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Single Pieces of Investing Advice You Can’t Afford to Not Know!

by Ali Boone on February 23, 2013 · 38 comments

  
Great Advice

Sometimes it just takes hearing a single sentence from someone to dramatically increase your success as an investor. You may hear it in a seminar, in a real estate club meeting, read it in a book, or maybe a friend or colleague says it in random conversation. But for whatever reason, that one sentence sticks with you and you replay it in your mind daily, weekly, monthly or a couple times a year. However often you replay it, it makes a significant difference in your decision making every time you work a deal.

So what is that single piece of advice you couldn’t survive without? I don’t want a paragraph piece of advice, I just want your one-liners! You can explain your one-liner in a paragraph if you want, but I want the focus to be on the one-liner that rings in your head on a regular basis with your real estate dealings.

To jump-start, I’ll share four that I think of so regularly it’s crazy!

 

If the investment is right, the money will come.

Heard at a three-day Rich Dad Poor Dad weekend seminar. Total for that seminar- $595. Worth of that line being stuck in my head for every deal- priceless. I think about this line every time a potential deal is on the table.

First rule of real estate investing: don’t lose money!

Said by a fellow investor. Seems obvious, but you’d be surprised how often reminding yourself of this will actually keep you away from a bad deal! Same as the last one, I think about this line every time a potential deal is on the table.

Don’t take advice from someone you wouldn’t trade shoes with.

Probably my favorite and I have no idea where I heard it. This line plays in my head almost daily, even outside of real estate investing. If any on the planet decides to “suggest” I do something in some way, I first consider whether I would trade shoes with that person. If I wouldn’t, I’m doubtfully going to take their advice.

If you are living above your means, increase your means.

Robert Kiyosaki says this in a lot of his books. It took me a while to understand it for some reason, but now I think of it at least weekly anytime I wonder whether I should spend money on any particular thing or activity. If I want it that bad, go for it, but plan to do another real estate deal to pay for it!

 

What are the one-liners that have stuck with you since you heard them and couldn’t live without?

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{ 38 comments… read them below or add one }

Julie Oldham February 23, 2013 at 1:04 pm

These are great, Ali! Put a smile on my face and got me wondering what kind of shoes you’re wearing… :-)

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Ali Boone February 24, 2013 at 12:18 am

Flip flops. Always in flip flops. Unless I’m at the gym and I only don’t wear them there because it’s hard to run in flops. Not because I think gym shoes are more comfortable. I recently took up skateboarding in flops, and it’s working out horribly!

:)

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Brandon Turner February 23, 2013 at 8:53 pm

“You’re not really making money until your money is making money”

that’s one of my favorites! Great article, Ali!

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Ali Boone February 24, 2013 at 12:19 am

Oooohhh, I love that! That one will definitely add itself to my list of one-liners.

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J Scott February 23, 2013 at 9:49 pm

Great one, Brandon!

Here’s mine:

“A dollar today is worth more than a dollar tomorrow.”

Good investors understand the time value of money…

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Ali Boone February 24, 2013 at 12:19 am

Good one, J!

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Karin Melberg February 23, 2013 at 10:02 pm

Be more CrockPot, less Microwave…… (referring not only to a ‘hold’ mentality, but perhaps more importantly to the preparation, execution, review, adjust cycle that’s required to DO, LEARN and RE-DO. An investor isn’t someone that does one deal in a big loud splash. An investor plays for long term wealth accumulation.)

Thanks for the BLOG Ali!

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Ali Boone February 24, 2013 at 12:24 am

Karin, I’m digging it! Very retro-sounding, or vintage-sounding…something like that, but I like it!

It makes me have to share a story. I appreciate this one-liner because I love crock pots. A few years ago for my birthday my mom ‘warns’ me before I open my gift that I need to understand that her gift may seem weird or useless at first, but trust her, it’s amazing. I open it and it’s a crock pot. I definitely had an eyebrow raised and wondered why in the world I would care for a crock pot or what to even do with it. Do you know, crock pots are the best thing ever! I swore I’d never have to get married as long as I had a crock pot.

True story. And therefore, I love this one!

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Edwin February 24, 2013 at 4:44 am

” Don’t work for your money. Let your money work for you ” Robert Toru Kiyosaki

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Ali February 25, 2013 at 12:34 pm

Exactly, Edwin! Hence why I go the turnkey route… I don’t want to work for my returns :)

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Mehran Kamari February 24, 2013 at 5:12 pm

What an awesome thread. Here’s some I love:

“Luck is when preparation meets opportunity.”

“It doesn’t matter where you are coming from. All that matters is where you are
going.”

“The act of taking the first step is what separates the winners from the losers.”

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Ali February 25, 2013 at 12:35 pm

Awesome, Mehran! Love all of those, but the last one is my favorite. You’d be amazed how many people never make the first step. Even if that step doesn’t pan out, at least it’s a step!

