially a high-tech revival of the boarding house. Homeowners, or particular apartment tenants, can rent out rooms or whole homes to travelers. This is an excellent way to make money off of a spare room or earn cash from a second home.

Probably the easiest and most profitable share economy segment for the majority of people to get into is the rideshare service. It operates like a traditional taxi service, but instead of a fleet of cars, drivers use their personal vehicle. All transactions are handled through the rideshare company’s app, so there is less of a chance of getting robbed or stiffed, and both customers and drivers are rated. Anyone interested should check out the driving qualifications for Uber or Lyft. Each one will have its specifics, and those will vary from state to state, but as long as your car is in good condition and less than a decade old, you don’t have a criminal record, and your insurance is in order, you can most likely drive for one of these companies.

HyreCar is a twist to the rideshare model used by Uber and Lyft. HyreCar has users rent a car from its owner for a set amount of time. This is ideal for two car families who aren’t always using that second vehicle, or even the one car single who has the day off and wants to spend some free time at home. It’s beautiful because your car can earn you money without having to do anything other than click the app a couple of occasions, and hand over the keys. On the flip side, HyreCar offers the ability of other people who don’t have a car but still are great drivers to earn money by giving people lifts.

In Conclusion

The sharing economy is a breakthrough for many people who need to earn cash fast. Plus, it’s a good way to utilize what you own at an optimum level. If you play your cards right, there is a lot of success to follow within the sharing economy.

The post Creating Wealth Through the Sharing Economy appeared first on Entrepreneurship Life.

What Startups Should Know Before Expanding Their Businesses

Once you have everything in place for your shiny new business, the next step is expansion. To be prepared for any extra business coming in, you will need to improve infrastructure and have a few extra hands on deck. However, expanding your startup comes with a few pitfalls, so here are some top tips for how to avoid them when the time comes to grow.

Improve Your HR

Without a decent infrastructure in place, growing any business can prove difficult. To this end, your startup should have a good, reliable administration team. Admin staff who know their way around accounting software, spreadsheets, emails and customer service will be invaluable to your business.

If you don’t have a dedicated administrator, consider hiring one. They’ll be able to take care of all the useful tasks that you may not have the time or skills for. In the long run, they will prove to be a sound investment, even if hired on a part-time basis.

Hire the Right Staff

On the subject of recruitment, employing the best possible staff is a must. They should be good multitaskers, able to work flexibly when it suits your business and, above all else, have a strong skillset relevant to their role. Hiring the wrong person for the job could be costly when expanding.

To make sure you’re hiring the right person for your startup, don’t be afraid to look far and wide. To err on the side of caution, look for advice on immigration law when hiring someone from outside the UK. It could prove useful post-Brexit.

Money in the Bank

To finance any expansion in your startup, you’ll need to have a little bit of money set aside. Whether it’s for moving to a new, larger office space or for hiring another member of staff, budget for it, either by dipping into your bank account or through another means.

Startups in the UK can apply for various grants and loans. One such example is the government-endorsed Start Up Loans scheme; it offers grants of up to £25,000 for businesses that have been trading for under two years. Alternatives include crowdfunding sites or a friendly chat with your local bank.

Looking to the Future

To make sure you’re ready for growth, you need to have some medium and long-term goals. Think back to when you did your business plan before trading – did you meet your initial sales targets? If so, set the bar a little higher and do your best to get there. You do, however, need to be realistic.

When setting new revenue targets, look at potential markets for your product. Can you sell in different parts of your local area? Are you able to sell abroad? Do some more market research if you have the time. Also, it’s worth considering logistics and where you’re able to deliver to – the Royal Mail have a list of typical prices for delivering overseas.

Growing Pains

With expansion, there are a few things you need to adjust to. When hiring new members of staff, they’ll need to get used to their new role and the tasks involved. You’ll also have to make sure that everything is running smoothly, from sales and marketing to operations. If you are overseeing growth, it can be all too easy to take your eye off the day-to-day running of your startup.

The fact is that it takes time for an expansion to bed in. After working to the same goals for months on end, space and patience are needed in order to get to the next level, moving beyond the startup phase. If you have money in the bank and a client base to speak of, you should have those to fall back on should the worst happen.

