I ran across this blog post I put out in 2006. It is still very fitting for today.
Over the past couple of weeks, I've probably talked to 150 real estate investors - or wannabe real estate investors.
I'm VERY concerned about something I'm hearing from some folks andI bet it is something that many of you are struggling with too so I wanted to offer some advice.
I've noticed a "common denominator" with many of the people I've talked to ... I realize that many are "dazed and confused" about what to do next or which path to follow, or which technique to use. The net result is that they are either literally PARALYZED because of information overload and not going anywhere fast or, even worse,they have made a huge mess and in serious financial trouble because they followed some guru's advice.
Does that sound familiar?
I'm really concerned that so many people have asked me things like:Should I do wholesale flips, should I do apartments, should I do lease options, rentals, mobile home parks, etc. They are also asking things like: Should I listen to Robert Allen or Ron Legrand or Heather or Chuck or Joe or this person or that person or should I buy houses in other states or other countries, should I do this or do that..... the list goes on and on and on....
The answer is NO!
If you're new to investing, what you need is a quick start method for getting the phone to ring with seller calls this month so you can hit the ground running to make fast cash.
You need momentum and you need to build your confidence before you can even think about moving on to the next level with advanced techniques which might require financial commitments or risks.
Every market is different and every person is different so you need to customize the type of real estate transactions you do to fit both the market conditions and your personality and financial needs.
One size does not fit all - so you should not just pick a seminar or course and go with the things they teach as your only guide. It might not be a good fit for your market or for your personality or for your financial objectives.
The financial needs, objectives and goals of a 25 year old person are much different than the needs, objectives and goals of a 52 year old.
Sure rehabs or wholesale deals make work great in Ohio but that does not necessarily mean they will work very well or be as easy to do in Arizona. Subject to deals may work great in an areas with low appreciation like Dallas, but that does not necessarily mean it will work great in a market with high appreciation like San Diego. You have to "go with the flow" of the conditions in your market then adjust your strategies to fit.
One size does not fit all! I don't care what the "gurus" tell you,the TRUTH is that some real estate deals will not work as well in some markets as they do in others. It's a fact!
I bet some of you have been feeling like a failure because you have not been able to make a certain kind of deal work in your area. IT'S NOT YOUR FAULT! The problem is that the type of deal may not be a good fit for your market conditions now.
Or maybe it's just not the right kind of deal for what you need to accomplish.
If you need as much cash as you can get as fast as you can get it,then you've got to match the deal to your needs.
I talked to some people who need fast cash but they are focusing on doing lease options. WRONG! Lease options are the slow way to the bank! You get a small option consideration then maybe 1 or 2 years later, you get to the jackpot at the end of the rainbow. But it does not always work that way.
Sometimes the tenant buyer moves out and leaves the house a mess. So, you get to spend another $5000 to fix it up and start all over again. Like I said, lease options are a slow way to payday but the cash flow can be great while you are waiting.
Instead, if you need lots of cash and you need it NOW, you should be doing wholesale flips. Forget about doing lease options just because you went to the seminar to learn how.
Match the deal to your needs and you'll be a lot happier with the results.
Do you have a lot of credit card or other debt that you need to get rid of? If so, you need to focus on getting lots of CASH to pay it off and build up money to work with in your investing business. Wholesale deals are the way to start - there are other transactions to transition in to once you build your confidence with wholesale deals.
Don't even think about doing a rehab until you have plenty of cash reserves.
Do you need monthly cash flow to replace your income from a job or to prevent you from using up all the savings you have during your retirement years? Buying houses with owner financing or subject to the mortgage then renting them or doing lease options would fit your objectives. But you've got to be careful to pick the right kind of houses in the right kind of neighborhoods.
LISTEN TO THIS.....The important questions you need to ask yourself is not what course to follow or whose seminar to attend or where to invest .... the "right question" -- what do I need to accomplish with my real estate business, how can I do it safely and quickly and how does it fit in my market place.
You need to understand that real estate investing is just a TOOL to help you achieve your goals.
It's just a TOOL!
If you feel like your head is spinning with information OVERLOAD from all the course, seminars and teleconference calls - you can STOP THE MADNESS and STOP WASTING MONEY if you determine what you need to accomplish FIRST.... then, only select a course or seminar that matches your objectives - you should not do it the other way around.
