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