The post What Startups Should Know Before Expanding Their Businesses appeared first on Entrepreneurship Life.

Accept Credit and Debit Cards wherever your Customers Want to Use them

If it seems like everyone pays with plastic these days, there’s a good reason. In a 2014 payments study, 88% of consumers preferred credit and debit cards for their purchases. Cash is definitely no longer king! What does this mean for your business? It’s more important than ever to provide your customers with the ability to use their cards easily and securely wherever they’d like to purchase your products and/or services. In addition to in your physical location, this means online and remotely. Luckily, card processing technology has kept up with the growth of card usage and it’s simpler than ever to accept payments quickly and safely most anywhere.

You likely already accept cards in-store via your point of sale system, but do you have the latest technology? For instance, are you equipped to quickly process the new EMV cards with security chips? Can you accept mobile wallets like Apple and Android pay? Are you able to offer loyalty and rewards programs and gather valuable consumer insights to help with your marketing activities? And most important, are your transactions processed quickly and easily so your customers don’t have to wait.

If you aren’t selling online, you should definitely consider it. According to Forrester Research, the online retail sales volume for the U.S. is predicted to grow to $370 billion in 2017. Forrester also reports that the number of people shopping online in the U.S. will grow to 58% in 2016. What’s more, 72% of Millennials research and shop their options online before going to a store. You can add online credit and debit card acceptance easily and most important, with very secure transactions so your customers can be sure there data is safe. As the statistics show, online sales are growing rapidly and will be a big contributor to most companies’ sales.

In addition, you can now accept payments anywhere you find your customer – at trade shows, events, pop-up stores or even away from the checkout counter in your store. Using a small card reader, your mobile device can service as a portable point of sale system, including all the ease of use and security of your in-store process. This allows you to reach out to your customers in ways never before possible.

More and more, consumers are expecting to be able to make purchases using their credit and debit cards in a variety of ways. It is critical that a small business meets those expectations. Technology now allows you to accept cards easily not only at your store, but online and on your mobile device wherever you want.  Advanced card processing systems also integrate the information you gather from the various sales gateways so that accounting and gathering customer data is simple and seamless. Most important, new card processing technology is making these transactions more secure than ever. Take a look at your payment options and make sure your customers are able to make purchases from you wherever they’d like.

The post Accept Credit and Debit Cards wherever your Customers Want to Use them appeared first on Entrepreneurship Life.

Helping your Business Save Money

In today’s financial climate, it’s more important than ever to cut-spending and focus on helping your company save money and boost its profitability. Here are five tips to cutting costs in your business:

Review your day-to-day operating expenses

How much does your company spend on coffee, tea, supplies, stationery and maintenance? Money that’s spent on simple things quickly adds up and the actual amount can be astonishing. Have your purchasing department look around and gather quotes before placing orders to ensure they are getting the best deal on even the most mundane of office supplies. Although branded products are sought-after, generic or own-brand products are often just as good, particularly when it comes to pens or stationary.

Go green

Save money by ensuring your business is as energy efficient as possible. Swap  your office light bulbs for fluorescent bulbs to save money and conserve energy. Make sure that any recyclable office waste is recycled; some recycling centers will offer money in exchange for some items, particularly if you have a lot to give and pledging to recycle may benefit your company’s tax expenditure. Reducing the amount of paper used in the office will not only save you money when it comes to buying paper, ink and forking out for printer repairs, it will also save employee’s time; encouraging employees to fill-in information on the computer, laptop or tablet rather than by hand will save time, and advising staff to email information rather than print and send it will save time spent printing, organising and mailing. It’s also good for the environment and green companies are often respected more,

3. Instead of buying your company cars, consider leasing them. Investing in vehicle contract hire (otherwise known as vehicle leasing) is potentially more lucrative for your business than finance purchasing. As a leasee, you will pay a set monthly payment to cover the depreciation of the vehicles during their time in your company’s use; at the end of your agreement, you will simply hand the vehicles back to the lease company. If, on the other hand, you choose to buy your company cars, you will pay the full cost of the vehicles and be expected to sell the vehicle at the end of the payment term. As a business owner, you will also be able to claim some or all of your rental against tax(depending on the cars’ emissions) as tax, and up to 50% of the VAT you spend will be recoverable. Finally, leased cars are not counted as business assets. There are plenty of cars, like all car leasing’s audis that are business ready yet affordable.

