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
If you will discipline yourself to do What ’ s Important Now , you WILL accomplish your financial goals . What do you want ? Do you want to be rich ?? You can be rich !!
Photo by Nataliya Vaitkevich from Pexels
works best when used with The 3 Cornerstones Of Success , which we talked about earlier . Here ’ s how it works :
The “ WIN ” Principle stands for “ What ’ s Important Now ”. Once you ’ ve educated yourself in creatively investing in real estate , you ’ ll know what you should be doing at any given time . Whether it ’ s using what you ’ ve already learned , or , if you ’ re a little short on knowledge , maybe taking in a seminar , workshop , bootcamp , or listening to books and tapes . It may be that you need to take a break , or the rest of the day off , or even a vacation . Whatever it may be you know deep inside exactly what you should be doing at any particular time .
If you will discipline yourself to do What ’ s Important Now , you WILL accomplish your financial goals . What do you want ? Do you want to be rich ?? You can be rich !! If you will diligently exercise the 2 principles that I ’ ve outlined above , you will accomplish your financial goals !!! Does it sound easy ? It does to me . I think it ’ s a simple thing to do , but it ’ s certainly not an easy thing to do .
6 . Failing To Screen Your Sellers
As investors , we make our money when we buy property from motivated sellers . I had to find that out the hard way . Very early in my career I found an little old lady that lived in a huge old house in Hollywood , California . Her name was Alice Jordan and she was part of a big mailing campaign that I was working at the time . When she responded to one of my letters , it felt like my heart was going to jump out of my chest an on to the floor !! My palms were sweaty , and my voice trembled . She said that she wanted to sell her house !! We immediately made an appointment to meet at her house the very next day .
It was sheer agony having to wait until the next day to meet with the lady in the big house . The thoughts running through my head were nonstop ! Will she contact someone else ? Will someone else contact her ? Maybe a family member . What if she changes her mind ? Am I really ready for this ? This is a huge step ! What if it doesn ’ t work ? What if I fail ? I don ’ t want to lose any money . Does any of this sound familiar to you ? I think we all suffer with Uncontrollable Thought Syndrome . There ’ s nothing like doing a good deal and making yourself $ 20,000 to $ 40,000 to make all those negative thoughts disappear . You might still have those uncontrollable thoughts running through your head , but they ’ ll be a little different . Let ’ s see , I wonder if we should go to the Bahamas , or if we should go to Hawaii ? Should I go for the Mercedes , or should I go for the BMW ?
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