It's not about learning NOT to fail, it's about learning how to pick yourself up and maintain your focus no matter what happens. The reason so many people I mentor are beating out the veteran real estate investors is because they have less fear about failing. They don't know what they don't know. They are teachable and adaptable. So what would happen if you are more risk averse? How do you find a fearless attitude and maintain your focus if you do have more to lose? The key is to find a mentor like myself or a group of other investors who already have succeeded at what you are trying to accomplish.
That way, you are leveraging their experience and elevate your game in the most effective ways possible. Having a mentor provides you a competitive edge. Mentors instill confidence, focused accountability super important and the constant check-ins to keep you on your path.
Want to outpace others in the space? Mentors fast track success. Their insider knowledge makes all the difference. When an expert says, "You've got this.
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I know it's scary and new, but follow this system and you can do this. And look, we all need that. Being a real estate entrepreneur can be lonely and scary at times. Take me for an example, it took me almost 2 years to do my first deal! I wanted to throw in the towel so many times. I was laughed off porches for looking too young and seeming inexperienced. I stuttered when I talked to potential sellers and buyers. If I didn't have someone vested in my success and keeping me focused during that time, I never would have achieved the success I have today.
That's why I choose to mentor others, I want to provide the same type of support that was provided to me. Today, social media and the internet make it easier than ever to market and connect to your audience, but are not the only ways to market as a real estate investor.
The trick is figuring out how to stay relevant and make others understand what you do.
First thing, figure out your handle. A handle is something that make you unique, it may be it a signature style, funky hair, or even dare I say, glasses. There is always something that you can use to make yourself stand out.
Once you figured out your handle - own it and get in front of your audience and let them know who you are and what you do. It's not enough to set up marketing systems and expect them "to do something", you have to work them consistently! Remember, you don't have to be perfect.
Think of this like guerrilla marketing, there is no specific guide to gaining an audience. This probably was a problem I could address and, hopefully, teach John a thing or two in the process. Why do you need that kind of money? I want my own money so I can buy things, so I can buy the things I want. I tried to express the satisfaction that comes from rolling up your sleeves and making your own way. I finished with some suggestions for ways he might make some money on his own. I made suggestions, and he shot them down. After a few minutes I was frustrated and upset— parentally angry. So I collected myself and offered one last constructive suggestion.
But as I shared it, I could see in the mirror that he was already struggling to find a polite way to tell me he had no interest. Honestly, at that point I wanted to quit in frustration, to just let it go. But I made a critical decision to stay engaged and continue to search for 4 The Millionaire Real Estate Investor a plan that would work for both of us.
The great thing is that we did just that. Later that afternoon, back at home, we looked at his resources, went over his options, and created a broad plan for him to earn extra cash on his own—something he could build on and grow over time.
As the plan came together, his confidence grew and the mood that had gripped him earlier was dispelled. There have been many times when I wanted to believe that too. This is a foundational truth I hope you will learn and come to understand as I have, and as I hope my son will too. This book is about the plans that create big money. So, when I want big results, I need a big plan. That approach will not only give you the best possible chance to win, it will also put you in the best possible position to win big. Real estate investing can be an awesome avenue to wealth.
In fact, it can provide you with not only the minimums you need but also the maximums you deserve. Whether you are a beginner or a seasoned real estate investor, this book was written for you. It was written to help you succeed and succeed big. All you need is a plan, a good plan—a proven big plan that can guide you from the beginning to the highest levels of investing.
The Millionaire Real Estate Investor will share that plan with you. We want you to become a successful real estate investor, to achieve your goals, to prosper and Preface 5 flourish over time, and even—should you so choose—to become a Millionaire Real Estate Investor. Are you ready? Are you ready to become a Millionaire Real Estate Investor? I am a lifelong teacher, and there is one thing I believe to be absolutely true: Real learning begins only when the student is open to the message.
The truth is, a teacher is almost always there and learning is simply a matter of the student being ready and willing to learn. Becoming a successful real estate investor is no exception. She supported herself solely on rental income and now owns 27 houses free and clear. Donis was able to retire at an early age. He now works for himself, living off rental income and his property management company.
Not only did her first two investment properties pay for her degree, they put her children through school as well. Barbara quit her job to pursue real estate investing full time. Now in her sixties, she owns 36 single-family homes and lives off the cash flow. Today Wendy has bought and sold more than houses.
She lectures around the country and lives off her investment income.
1. Develop a written financial plan
The couple and their sons now own several million dollars, worth of real estate and run a property management company. For them the American dream has become a reality.
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What did these investors have in common? On the surface, not much. They came from all over and began their investment journeys with vastly different resources.
The Millionaire Real Estate Investor
Some had stable jobs and equity in their homes, while others began with massive debt, no credit, and not much more than the change in their pockets. What they did share was a burning desire and a readiness to change their lives, to succeed on their own, without a job or a boss, without a pension plan or a safety net, in the entrepreneurial world of real estate investing. Their drive and will to succeed were strong enough to lead them to do the right things day in and day out for months and years as their net worth steadily grew.