If you haven’t read Think and Grow Rich by Napoleon Hill you need to buy it this week and read it. In the book, Hill talks about spending time with Henry Ford and other successful entrepreneurs. He spent 20 years studying these men and said the following about them: That none of these men was above average intelligence and the one thing that they all had was they were persistent and never gave up.
Why Become a Real Estate Investor?
I often read biographies of successful entrepreneurs. You see, there are people who’ve already made millions and become wealthy. Why in the world would I try and reinvent the wheel? I wouldn’t and I don’t. I’m no genius so what I’ve done is always followed what other people have done. That’s the reason I became a real estate investor. Everyone knows that 97 out of 100 millionaires made their money in real estate. Being that I wanted to be wealthy it only made sense to go into real estate.
When I started in real estate I noticed that the wealthiest investors took marketing very seriously. So, I myself immersed myself in marketing and learned everything I could (and it’s paid off nicely). I also learned multiple investing techniques (lease options, wholesaling, subject-to and short sales). Because in order to make it big you have to be well rounded.
The Death Of Wholesaling?
Alright, you probably want to know what successful investors are doing in this economy right? Well, wholesaling is dead. Wholesaling got taken out back, shot, chopped up into little pieces and fed to the pigs. Temporarily gone are the days of $30,000 wholesaling fees. Now its subject-to’s, lease options and buying and holding for the time being.
I just met with my accountant this week (who’s an investor) and we were talking about the ridiculous amounts of money a lot of us are sitting on right now. And that when the market picks up all of us investors who were disciplined and kept buying will be handsomely rewarded (and a good part of that will be because of inflation). So please ignore the media. Ignore negative friends and family. Keep plugging along. When you sell your properties in a few years and make hundreds of thousands of dollars and you’re laughing all the way to the bank, I’ll be right there with you.
3 Words That Can Make You Rich
Okay. Before I go here’s what I want you to do before you go to bed tonight: If you haven’t gotten your first deal in 2009 set yourself a deadline when you will do it. Deadlines create a psychological effect and help get your butt in gear. Then type up the deadline in big letters, print it out and put it on your bathroom mirror and in your bedroom–”I will have my first deal by March 18, 2009-No Exceptions!” One last thing. Do you want to know 3 words that can make you rich? FOLLOW THE MONEY!–the money is in real estate.
Article Author:
Jason HansonJason has written 75 articles for us.
Visit Jason's Website: http://www.PrimoCoach.com
Jason R. Hanson is the founder of National Real Estate Investor Month and the author of “How to Build a Real Estate Empire”. Jason specializes in purchasing properties “subject-to” and has purchased millions of dollars worth of property using none of his own cash or credit.
Joshua Dorkin
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This is a good post Josh. You know I’m wondering if we are going to start see owner financing emerge also. Lease purchasing definitively because people still want to get into homes but may not have the credit to do it.
I wonder what guys like Sam Zell, Donald Trump, and Steven Roth are doing. Those are some good self made millionaires I would like to model after.
Sam With Georgia Deal Makers’s last blog post: Google Search Tool Helps Atlanta Investors Find Tons Of Atlanta Foreclosures And Atlanta REO’s
When should we jump back in? Usually when investor are feeling the pain, this should be the time. However, I just came out of a RE investment club meeting last week and they’re talking about RE tours to really bad depress areas. Not sure what to do in this market.
Sometimes I consider renting out my house, buying another, and investing that way. But it’s getting super hard to get loans now. I’m going to read about Lease Options on your blog and find out how you’re doing it.
i believe that you posted some negative stuff last year about loan modification. with the new year upon us, do you still believe that loan modification is such a bad thing to venture in?
It’s this kind of thinking that has the UK economy in trouble and the housing market spiraling downwards..
A little late with this post but why not…My goal for this year was to get my first wholesale deal under wraps. What I quickly realized is that if you don’t know how to market it’s next to impossible to find deals. This took me about 9 months of sending out postcards and letters to figure out I had no idea what I was doing. Over the past few months I’ve dedicated myself to figuring out how to market. I’m still struggling but as they say, teach someone how to fish and they’ll never be hungry.
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