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.
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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.
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:
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.
8 Simple Steps To Riches In Real Estate Or In Any Other Field, For That Matter