People sometimes ask me,“ Come on, Reggie, tell me”.“ What’ s the secret to being successful in real estate”? There is no one individual‘ secret’ that will make you an instant millionaire in real estate. It’ s more of a matter of doing a whole lot of little things correctly that empowers us to create a tremendous wealth. Doing smart things systematically toward your goal every day will breathe life into the 3 Cornerstones Of Success. There is nothing on this earth that can stop you if you simply follow the 3 Cornerstones Of Success. Here are a few other ideas that can help you to achieve your own level of success.
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4. Don’ t Take Your Financial Advice From Broke People. When I first got involved in real estate, I let everyone know that I was launching into a new career. I told them that I was studying courses on how to perform creative real estate deals that would make me rich. I told them I was learning about no money down deals, how to get owner financing, how to rehab to increase profits, and so much more. I was so excited about my new real estate career that I had real trouble shutting up about it. As a matter of fact, I think that I got a little cocky. I’ d tell anyone who would listen to me about the wealth that I was going to build in real estate.
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 lose.” 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 wellmeaning people who are not qualified to give you financial guidance.
If you have a newborn 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
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newborn 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 newborn 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:
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