Move your business online

Investing in a website and putting your business online could be a great way to attract and retain new customers. Being online allows your business to function 24 hours a day, seven days a week, and gives customers the opportunity to view your business outside of regular working hours. Attract attention to your website by embossing your URL on your letterheads, employee email signatures, and business cards. Be sure to put it on any promotional items that you give away, and feature it alongside your head office number on company vehicles.

Cut down on meetings

Give your employee’s time to carry out their day-to-day tasks by cutting down on the number of meetings your company holds. Check your employee’s schedules to get an understanding of how many meetings, on average, take place every week and think of ways to avoid meetings and free up valuable work time.

The post Helping your Business Save Money appeared first on Entrepreneurship Life.

The Top Methods of Getting Your Business Content Created

When it comes down to growing your online website, content is key. In order to catch the attention of a wide audience, your business will need to post creative and engaging content. However, these days, your content writing involves more than just posting a daily blog post every day. Today, it is imperative to have business content written for various different verticals.

These verticals include:

Social media
Press releases
Email marketing
Guest articles

Through each of these channels, your business will be able to reach more users and build a reputable brand around your name. Although all of this writing can be accomplished, it does happen to be a lot of work. So how exactly can you get all of this written work created to help further your business goals? Below you’ll find our top methods of getting your business content professionally written.

Create the Content Yourself

One of the simplest ways to get all of your business content written is to do the job yourself. After all, as the head of your company, you’ll have the best idea regarding the direction you want your business to go in.

Writing the content yourself can easily be managed throughout the beginning stages of executing your website as you may not have as many tasks to complete. However, once your writing tasks begin to get overwhelming it may be time to consider placing the work into the hands of another.

Hire Freelance Writers

A quick way to begin building up your content is to hire freelance writers. Freelance writers are often a great choice for start-up businesses as they are generally cheaper to hire. There is a wide variety of freelancing websites where you can find qualified writers to manage your emails, create social media posts, and even write your content.

Some of these sites include Freelancer.com, Guru.com, and Upwork.com. Despite the cheap quality of the labor offered by freelance writers, often times the quality of the work may suffer unless you come across a well-versed freelancer. In situations like these, recruiting writers from an efficient company is the best way to receive quality content creation.

Professional Essay Writing Help

Another fantastic option for a company that has already begun to expand is to look for help from a professional essay writing service. Best essay writing services are a great choice if you’re looking for consistent work is well written. Many of the top essay writing services hire incredibly skilled writers who have graduated from elite universities. Some of these writers may even have a background in social media management, SEO writing, and press releases.

With the right essay writing service, you won’t have to worry about less than stellar quality, as their service’s goal is to provide client’s with regular articulately written work. Simply provide the writers with blog ideas as well as images and formatting that you’d prefer and then watch them do the rest.

Employ a Writing Staff

Once your business has flourished to the point where off-site writers are no longer cutting it, it may be time to consider hiring an entire writing team. By hiring writers that you can see in person every day in an office setting you can help build up relationships and find workers who are dedicated to your brand.

A writing staff can take care of all of the tedious writing tasks that keep your company in order from day to day. This is an essential step toward your goal of business expansion and brand recognition. While hiring a writing staff is often the most costly step, it is also the most assured way to go about getting your writing done.

Making Use of All Methods

As you can see, there are a wide variety of ways that you can go about getting your business content created. The best part is that you don’t have to stick to just one method. As the CEO of your company, you can still choose to create your own contact while employing a writing staff and discovering freelancers to contribute as well.

All of these options are based on your time management as how much content your business needs to flourish further.

The post The Top Methods of Getting Your Business Content Created appeared first on Entrepreneurship Life.

