Master Real Estate Course

Lesson #4 Collect Printed Information

Objective:

• Subscribe to local newspapers and trade papers and read them!

1. Buy six properties. 2. Love your tenants. You buy a property and you pay off the mortgage. Then you enjoy the income. Then your children enjoy the income. Then your grandchildren enjoy the income. Your great-grandchildren will enjoy the income. When does this end? Now, you know why real estate investing is so great because it never ends. In a hundred years, your offspring will be saying, "Thank you great-great-great-great grandpa or grandma!" Start your family dynasty. This is beyond the comprehension of average people. You can do this. You deserve this.

Background:

As you learned in the last mission, your success in real estate investment will come from your being different, special. You aren't marching to some one else's battle plan. As you've learned from studying the Action Principles^®, you set the bar high. You aren't measuring yourself against low standards and minimums. You have the power of choice. You can choose to change your own life for the better. Let the befuddled average majority stand aside. You will research. You will possess knowledge of your small specific investment area like few others. You will combine this localized knowledge with your masterful instinct to take decisive action. This is your winner's edge.

This is important. This is simple. Understand this and all the time and money that you have invested in your business education will be worth every cent. Average people buy one property. You will buy six. Average people mortgage and remortgage and take out equity loans and dig themselves in deeper and deeper. You will own your properties free and clear of debt.

You have also learned that the vast majority of average people are basically clueless when it comes to investing in real estate. Therefore, very few people are in any position to advise you. Most people have no idea. Yes, they have no idea. Yes, Carl, your best friend, Ernest, your co-worker and Brenda, your sister-in-law, are probably all clueless when it comes to real estate investing. Of course, this will not stop them from spouting their know-nothing opinions.

If you are talking to an owner of multiple properties, someone who has done or who is doing what you want to do, please take notes and listen. If not, you probably don't need to hear from them. Average people are the same couch potatoes who will tell you how they'd fight Al Qaeda if they were serving on the ground in Iraq. Again, be the Master of Success as you smile politely and tune them out.

You don't learn anything from talking to wannabes. And, count them up because eighty percent of the population is comprised of Armchair Rangers. These people are everywhere. They are all around you. They have opinions on everything and do nothing. They want you to be mired in doubt because your indecisiveness will validate their indecisiveness.

Until you prove otherwise by owing lots of real estate and becoming wealthy, the average horde will fight to keep you with them.

Again, you will always welcome the opportunity to share wisdom with fellow investors who actually own multiple investment properties. These experienced investors have points of view worth considering. Seek them out. Join local business and property owner associations.

It is very important to always remind yourself that all real estate passes from old hands to young hands. With time, all property changes hands.

Masters of Success, hold your hands out!

In this mission, more training, more research:

Local Newspapers

Start looking at the real estate display and classified ads. These ads serve as one of your textbooks. Study. The more you learn about your area, the more information you will glean from these ads.

What is the general price range for property in your area?
What are the names of the real estate offices running the big ads?
How many "for sale" ads have been placed for your specific investment area?
Do any of the ads specify investment property or management as a specialty?
Are there legal ads listed for pending foreclosures?
What are the names given to different sections, complexes and sub-divisions?
How are apartments and condominiums advertised regarding price and style?
Is there new construction listed?
How do new and used home prices compare?
Are all the ads from Realtors or are some from private sellers?
Do any ads mention price reductions?
Are there separate sections for commercial, industrial or farm properties?
Do any buyer's agents have ads?
How many ads include web addresses?
Are any building lots advertised?
What banks or mortgage companies are advertising, and under what terms and rates?
Are there real estate stories in the section?
Who are the real estate editors and reporters?
Is buying and selling activity listed?
Are there any real estate advice columns?

 If the trade papers in your area do not report sales information, again, go to your sources; real estate board, real estate editor, librarian, etc., for assistance. You can often subscribe to a sales reporting service for a reasonable amount of money each month. As you start to study and to analyze this information, you will separate yourself from everyone else.

Who will be doing the research that you are doing? Don't be surprised if the answer is no one but you.

