Real Estate is a Winner Right Now……and NO…I Don’t Smoke Crack.
ByHey....thanks for coming back! We sure do appreciate it. A repeat reader is a compliment....for sure! Please make sure you subscribe!
Howdy from the metropolis of Cedar Crest, NM!
Today, My son, Colt (9 years old) and I were watching the Texas Tech and Oklahoma State basketball game (Texas Tech lost). A commercial came on for some diet food/program with Dan Marino and other celebrities. My son looks to me and says….”you should get that.” I was stunned! I replied…”Do you think I am fat.” Then he said….”Well…no….but you are not thin either.” So….after I finish writing this blog….I am taking my fat self to the gym.
First of all….please register your email address at the top left corner of this blog and I will send you a free video on the topic of “Business for cash flow, Real Estate for wealth.”
Today, let’s discuss how to take advantage (passively and/or actively) of the current and coming opportunities in residential and commercial real estate….yes that is right….real estate, for the investor, is hot!
First of all a active investor is someone doing a lot of work to get the deal done. The active investor is someone who is finding the deal, putting it together, closing the deal, and managing the asset (not all apply but you get the picture…it is someone doing a lot of work). On the other hand, a passive investor is investing in someone else’s project for a return/equity
Most people think real estate is a bad investment right now. That is true is you have no clue what you are doing. But…this is good news for the rest of us. As I have said before….”Buy low, sell high.” Foreclosures are at an all time high, therefore foreclosures, in my mind, are low hanging fruit (for the active investor). If there was ever a time to invest in real estate…specifically Bank Owned Properties (REOs) the time is now….even if you do not have the money to invest. Now if you have money to invest and you are not too crazy about “sweat equity,” investing passively in the current “motivated seller” market is a great option.
Before we talk about “active” investing, if you are a passive investor looking for investment opportunities, I encourage you to visit The Real Wealth Company (selfish plug) . Specifically, register at their private investor page (another selfish plug)to get more information.
So….here are the top three tips to get in the game (as an active investor) and take advantage of the flood of foreclosures on the market. Why only three? Well, there are several more…but the three below are critical….failure to do any of the following three will almost guarantee failure.
1) Get Educated: Educate yourself in creative real estate investing. Short Sales, Subject Too, Lease Options, Options, Real Estate Contracts, etc. If you have no idea what I am talking about? That is okay…you can learn. There are a lot of good products and mentors out there. I started with Mentor Financial Group (MFG) back in 2003. This is a great place to start. There are other programs out there BUT MFG educated me and I am very thankful for that. If you are not willing to hand over 6 – 7K for the mentorship fee…..there are plenty of books and home study courses out there….but I highly recommend getting a mentor.
2) Be a Student: Whether it is reading a book or following the advice of a mentor, if the advice is coming from an experienced and successful source….do it! Stick with the plan. I have seen so many students sign up for a mentorship program and then start rebelling….they start doing it their way. What a huge mistake. When I talk to people on the phone about their real estate business, I can tell right away what the end result will be. One key indicator is when a student does not do what is suggested. Being a student means doing what an experienced and successful source is recommending. But it also means taking responsibility for your actions. When a student, or anyone for that matter, starts blaming others for their troubles….I know chances are slim for success with that person.
3) Wealth Lifelines – You are who you hang out with: It is key to associate yourself (hangout with) with successful real estate investors….in other words…change your friends! Yes…that is right….if your friends or work mates are telling you that real estate investing is for losers or “risky,” STOP taking advice from them. Start to develop Wealth Lifelines…in other words…find the people in your area that are successful in real estate investing. Stay away from the nay-sayers and find successful people that are taking advantage of the amazing opportunities in the current market. I cannot explain in words how important this is. I will say it is the number one reason people become successful….”success breeds success.”
A lot more information coming your way on how to take advantage of what is happening in the economy!
Until next time……
Related Websites