I’m Julie Broad with Rev N You with Real Estate …and todayI am going to tell you the story of the Ferrari Enzo and the Honda Civic. Then I am going to introduce you to our first property and give you three easy to use tips to find your own winning real estate investment.
If you’re not familiar with Rev N You, you may not know that our investing philosophy is not about getting rich quickly. It is about getting rich with real estate … and it’s about putting cash in your pocket EVERY month from your properties … but, for us, it’s about taking minimal risks to gain big rewards…
When we launched our Real Estate Millionaire: The Essential Starter Course, we had readers write to us and say things like:
“We love your down to earth approach but we can’t wait years to get rich”
“I don’t think your program is going to work for me – I think I need to do flippers to get fast cash”
“Sorry but your slower approach is just not going to work for me. I have to become a millionaire this year.”
We get it!! We really do … after buying a couple of properties we weren’t getting rich fast enough so we set out doing a bunch of high risk deals. High risk deals that today we’d never touch – because today we understand the fundamentals of real estate investing. And, for the right person with the right knowledge and resources, some of the deals we did would have been golden opportunities, some were just stupid.
But it’s why we now explain things with the Ferrari and the Honda.
You see – there are SO MANY ways to make money in real estate. And they are exciting!! Flipping, buying wholesale, development, subject to investing, lease option investing, buying foreclosures … the list is long … and there is BIG MONEY to be made and some of it can be made quickly!
But it’s like learning to drive on a Ferrari Enzo vs. a Civic.
Get what I am saying?! What we teach are the fundamentals of real estate investing. YOU HAVE TO KNOW THEM to safely use any other technique. When we didn’t fully understand the basics and we got into no money down deals and flips we got ourselves in over our heads. And, had we not had good jobs at the time, we would have caused ourselves some serious financial problems.
Now, we’re confident in the fundamentals and we’re expanding into other strategies. Our wealth is going to grow at an accelerated pace … but even with our tried and true basic low risk investing strategy of buy and hold we’re still enjoying thousands of dollars in cash flow from our properties AND we have net worth of over a million dollars … so like I said … the Honda gets you there just maybe not quite as fast (but with much less adrenaline).
So what can you do to find your own winning properties in today’s market … well … you might already be familiar with our five steps to invest in real estate, so I am going to give you three things to do right now to get yourself ready to take those five steps:
1. Educate Yourself
We never stop learning … I read at least three books a month… I try to read a new book every week. I spend close to $20,000 a year on courses … some are real estate related but others are specific to marketing or even just personal development. And we both find people we can learn from. Dave in particular is really good at this … he picks up the phone and talks to people. He finds people in the areas of expertise he wants to learn about and talks to them. He meets people and asks them lots of questions.
The best deals usually come from within your network. Realtors or mortgage brokers with their ear to the ground are a great source of deals. You have to get plugged in to the people who can find you great deals.
If you are someone that doesn’t have money to buy real estate – networking is critical. We’ve been able to build a nice sized portfolio not because we did no money down deals or because we had a lot of money but because we found a few partners with money to invest with us. They didn’t have time or knowledge … we took the time to build the knowledge and became their partners.
You are going to need partners to work with and the best way to find them is through your network. Ask friends, family, colleagues, your family dr. or dentist … go to local real estate investing groups … just meet people!! Start educating them about what you’re learning and see if there’s a mutual interest.
3. Take Action!!
If you sit on the sidelines waiting for this market to improve you are going to miss the opportunity of a lifetime. Big wealth is being created right now!! Sit down and make your plan!! Where do you want to be? Where are you today? What is the gap in the middle and how are you going to get from here to there.
Just the act of writing down your plan is taking action … and I love this quote from Robert Ringer in his book ACTION! Nothing Happens Until Something Moves. Where he says:
“When you take action – particularly bold action – the atoms in your brain vibrate at enormously high rates of speed, which often results in amazing and otherwise unexplainable “coincidences” happening in your life. I believe that the genius that erupts from action … produces a “telepathy” that brings a person in contact with the people, things, and circumstances he needs to accomplish his objectives”
So – with that – take the time to educate yourself on the fundamentals of real estate investing, go out and find some people doing what you want to do, or that can help you do what you want to do, and TAKE ACTION!!
We promise that you will not regret it …
Oh – and if you’re not already a Rev N You with Real Estate newsletter subscriber– what’s stopping you? It’s free … and we create videos just like this one, free reports, and send great advice to our valued readers several times a month!!
Posted on April 23rd, 2009