What I've Learned in 7 years of Real Estate
After reading Rich Dad Poor Dad twice and Loopholes of Real Estate this week and listening to real estate investing podcasts like The Real Estate Guys, Bigger Pockets, and Rich Dad Radio, I feel obligated to share what I learned.
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1. There's a lot I don't know.
2. Leverage is the key to real estate.
3. The tax benefits of investing in real estate are incredible and they are magnified by leverage.
4. I need to turn my ordinary income into passive income as quickly as possible or I keep giving the government a third of my income instead of creating a tax shelter.
5. There are opportunities around us everyday if we can train our minds to see them.
6. Helping others get what they want is the key to getting what you want.
7. J.O.B.- Just over broke. Some employees are paid just enough not to quit and work just hard enough not to be fired.
7. Not quitting and having a good attitude when you get knocked down is how people become successful.
8. Real Estate is a team sport.
9. Fear is a good thing and a fantastic motivator.
10. The social security program is a ponzi scheme and should not be relied on. Its sad how many elderly are living in poverty in their "golden years".
11. The answer is always no if you don't ask.