5 Signs that Your Business Will Lose Money Soon

All businesses start with a lot of excitement and expectation on the part of the owner and partners. However, it’s not feasible to depend on hopes and speculation on the long run. A good number of startups and small businesses do fail. This is not necessarily because the idea begging the business is bad, but is mostly due to bad management and terrible financial decisions. If your business runs out of money, your company is done. On the positive side (yes, there is one), you can tell in advance if your business is about to run out of money. Here are five indicators you should keep an eye out for:

1.  Small Returns for Sizeable Investments

Have you spent thousands of dollars on new equipment or software only to see returns in measly hundreds of dollars? If you are spending more money and seeing only a fraction of that as returns, that’s a good indication your business is in bad shape. Whatever you invest in with your business should return in equal, double or ideally triple amounts. Of course, some business investments are bound to end up failing. If your business has made several bad investments, it’s time to make a rapid course correction. If it’s equipment, you can return them or resell. What’s most important is that you plug the cash that’s going down the drain.

2.  Insufficient Cash Flow

Has it been a while since your business made enough money to cover all the expenses and then turn a profit as well? Then you have a problem. Your cash flow, obviously, has to be more than your company’s expenses. If your cash flow is just meeting the expenses, then your business is failing. Signs of lack of cash flow include overdue bills, struggling to pay essential business costs, falling behind on paying employees or contractors, and so on. A sensible business must have capital at least twice the amount of total monthly expenses. This prevents the business becoming suddenly insolvent.

3.  Your Company is Selling Generic Products

Is there anything distinguishing your products from competitors in terms of features? Is your product the same as dozens of others on the market? That means there’s nothing unique about your product, and your business is in a vulnerable position. Generic products never really appeal to a niche segment of the market. You need loyal customers to stick with your products. Otherwise, customers can easily go to a competitor and you will be out of business.

4.  Horrible Customer Satisfaction Numbers

If customers are not happy, your business will not make it. It’s important to keep customers happy in today’s market where anyone can post an online review. If customer surveys and online reviews for your business are consistently on the negative side, then your company is in trouble. Your business will eventually stagnate as potential customers are discouraged to purchase from you, and returning customers dwindle.

5.  Lack of Green Practices

Green practices, like minimizing paper use and solar power, are not just promotional gimmicks. They can save your company operating costs. Also, customers are increasingly purchasing from brands that are genuinely green for a variety of reasons. Lack of green practices could cause your business to pay higher energy bills, lose potential customers to competitors and face regulatory hurdles.

Your business should really avoid all of the above to stay afloat. It’s important to spot the problems and weaknesses early to manage the damage. Finally, if loss in inevitable and is too much to manage, you should immediately seek help from experts like an Atlanta bankruptcy lawyer. Legal professionals will help you mitigate and recover from business-related financial losses.

The post 5 Signs that Your Business Will Lose Money Soon appeared first on Entrepreneurship Life.

Stay Hungry, Stay Foolish

In his commencement speech at the Stanford University, in 2005, he told three stories of his life- one about connecting dots, one about love and loss and the last about death. He spoke about how his biological mother wanted him to go to college, but couldn’t sustain and dropped out. He spoke about how he took calligraphy classes, and later how does calligraphy classes proved beneficial in designing the first Macintosh computers. He spoke about how he started Apple in his parents’ garage when he was just 20. He spoke on how he was fired from the company he started. He spoke about how he started NeXT and Pixar. He spoke about his wonderful wife. He spoke about the time when he discovered he had pancreatic cancer, and had no more than 3-6 months to live.

In the end he asked everyone to Stay Hungry, Stay Foolish.

What are the ingredients of success?

– Ambition and the Courage to take risks.

It is easy to presume that once you’ve achieved what you wanted, you can sit back and relax. But success, my friend, isn’t a destination, but a journey. When life is good, we are often tempted to become stagnant, and stay satisfied with how things are functioning currently. It is often said that good is the enemy of great. You did not wake up today to be mediocre. “Ambition is the path to success and perseverance is the vehicle you arrive in.” Hunger for more is your driving force

It is always comfortable to play it safe, staying in your region. But the real game begins when you decide to step out of your zone of comfort. Life is much broader and much interesting than the traditional paths. Success comes to those who dare to take risks. People will call you foolish, but do all wise people touch the stars?

The post Stay Hungry, Stay Foolish appeared first on Entrepreneurship Life.