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Business Insider Executive: Don’t Hire A Candidate If They Don’t Do This

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Image by Jon Tyler via Unspalsh

Hiring someone new for your company is never easy. They’re putting their best foot forward in the interview. And you never really know what they can do until you try them.

So how do you know which candidates to move forward with?

Executive managing editor of Insider Inc. Jessica Liebman says there’s one thing that will disqualify a candidate right away.

“When I first started hiring, I came up with a simple rule,” Liebman wrote in a Business Insider article last week. “We shouldn’t move a candidate to the next stage in the interview process unless they send a thank-you email.”

Liebman says that she came up with this rule in 2012. And seven years—and hundreds of hires—later, the rule still stands.

“As a hiring manager, you should always expect a thank-you email,” Liebman says, “and you should never make an offer to someone who neglected to send one.”

Why? Two important reasons, she says.

1.It shows the person wants the job. 

In other words, if they don’t send a thank-you note, they probably weren’t that interested to begin with. “The handful of times we’ve moved forward with a candidate despite not receiving a thank you, we’ve been ghosted, or the offer we make is ultimately rejected,” Liebman says.

2. It gives more information about the candidate and characteristics that may make them a good fit.

“The candidate is eager, organized and well-mannered enough to send the note” Liebman says. Plus the person shows resourcefulness by finding an email that wasn’t given.

At the end of the day, the thank-you email does not guarantee the position but it does assist in the elimination process.

Business

How I run a $300M+ business from the beach…(and how you can TOO!)

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Yes, you read that right.

If there’s anything the pandemic taught us, it’s that the paradigm of “office” and “workspace” has been shaken to its CORE.

Universities are teaching via Zoom, court dates are done virtually, FULLY REMOTE businesses are valued at $1B+, and legitimate Inc. 5000 startups are run from…wherever. 📲

This is my office for the day…

I am actually running our business from the beach, typing this from here.

It’s 4:28 pm CET, which means it’s 10:28 am EST and I am CRUSHING my to-do list.

(And the team will continue to crush it while I’m asleep. That’s the 🗝)

So how did we get here? 

We launched NYCE and our mission to create 100,000 millionaires in March, 2020…just as the global COVID-19 lockdown happened. 😳

As a result, we shut down our main office and set EVERYTHING up to run remotely…

SMOOTHLY! And a system that allows us to outperform competition by 200%. (You can build this system, too. More on this in a second.)

Here’s what we were able to do since then:

  • Gained 6M+ followers across all platforms 📈
  • Add 1500+ new apartments to the portfolio 🤑
  • Grow to $300M in real estate 🚀
  • 105% investor returns 🎉
  • 700K+ community members 🤝

And here’s the best part…

Having team members in all the main time zones gives us a 24-hour work cycle vs. 9-5/eight-hour on-the-clock performance.

This means we get 3x the productivity of a similar company. 🔥

Let me repeat that…3x PRODUCTIVITY vs. our competitors.

Meanwhile our project management software grants us 24-hour TEAM-WIDE connectivity that tracks all tasks and lets us know if productivity dips even a little bit.

There is ALWAYS someone senior awake. It could be Martin in Barcelona…Nat in New York…Vineet & Arif in New Delhi.

All the while giving YOU GUYS wealth hacks and daily content. 🔥

OK, so how can you do it?!

Well, the first step is to have an actual side hustle you’re launching. Not just an idea, a validated business.

MAJOR KEY: Do NOT spend money until you’ve made your FIRST DOLLAR! 🗝🗝🗝🗝

(You can catch a replay Business Launch masterclass here and see TRIBE member Nessa launched her business on the spot and got her first $45K client shortly after.)

One of the easiest ways to start is with Airbnb—you can start that in 10 minutes. Literally. (Here’s a guide if you need it.)

Once you have your business, you build a virtual infrastructure (you really just need two softwares, which are FREE), manage the team accordingly and run the business from there.

I’m gonna put together a step-by-step video breakdown this weekend inside the new TRIBE U on the FIVE key things you need to do this for YOURSELF. 💵 💎

From what software to use, how to build a team, how to keep.

In the meantime, drop a comment if you’re ready to build some wealth and any questions if you want more…

Let’s get to work. 🙌

PS: If you can’t be bothered with video and just wanna get to work, we’re hosting a TRIBE U workshop that will help you get this process started on the spot. It’s $479 $49. 🔥

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Wealth Hacks

Wealth-Building Conference Headed to Philly This Summer

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Senator Sharif Street and Temple University are bringing community wealth-building to North Philadelphia with a big conference.

Co-hosted by fintech NYCE, the Senator’s office announced its inaugural WealthCon event July 23, 2022, at Temple University’s main campus.

Closing the racial wealth gap is a major challenge we face in creating a fair and inclusive society,” said Street, who represents the Third Senatorial District of Philadelphia, one of the poorest communities in America, “Investing in people is how we elevate communities with a history of divestment and educating folks on financial literacy is a critical step toward that goal.”

WealthCon is a community-first experience dedicated to providing direct access to wealth-building programs across Pennsylvania.“

We’re a big advocate of NYCE’s mission of wealth equality and are excited to help address some of the grave issues that have impacted the communities for decades,” Street said.

More than 1000 Pennsylvanians, including officials from state, local, and federal governments, will attend WealthCon, including leaders in housing, lending, education, and community development.

The conference will offer panels and keynote conversations, covering the latest opportunities in real estate investing, financial literacy (including stocks, NFTs, cryptocurrency), retirement planning, public safety, entrepreneurship, and more.

“Financial literacy is critical to long-term community building,” NYCE CEO Philip Michael said. “We’re excited to make that available to everyone.”

The evening will conclude with cocktails and networking at the invite-only VIP dinner honoring WealthCon’s Innovators of 2022.

Innovators are recognized for their commitment to closing the wealth gap in America, both within their communities and beyond. (To submit your candidate for this year’s Innovators Award, please email .)

Tickets are free for members of the community. All ages are welcome.

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Wealth Hacks

Net Operating Income (NOI), Explained

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Goes without saying, if you’re a new landlord, there are some metrics you just have to know. And if this is the most important metric to master, this one may be the most important, period…

(Pause for dramatic effect…)

The NOI.

Whether it’s vetting, buying or managing real estate, NOI—short for Net Operating Income—is arguably the most crucial metric for real estate investors.

NOI is simply your net profits from rental income, after your expenses are paid. Here’s why it matters and why it’s more important than you think.

Your bottom line

When you have a rental property, your end game is to make a profit. You get your rental income. Deduct your operating expenses like maintenance, repairs and so on. Now you have your net operating income, which is your bottom line.

The formula

Net operating income is real estate’s equivalent to corporate finance’s EBIT. Here’s how it looks:

NOI = all revenue from the property – all operating expenses

It’s a simple enough formula, but there are ways you can manage it.

Managing OPEX

In business, there are two ways to increase profits. 1) Increase revenue. 2) Decrease expenses.

Simple enough, right? With rental income, there’s only so much you can do to increase revenue. So managing your OPEX is a basic but extremely important metric to monitor — and very often the hack for value-add investors to unlock crazy profits.

Valuation

Here’s the real beauty of NOI. Unlike single-family properties, the value of income-producing real estate (using the cap rate formula) is derived directly from the net income you can squeeze from it. Not supply and demand. Not the market. Not the S&P. Not bubbles. None of that.

“Net Worth Hacking”

In other words, if you manage your NOI, you can literally enhance your asset’s value. This is at the core of the value-add strategy. This New Jersey group bought a building for $57 million, hacked the NOI through upgrades and management, and BOOM! Sold it three years later for $101 M’s.

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