In the Boston area, there is an excellent paper called the Banker and Tradesman. The Banker and Tradesman is available online and at the local library. The Banker and Tradesman lists every property sold, the selling price, the amount of the mortgage and the name of the bank that issued the mortgage. This is excellent information to the intelligent investor. After you have driven your area, you have the names of streets and neighborhoods in which you would consider investing. You go to the library and go through some back issues of the Banker and Tradesman. You now find out exactly what properties are selling for, the amount of the down payments (differences between the selling price and mortgage), the mortgaged amount and the names of the banks granting mortgages on the types of property you want to buy. Ask a lawyer, banker, realtor or librarian where this information is recorded for your area. Most of this information is now available online.

Real Estate Magazines

Most areas have free real estate magazines filled with ads. These are the magazines you find stacked in supermarket entrances. Use these magazines the same way you use the local newspapers. What companies are spending the big dollars on 4-color advertising? What companies are specializing in the types of properties that you might like to buy? Are any specific agent names mentioned? Do these magazines have websites? Start to build a list of real estate office websites and email addresses.

MLS - The Multiple Listing Service

MLS stands for the Multiple Listing Service. Members of the Multiple Listing Service cooperate and exchange information on properties that they have for sale. The theory is that your property will have a greater chance for sale if hundreds of offices are working to sell it rather than one office. Besides property listing information, the Multiple Listing Service provides prices, comparable sales figures and the names of the banks that granted mortgages for the sale. MLS information is exchanged online and, in most areas, is not readily available to the public. However, following our next step, you may gain access to MLS listings.

Yellow Pages

Go through the real estate section of your local Yellow Pages. Which real estate agencies are running the largest ads? Do any indicate a specialty in just investment real estate or rentals? Do any indicate that they specialize in just your specific investment area?

In 1997, half of all buyers used real estate agents to find their homes and two percent used the Internet. In 2006, thirty-six percent of buyers used real estate agents to find their homes and twenty-four percent used the Internet. Today, over 90% use the Internet to study the housing market.

The Internet

Now, most realtors will have their own personal websites. Are you impressed? Is the website merely an online video brochure or an interactive forum where business is being transacted?

   How extensive is the website?
   How current is the information?
   Are actual properties listed or only ad teasers?
   Are there any testimonials?
   Will the agent work as both a buyer and seller's agent?
   Is there a biography or resume? How long in the business? Professional credentials?
   Are any areas of expertise listed? Any specialties?
   Does the agent answer email? Try a test.
   Does the agent list home phone numbers, pager numbers or cell phone numbers?
   Is the agent an owner of the business?
   Does the agent's photo match your expectations of an agent?
   Does the overall feel of the site make you react positively and welcomed, with the objective being to help you find a property, or more geared toward making sales for the office?

From Realtor.com and from many other sites linked to this course, you'll be connected to lots of valuable local real estate information. You'll be able to research current and past prices, rental rates, agencies specializing in investment real estate and much more. Most on-line newspapers contain real estate listings and articles. Go to your favorite search engine and get to work. Start now and don't stop until you've achieved your real estate investment goals.

What do you want to know about real estate? The answer is everything. Every time you are in a bookstore or a library, check the real estate section. Every time you go online, check your favorite real estate websites.

Go back to your Action Principle #86, Read, Read, Read. You are encouraged to bring a book with you. Why not have modest goals of reading five pages from a real estate investment book each day? Every year, you'd be reading over seventeen hundred pages or about six books. Who is doing this? Who is making this effort? The answer is very few people, but again, reading and research are the types of activities that are beginning to separate you from the crowd. Then, when you go into deals worth hundreds of thousands of dollars, you can do so with confidence. Knowledge is power.

Trade Papers

Most areas of the country will have one or more real estate trade papers. These papers are usually written for real estate agents. Can you find such publications for your area? Call the local real estate board or ask the reference librarian for assistance. If your local newspaper has a real estate editor, he or she will be able to tell you about trade publications to which you may be able to subscribe. You may not be an agent, but you want to learn as much as any agent and much more. Some of these trade papers will contain information on prior sales. This prior sale information may include the name of the seller, the buyer, the street, the size of the house, the amount of the mortgage received, the sale price, the name of lender, etc. In other words, there is a lot of useful information for a research oriented investor.

