Realty411 Magazine Featuring Eric Counts, Credit Nerds | Page 49
I finally realized that I was
sharing my excitement with the
wrong people. I was sharing my
dreams with people who had no
respect for them. They would find
ways to tell me that my dreams
would never work. “There’s no such
thing as a winwin deal”. “When
someone wins, someone else has to
loose.” They also said things like,
“You can’t do no money down deals
because there’s got to be some
money in the deal someplace”. They
never stopped to think that the
money doesn’t have to come from
you. It can come from the seller, the
lender, the realtor, from private
sources, or a great number of other
places. It doesn’t have to come from
your pocket.
This is when I realized just how
important it is to share your ideas
with the right people, and not the
wrong people. Share your ideas with
other investors or students who are
of like mind either doing deals and
making money or learning and
growing in creative real estate
education. If you share your dreams
with people who are not educated or
not experienced in creative real
estate techniques, you leave yourself
wide open for opinions. When you
get opinions from people that you
respect, you have a tendency to
believe them. This can be especially
hazardous for new investors.
Always ask yourself the question,
“By what authority does this person
give me this advice. Has he/she been
trained in this field? Has he/she
worked in this field and made
money?” If the answers are no, don’t
listen to him/her. No matter how
much you love or respect the person,
you have to protect your financial
future from well meaning people who
are not qualified to give you financial
guidance.
If you have a new born baby, you
wouldn’t dare even think about exposing
that baby to the harsh elements that
could make your baby sick. You
wouldn’t leave your new born baby
outside in the rain or the snow. You
wouldn’t leave your baby in the heat
of the sun, or with unsavory
characters as baby sitters. Treat your
new real estate business just as you
would your new born baby. Expose
your baby to the people who can help
it grow big and strong, but keep it
away from those who will do it harm.
And the difficult part is that for the
most part, our uninformed friends
don’t mean any harm. But if you let
their unfounded opinions influence
you, it can be fatal to your business.
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Always ask yourself
the question,“By what
authority does this
person give me this
advice. Has he/she
been trained in this
field? Has he/she
worked in this field
and made money?” If
the answers are no,
don’t listen to him/her.
If you will continue to learn the
right things the things that create
winwin situations between you and
the owner the things that make you
money, now you’re ready for the next
lesson.
5. Don’t Get Greedy
My friend and mentor, Dr. Albert
Lowry tells his students that it’s OK
to be a bit of a pig (I call it good
negotiating). It’s OK to structure a
deal where you make a lot of money.
But don’t be a hog. You can blow a
good deal by trying to hog all the
profits. Don’t forget about the seller’s
needs. Dr. Lowry says, “Pigs get rich,
but hogs get slaughtered”. Makes
sense, doesn’t it? Keep this phrase in
mind. We’re going to talk about a
principle that was so important in
changing my life. As we discuss this
principle, keep in mind that you can
get rich faster by doing a lot of $20K
to $30K deals than holding out for
that big $100,000 deal. So, without
further ado, I present to you “The Win
Principle”. Caution: This principle
works best when used with The 3
Cornerstones Of Success, which we
talked about earlier. Here’s how it
works: