8 SIMPLE STEPS TO RICHES IN REAL ESTATE OR IN ANY OTHER FIELD, FOR THAT MATTER REGGIE BROOKS
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:
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.