Story:

Susan, Don't Do It

Frank owned a small apartment rental company. I was one of his property management clients. Frank didn't make a lot of money. He, his wife and three young children lived in public housing. Tragically, one night, a drunk driver killed Frank.

A few months later, his widow, Susan, visited me for advice. She never liked living in public housing and wanted to buy a house. Her finances were weak and I told her that she needed her cash reserve for emergencies. Susan was persistent. About two months later, she told me about a two-family house in her neighborhood for sale for $75,000. She had gone to the bank and with a small settlement from Frank's insurance, she felt that she could qualify for a mortgage. I repeated that with three small children and only a few thousand in savings that she should stay put. She thanked me and bought the house.

Susan has now been in that house for about fifteen years. She raised her kids in that house. She was a stay-at-home mom who got a full-time job. She found a way to pay her mortgage and bills. Today, this two-family is worth $300,000 and she has over a quarter of a million dollars in equity.

I didn't realize that Susan had a warrior spirit. She was smarter and tougher than I thought. She had a mission and a will to win. She won. I learned from her example.

am Walton's Ten Rules for Success

Billionaire Founder of Wal-Mart

1. Commit to your business. Believe in it more than anything else. If you love your work, you'll be out there every day trying to do the best you can, and pretty soon everybody around will catch the passion from you - like a fever.

2. Share your profits with all your associates, and treat them as partners. In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations.

3. Motivate your partners. Money and ownership aren't enough. Set high goals, encourage competition and then keep score. Make bets with outrageous payoffs.

4. Communicate everything you possibly can to your partners. The more they know, the more they'll understand. The more they understand, the more they'll care. Once they care, there's no stopping them. Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors.

5. Appreciate everything your associates do for the business. Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They're absolutely free and worth a fortune.

6. Celebrate your success and find humor in your failures. Don't take yourself so seriously. Loosen up and everyone around you will loosen up. Have fun and always show enthusiasm. When all else fails put on a costume and sing a silly song.

7. Listen to everyone in your company, and figure out ways to get them talking. The folks on the front line - the ones who actually talk to customers - are the only ones who really know what's going on out there. You'd better find out what they know.

8. Exceed your customer's expectations. If you do they'll come back over and over. Give them what they want - and a little more. Let them know you appreciate them. Make good on all your mistakes, and don't make excuses - apologize. Stand behind everything you do. 'Satisfaction guaranteed' will make all the difference.

9. Control your expenses better than your competition. This is where you can always find the competitive advantage. You can make a lot of mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you're too inefficient.

10. Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody is doing it one way, there's a good chance you can find your niche by going exactly in the opposite direction.

Pride is a warrior trait. It is self-respect. You take pride in your personal appearance. You take pride in the appearance of your properties. You must never be ashamed to claim ownership of any of your properties. The exterior, the landscaping, the common areas should all gleam with your pride in ownership.

Library

The Landlord's Kit: A Complete Set of Ready To Use Forms

Jeffrey Taylor

Secrets of a Millionaire Real Estate Investor Robert Shemin

The Beginner's Guide to Real Estate Investing, Gary W. Eldred

Property Management 101

Never be cheap. Never presume. Prior landlords and personal references and employment references can paint an untrue or unclear picture. Credit reports don't lie. If prospective tenants are dressed in ripped jeans and carrying a backpack but have good credit, they will probably turn out to be good tenants. If they are wearing Armani and driving a Lexus, but have bad credit, they will probably turn out to be bad tenants. Get a credit report. The worst rental prospects will always have a long list of excuses and tales of woe about illnesses and bad prior relationships. Do not listen. Do not waver. Go with the credit report. Credit reports are seven year reports on consumer who do or who do not pay their bills. In the long run, you will not regret your decision to err on the side of caution. If you have good properties, you can find good tenants.

The first dog in a building is always small, lovable and well tended by a sweet little old lady. The second and the fifth and the tenth dogs may not be as quiet and friendly. Large breed dogs owned by working tenants do not belong in apartments. They belong in houses in the country. If you rent houses in the country, allow dogs. If you rent urban apartments, don't.