I know many of you are struggling to find the right path to take and I sincerely hope this rather long message will help you getback on track
Over the past couple of weeks, I've probably talked to 150 real estate investors - or wannabe real estate investors.
I'm VERY concerned about something I'm hearing from some folks andI bet it is something that many of you are struggling with too so I wanted to offer some advice.
I've noticed a "common denominator" with many of the people I've talked to ... I realize that many are "dazed and confused" about what to do next or which path to follow, or which technique to use. The net result is that they are either literally PARALYZED because of information overload and not going anywhere fast or, even worse,they have made a huge mess and in serious financial trouble because they followed some guru's advice.
Does that sound familiar?
I'm really concerned that so many people have asked me things like:Should I do wholesale flips, should I do apartments, should I do lease options, rentals, mobile home parks, etc. They are also asking things like: Should I listen to Robert Allen or Ron Legrand or Heather or Chuck or Joe or this person or that person or should I buy houses in other states or other countries, should I do this or do that..... the list goes on and on and on....
The answer is NO!
If you're new to investing, what you need is a quick start method for getting the phone to ring with seller calls this month so you can hit the ground running to make fast cash.
You need momentum and you need to build your confidence before you can even think about moving on to the next level with advanced techniques which might require financial commitments or risks.
Every market is different and every person is different so you need to customize the type of real estate transactions you do to fit both the market conditions and your personality and financial needs.
One size does not fit all - so you should not just pick a seminar or course and go with the things they teach as your only guide. It might not be a good fit for your market or for your personality or for your financial objectives.
The financial needs, objectives and goals of a 25 year old person are much different than the needs, objectives and goals of a 52 year old.
Sure rehabs or wholesale deals make work great in Ohio but that does not necessarily mean they will work very well or be as easy to do in Arizona. Subject to deals may work great in an areas with low appreciation like Dallas, but that does not necessarily mean it will work great in a market with high appreciation like San Diego. You have to "go with the flow" of the conditions in your market then adjust your strategies to fit.
One size does not fit all! I don't care what the "gurus" tell you,the TRUTH is that some real estate deals will not work as well in some markets as they do in others. It's a fact!
I bet some of you have been feeling like a failure because you have not been able to make a certain kind of deal work in your area. IT'S NOT YOUR FAULT! The problem is that the type of deal may not be a good fit for your market conditions now.
Or maybe it's just not the right kind of deal for what you need to accomplish.
If you need as much cash as you can get as fast as you can get it,then you've got to match the deal to your needs.
I talked to some people who need fast cash but they are focusing on doing lease options. WRONG! Lease options are the slow way to the bank! You get a small option consideration then maybe 1 or 2 years later, you get to the jackpot at the end of the rainbow. But it does not always work that way.
Sometimes the tenant buyer moves out and leaves the house a mess. So, you get to spend another $5000 to fix it up and start all over again. Like I said, lease options are a slow way to payday but the cash flow can be great while you are waiting.
Instead, if you need lots of cash and you need it NOW, you should be doing wholesale flips. Forget about doing lease options just because you went to the seminar to learn how.
Match the deal to your needs and you'll be a lot happier with the results.
Do you have a lot of credit card or other debt that you need to get rid of? If so, you need to focus on getting lots of CASH to pay it off and build up money to work with in your investing business. Wholesale deals are the way to start - there are other transactions to transition in to once you build your confidence with wholesale deals.
Don't even think about doing a rehab until you have plenty of cash reserves.
Do you need monthly cash flow to replace your income from a job or to prevent you from using up all the savings you have during your retirement years? Buying houses with owner financing or subject to the mortgage then renting them or doing lease options would fit your objectives. But you've got to be careful to pick the right kind of houses in the right kind of neighborhoods.
LISTEN TO THIS.....The important questions you need to ask yourself is not what course to follow or whose seminar to attend or where to invest .... the "right question" -- what do I need to accomplish with my real estate business, how can I do it safely and quickly and how does it fit in my market place.
You need to understand that real estate investing is just a TOOL to help you achieve your goals.
It's just a TOOL!
If you feel like your head is spinning with information OVERLOAD from all the course, seminars and teleconference calls - you can STOP THE MADNESS and STOP WASTING MONEY if you determine what you need to accomplish FIRST.... then, only select a course or seminar that matches your objectives - you should not do it the other way around.
I know many of you are struggling to find the right path to take and I sincerely hope this rather long message will help you getback on track
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