Marriage Mentors
How to Make Money in Real Estate Without Ever Buying Any Property by Randy Bett
Tip: Shortcuts to Success
1. Read real estate investments books
2. Join a local real estate investing club
3. Find A Mentor to hold you accountable who has already “been there and done that”
4. Hire a Training Coach
5. Continue adding resources, lenders, money, etc.
6. Build a successful team
7. Take action
Tip: The True Cost of Procrastination
Failing to take action can create many problems.
Loss of Time- During this time period, other assets could have grown in value.
Loss of Additional Capital – You also lose the opportunity to create additional capital; for example, you could have invested in a joint venture.
Loss of Education – Sophisticated investors find properties and sell them to people who play it safe or to unsophisticated investors. Remember Ray Kroc’s advice: “Define your profession, and define your business. They’re not the same thing.”
What did he mean? Well, his profession was always a salesman. He was continuously selling his franchises. However, what was his business – the accumulation of real estate. Too often, we become what we study. You study law and become an attorney. What is your business? Your business builds your assets. Your assets buy your lifestyle and luxuries. Either do that yourself or partner with someone else to build your assets.
Tip: Mentors Steps to Success
1. Define your dreams. Write them down. Visualize.
2. Read about the wealthy, the world-changers, then begin investing. However, don’t spend forever educating yourself. Take action.
3. Associate with people in life where you want to be. This includes financially, marriage, relationship-wise, business-wise, health-wise and spiritual.
4. Master a formula and then learn a new one. Learn fast and apply it.
5. Pay yourself first.
6. Pay your advisors well. What you pay your advisor is small compared to the money you can make based on their knowledge and connections. Your advisor will also save you time. Your advisor is your ears and eyes in the marketplace. Ironically, most people tip 10-15% in a restaurant to a person they don’t know, for a bill that will not affect their life. Then they complain about having to pay their advisor full earned commissions, people who can add to their income and asset column. That is not financially intelligent.
7. Get your money working quickly. Buy a property. Use it yourself or refinance and put the money to work again. Every dollar is a little investment. Always seek the up-side of the deal and invest more dollars.
8. Assets buy luxuries. Focus on assets first.
9. Look for heroes to inspire you. Realize that if they can do it, so can you.
10. Teach what you learn. Whatever you’re in need of, give it out.
Action Steps
1. Take an investor or mentor to lunch.
2. Take classes and seminars.
3. Make lots of offers. In those offers, always include an escape clause subject to the approval of your business partner or lawyer.
4. Visit your area of interest at least once a month. Look for changes in the real estate, the signage, vacant homes and moving trucks. Watch for complete neighborhood change – is it getting better or worse?
5. Watch for sales. When a supermarket has a sale on toilet paper, people run out and load up on toilet paper. The real estate market in Canada and in worldwide is currently having a sale. Are you loading up on cash-flowing properties?
6. Look for buyers first, then find a big pie and sell them a piece of that pie. What they pay you will allow you to keep the remainders
About the Author
Randy Bett is an Author, Investment Realtor and a Professional Real Estate Investor (along with his Wife and Family) with a Passion for Showing and Teaching Others How to Get Involved in the Real Estate Investing. He has a Special FREE Offer for Newbie and Veteran Investors Alike- 57 Real Estate Investing Video Tips, including What Your Financial Planner is Not Telling You about Investing in Real Estate, Why Most Real Estate Investors Fail, and When to Invest in Real Estate and The Strategies to Use, among many others.Go to our main site.
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