Single woman represent a large pool of potential tenants – too many to ignore. Many single woman like to come how to a small warm cuddly kitty. Cats don't bark but they do scratch. Allow cats but get a pet deposit.

This is your property. Simplify your business. You need a master keying system. You need keys for all the locks in your property. Do not allow tenants to add locks and bolts without your permission. Change keys between tenancies.

Standardize your ceiling and wall paint colors. Standardize your carpets. Standardize your hardware and locks. Standardize your appliances. Buy brand names to ensure easy access to parts and repair technicians. For rental units, simple is better. Avoid feature-laden appliances.

Operational Limitations:

You are surrounded by wannabees, Armchair Rangers. These do-nothing know-it-alls are very free with their opinions. Your self-confidence will come from your research. Form you own opinions. If you do nothing but talk, you are no better than average and your inaction validates your critic's inaction.

The number one average person's excuse for not buying houses is a lack of downpayment. They don't have disposable discretionary income to use for investing. Twenty years ago, a downpayment of 20% or 25% was a standard requirement to buy property. This is not true today. Today there are many zero down and five percent down programs for owner occupants. If you own a house, you can apply for an equity line of credit and purchase income property. There are even risky loan programs that offer more than the appraised value. Ask. Look. Research. Find a way. There are lots of ways.

Jargon:

Adjustable-Rate Mortgage - A mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.

Beneficiary - The person designated to receive the income from a trust, estate, or a deed of trust.

Cooperative (co-op) - A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.

Deed - The legal document conveying title to a property.

Encumbrance - Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.

Hud-1 Statement - A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The HUD-1 statement is also known as the "closing statement" or "settlement sheet."

Management company - A professional firm hired to oversee operation of investment property.

Note - A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

P.I.T - Principal, interest and taxes.

Prepayment Penalty - A fee that may be charged to a borrower who pays off a loan before it is due.

Slumlord - An owner who does not maintain his property to code.

Social Engineering - One party imposing is moral authority on another, for example, an apartment complex banning smoking in units. In most cases, social engineering is illegal.

Superintendent - Usually a tenant who for reduced or free rents acts passing complaints and concerns to the owner and performs minor maintenance and repair tasks.

Sweat Equity - Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.

Title Company - A company that specializes in examining and insuring titles to real estate.

Truth-In-Lending - federal law that requires lenders to disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

Warranty Deed - A deed where the grantor (seller) fully warrants he or she holds clear title to a piece of real estate. The guarantee is not limited to the time the grantor owned the property—it extends to the property's origins.

Question and Answers

What about those real estate infomercials on TV, do they work?

If you want to lose weight, there are a thousand different diets and almost all of them work if you actually follow the advice and recommendations.

Just do it, buy real estate. Even if you overpay today, in five years you'll still look like a genius – a wealthy genius. The only losers are those who are mired in indecision and fail to act.

However, be wary of infomercial advice centered on no-money-down and money-back-at-closing deals. For novice buyers, this financial advice is very dangerous.

If I do the work to become "the" expert on value in my specific investment area, why should I stop at six properties?

Why indeed? You can take this program and double it, triple it or quadruple it. Why not if you have the time, energy and the disposition? You can start your own real estate investment company and take the leadership role in your local business community. Why not you?

My husband is deployed and I am a stay at home mom. You make it sound like this could be the best stay-at-home job I could ever get. Am I missing something?

You are missing the greatest part-time stay-at-home job in the world if you don't do this. Yes, the kids are at school and you can look at properties. You can talk to your super agent. You can make offers on your own schedule. You can manage your properties. You can do all of this on your own schedule. Your husband can pay the family bills. You can make the family multi-millions. The only person stopping you is you.

After ten years in the Air Force, I sometimes feel that I missed a lot of opportunities. My parents paid $46,000 for their house and sold it for $140,000. They retired to Florida on the money from the sale. Now, I'm thirty years old and I own nothing. What got me going is that I just found out that my family home just sold again for $320,000! Is it too late for me to start your plan?

