Could only narrow to 4 - Posted by John Behle
Posted by John Behle on December 08, 1998 at 20:28:14:
I’d have a hard time identifying just one tip, but on the spur of the moment I have four that jump out.
1- FIND THE DON’T WANTER
The most common thing I see is investors wasting their time with marginal or un-doable deals. Others gripe that properties in their area are selling at 150% of list price for all cash within 15 minutes.
In every market at every time there are deals. They may not be listed - or they may. They may be bank REO’s or FSBO’s. Some of my best deals of all time were deals that sat and sat - no one saw the potential. Some I’ve even gone into kicking and screaming because I didn’t see the potential at first.
If you don’t have more deals than you know what to do with right now, then there is the problem. Learn how to find the deals.
2- LEARN HOW TO STRUCTURE DEALS
This goes hand in had with the first. The best deals are the ones that only you know how to structure or put together. Great deals sometimes just have a little clue here or there that tips you off - IF you know what to do with it. Learn every technique for finding, financing and structuring deals possible. Let everyone else fight for the easy to find marginal profit deals. Find those that are highly profitable that take creativity and expertise to put together. The nice news is you can create both easily.
3- MAKE YOUR PROFIT GOING IN
"Don’t wait to buy real estate - buy real estate and wait". GAG ME. Life’s too short to be buying deals hoping for an increase in values or putting up with 30 years of brain damage from tenants for a property to be paid off.
Find an incredible deal. Use your expertise and creativity to make a profit, put cash in your pocket (or cash flow) and let someone else deal with the long term problems. It isn’t all that much more work to make 30-40K in profit, in cash, in your pocket when you buy the deal. Get paid to buy real estate (or paper - all these principles apply there also).
4- DEVELOP YOUR RESOURCES
You can do super deals when you have a super team and resources. You need a good title company, escrow company or closing attorney. You need a good mortgage broker. A good real estate agent (or whole brokerage - if you want to do this big time) can be worth their weight in gold.
Read “The Art of the Deal”. Trump with all his savvy and knowledge and wisdom shares that having the right team is one of his greatest resources.
There’s another team too. The emotional support team. What Napolean Hill terms a “Mastermind Group”. After studying successful people for his whole life, he made a statement as bold as saying that he had never met a successful man that didn’t have some form of “Mastermind Group”.
Your greatest resource is you.
YOU WILL MAKE EVERY PENNY YOU FEEL YOU DESERVE. You have what you have created in life. You earn what you want. Change that and your life changes. It may be deep rooted, but it rules you. The people and deals you attract and the so called bad or good luck you have are a result. It’s deep inner programming that can be changed - and must.
Don’t hesitate a second in self improvement. Sorry but it isn’t about goals. The way most people hold and apply goal setting is self defeating and useless. Goals are worthless. Intention is priceless. Intention comes from inside and drives you. Goals come from your head and are only the tip of an iceberg.
Find the self development seminar or personal training that will break you out of your cycles, limiting beliefs and emotional blocks. There are many available. Change that and your income will skyrocket. Knowledge of real estate is not the key to success, yet it is a valuable tool for successful investors. You won’t find that success in most seminars or coaching programs. They may help, but that isn’t the key.