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jeff February 24, 2013 at 6:01 pm

“Every strikeout brings me closer to my next homerun” -Babe Ruth

“I’ve had thousands of problems in my life, most of which never actually happened” -Mark Twain

“If you keep on doing what you’ve always done, you’ll keep on getting what you’ve always got.” -W.L. Bateman

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Mehran Kamari February 25, 2013 at 2:50 am

Awesome Jeff

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Ali February 25, 2013 at 12:36 pm

Jeff, love those!

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Seth February 25, 2013 at 8:59 pm

Great quotes there Jeff!

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Gary February 24, 2013 at 7:34 pm

“Do or do not, there is no try” Yoda

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Ali February 25, 2013 at 12:36 pm

How could anyone not love a Yoda quote!

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Keith February 25, 2013 at 7:31 am

Not necessarily real estate focused, but a good way to think about everything you do in life.

“Whether you think you can, or you think you can’t, you are right” – Henry Ford

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Ali February 25, 2013 at 12:38 pm

Keith, awesome! May not have been a real estate original, but it is most certainly very true! Love that.

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Jeff Brown February 25, 2013 at 10:43 am

Results trump, well, pretty much everything.

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Ali February 25, 2013 at 12:38 pm

Haha, Jeff, love it!

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Karen Rittenhouse February 25, 2013 at 12:50 pm

Hope is Not a Strategy.

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Ali February 25, 2013 at 2:33 pm

That one is perfect, Karen! So true, and I foresee that one sticking in my head quite well!

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Robert Steele February 25, 2013 at 4:11 pm

I cannot take credit for this quote or post but I feel this is something for to consider when fixing up a property. Probably even more so for the buy and hold crowd.

“I can’t afford to buy cheap.”

Cheap breaks.
Cheap costs money. It costs money to fix, it costs money to replace.
Cheap seems like a good idea at the time but cheap fails when you most need it.
Cheap costs you time and it costs you customers.
Cheap always cost you more in the end

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Ali February 26, 2013 at 1:35 pm

Robert, yes! So true. Very deceiving for investors! I heard a big named investor one time say “The only people who buy $50k investment properties are the ones who can only afford $50k properties.” In my experience, he’s right. My cheaper properties have cost me a ton!!

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Roberta Murphy February 25, 2013 at 8:35 pm

Many years ago when I first started out in real estate in Houston, Tx I decided to interview the wealthiest investors I could snag. The first was the best. His advice:

1. Buy middle of the road investments. When economy moves up, you gain. When economy moves down, you gain because those in higher-priced properties re-adjust their sights,

2. Buy apartments with laundry machines. That is tax-sweet income.

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Ali February 26, 2013 at 1:36 pm

Lol, Roberta! I love the washing machine one. Yes, it’s great extra income! Those and vending machines. I love the middle of the road one as well. Very true, and very fitting right after Robert’s comment!

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Seth February 25, 2013 at 9:01 pm

Awesome one-liners Ali – I love those. Here’s one I always liked:

“Without the element of uncertainty, the bringing off of even the greatest business triumph would be dull, routine, and eminently unsatisfying.” – J. Paul Getty

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Ali February 26, 2013 at 1:38 pm

Nice one, Seth! Goes along with the idea of the journey to the goal actually being the goal. So true!

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Terry Hershberger February 25, 2013 at 9:49 pm

You can do anything you want to do if you want to do it bad enough!

Procrastination is like a credit card, it’s a lot of fun until the bill arrives!

If it’s to be, it’s up to me!

It’s hard to soar like an Eagle if you hang out with turkeys!

Success is a journey not a destination.

In the narrow avenue of finances, he who has the most probably knows the most.

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Ali February 26, 2013 at 1:39 pm

Nice ones, Terry! Haha… love the turkey one. And it is so true, you CAN do anything you want if you want it bad enough! No matter what it is.

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Gary Frimann February 25, 2013 at 10:05 pm

“Nobody has ever gone broke taking a profit.”

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Ali February 26, 2013 at 1:39 pm

Nice, Gary. And who doesn’t love a profit!

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John Campbell February 26, 2013 at 10:03 am

“The only place success comes before work is the dictionary”… and I like to then add that both come after sacrifice. – Vince Lombardi.

Another great post Ali!

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Ali February 26, 2013 at 1:40 pm

Thanks, John! :) I’ve heard the first part of that line, but I love your add about sacrifice! Very nice.

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Perry March 18, 2013 at 8:20 pm

” The one eyed man is king in the land of the blind”

“The More know the more you grow”

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Ali March 19, 2013 at 12:04 am

Haha, Perry, I love that first one! Like them both, but the first is hilarious, never heard it, but so true! I foresee myself using that one in random conversation often :)

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