It's only too late if you aren't satisfied retiring at fifty as a multi-millionaire. When your parents bought their house for under fifty thousand, if you told them it would later sell for over six times as much, they'd have said you were crazy. If in another twenty years, the house is worth $550,000, will you be surprised? You are being left behind. Are you willing to do something that is going to make your rich or are you going to continue renting and make someone else rich? The choice is yours.

Why would homeowners ever sell their property for less than what it's worth?

A property is worth what a ready, willing and able buyer is willing to pay for it. It is not what the broker says it worth. It is not what the assessment on the tax bill says its worth. The property is worth what a seller will accept.

The traditional marketing methods using a real estate agency can take from four to six months and cost tens of thousands of dollars in commissions. For some people, traditional selling can be a traumatic experience with dozens of agents and strangers traipsing though the home.

Some houses are a filthy mess. Some houses are in dramatic need of upgrading. Some sellers are not physically able to welcome prospective buyers. Some sellers are absentee owners who are trying to sell a house from afar. Some houses have legal and title problems that will take patience to solve. Some sellers wish or need an immediate sale to relocate. For a variety of legitimate financial and personal reasons some sellers want out now and not four months from now. Also, as hard as it may be to believe, some sellers just don't like dealing with real estate agents.

These are just a few of many reasons why a seller might decide that your offer to purchase, while not the top possible market price, might sound like a very reasonable offer worth accepting.

In my area, I'm finding that there are a lot of "For Sale By Owner" signs. Is there any reason why I shouldn't call on these signs?

You want a good deal, period. If the homeowner wants to save the five percent commission and deal directly a with buyer, that is not your concern. Your concern is to negotiate a good deal. The homeowner may be knowledgeable or naïve. You need your research to tell you the proper amount to offer to achieve your investment objective.

Even if the homeowner has decided on a solo approach, you should still rely on your Mastermind Alliance and have the property professionally inspected and have your attorney review all documents.

I acquired contracting skills while in the Navy. My goal is to start my own contracting business and when I have free time to buy old houses to upgrade. A shipmate of mine laughed and said to watch out for the hysterical society. Do you know what he meant by that?

You have a good plan. When you have outside jobs, you can work on them and on down days or in between projects, you will have your own properties to improve. It sounds win/win, so good luck.

Certain cities will have an historic area, which may be overseen by a local historic society. Some of these societies will be very helpful in offering general guidance. Others will be super nitpicking and be looking over your shoulder with every swing of the hammer. Some societies are advisory in nature. Others hold the legal authority to dictate your every decision. If you are dealing with the latter, you may be inclined, at times, to use the term "hysterical" for historical.

How do I find motivated sellers?

Because of death, divorce, job relocation, age, health or many other reasons, there will always be sellers who want to sell their properties quickly and with as little fuss as possible.

You do not want to be perceived as a ghoul hanging around funeral parlor parking lots and I.C.U wards waiting to pounce on grieving widows. You are a professional real estate invest. You are a warrior. You are a man or woman of honor ready to act in a timely fashion and make a fair offer.

Let the marketplace know this. Especially, let the real estate agents and attorneys and financial planners in your small specific investment area know who you are and what you do.

As you network and build your reputation, you will find that you are getting the first call.

I finishing up twenty plus years in the Coast Guard and I'm planning to retire from New York to Florida. I figure that I need a nest egg of about two hundred thousand dollars to take with me. All of this money will come from the sale of my house. I bought my house for one hundred and eighty thousand and have done a lot of work to it. I did refinance once and I have a first mortgage of a hundred and fifty. I have spoken with two agents already who tell me that I should put the house on the market for three hundred thousand but three hundred thousands doesn't do it for me. Like I said, I have done a lot of work to the house. Should I interview other real estate people until I can find one who can make my financial plan happen?

I am sorry to tell you that the price that you paid for the house, your mortgage balance and the amount of work that you have done to the house have nothing to do with the current market value of the house.

If you have taken the trouble to find two super agents, experienced professionals, and they both tell you that the house is worth three hundred thousand, then the house is probably worth three hundred thousand. You can and should do your own independent research to confirm the opinions of these agents.

Since you don't have other retirement assets, the fact that you bought this house was a wise decision. Financially, you may not be exactly where you want to be but you are close. Smile, thank your lucky stars and enjoy the warm winters.

I live in an apartment building that is being converted to condominiums. I am seriously considering buying my unit but I told the developer that I would only buy if he agrees to make the entire building and grounds non-smoking. He told me that he wasn't sure if that were legal, is it?

As distasteful and unhealthy as smoking is, a developer, an investor or a condominium board of trustees can normally not ban people from smoking in their own units. This is called social engineering, which is one person imposing his or her moral will on another. People have the legal right to do certain stupid things and smoking in their own homes may be one of them.

However, the condo association can ban smoking in common areas: community rooms, hallways, elevators, etc. The legality of banning outside smoking becomes trickier and usually will depend upon whether there is a local ordinance banning outside smoking. The good news is that with time, these municipal bans on smoking are becoming more common.

Should I buy a one-bedroom or a two-bedroom condominium?

Are going to live in the unit yourself? If you need an office or a guest room or room for a child, then you will need to purchase a two-bedroom unit. If you are an investor, there should be a rental market for either size unit. Several years ago, the professional consensus was that there is a greater demand for two bedrooms than studio or one-bedroom condos, but now with shrinking family sizes and more singles, all size units enjoy popularity.

As a general rule, as an investor, you research and buy the best deal regardless of size.

I realize that every property is will have defects. How far do I have to go in property inspection before making a reasonable offer?

Caveat emptor. Let the buyer beware. You must know exactly what you are buying, regardless of the time or cost. You need the assistance of a qualified property inspection firm. Reports from this firm may you to hire specialists.

Issues that may prove costly if ignored include but are not limited to: structural damage, mold, water, insect infestation, toxic waste, sewer, dry rot, or any number of electrical, fire and safety issues.

Yes, every property is going to have defects. Be sure that you find all relevant defects and that the defects that you find are insignificant.

I thought I had heard just about everything until someone told me

Action Plan:

Start a personal real estate investment scrapbook. When you see a real estate ad that is well written, paste it in your book. News of coming development or redevelopment cut it out. Pictures of property you'd like to own, download them. Births, deaths and stories of real estate and housing interest, keep them in your book. There will be an expert on value. It is you.

Every month or so, use your twenty minutes of quiet time to look back at your book. What pops out, what needs further investigation, any ideas?

There are reasons that you are an expert on real estate in your specific investment area. This is one of them. Yes, extraordinary investors do extraordinary things. This is one of them.

Support:

• From the National Multi-Housing Council: http://www.nmhc.org
• For Facilities Decision Makers: http://www.buildings.com
• From Commercial Property News: http://www.commercialpropertynews.com
• For Regional Business News: http://www.bizjournals.com

Inspirational Insights:

Don't limit yourself. Many people limit themselves to what they think they can do. You can go as far as you mind lets you. What you believe, you can achieve.

Mary Kay Ash, b. 1915, founder Mark Kay Cosmetics

I was taught that the way of progress is neither swift nor easy.

Marie Curie, b. 1867, French physicist

Owning a home is a keystone of wealth both financial affluence and emotional security.

Suze Orman, b. 1951, financial writer

Start by doing what's necessary, then what's possible, and suddenly you are doing the impossible.

Saint Francis of Assisi, b. 1182, founder of the Franciscans

It is no use waiting for your ship to come in unless you have sent one out.

Belgian Proverb

The only limit to our realization of tomorrow will be our doubts of today.

President Franklin D. Roosevelt, b. 1882

A lot of stars on a person's shoulders doesn't mean he is more important; it only means he has a better job.

General George Patton

There is the risk you cannot afford to take, and there is the risk you cannot afford not to take.

Peter Drucker, b. 1909, management expert

The man of character finds an especial attractiveness in difficulty since it is only by coming to grips with difficulty that he can realize his potentialities.

Charles de Gaulle, b. 1890, French general and president

A man is not finished when he is defeated. He is finished when he quits.

President Richard Nixon, b. 1913