How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
1. Simon Sinek: Start With Why
While it sounds like an obvious concept on the surface, I’ve found a surprising pattern in my conversations with a lot of real estate investors.
Most real estate investors have no idea why they’re in business. They may understand what they’re doing (buying and selling real estate), they may understand how they’re doing it (flipping homes, wholesaling, etc.), and they certainly know the results of their business activity (generating a profit, or not), but they’ve never dug quite deep enough to understand WHY they’re in business in the first place. If you haven’t evaluated this for yourself yet – take a few minutes to hear Simon Sinek explain this concept…
2. Jim Carrey: On Taking a Chance
Most of us know him as a comedian, but I recently found myself saying “Wow” after watching this segment from Jim Carrey’s commencement speech at Maharishi University.
His comments hit me right between the eyes because I knew was guilty. There have been many instances in my life where I’ve downplayed my potential and failed to live up to my true calling – all in the name of avoiding risk (and the world missed out as a result).
What about you? Have you ever second-guessed yourself and limited your true potential (either consciously or subconsciously)? Are there any healthy risks you’re failing to take right now?
3. Alan Watts: What if Money Was No Object?
Why are you a real estate investor? It may come as a surprise to some, but real estate is NOT the fastest or easiest way to get rich (shocking, I know).
It might be the only strategy some of us understand, but believe me – there are many paths to wealth and if you think real estate is the only way to get there – you need to take a big step back and reassess the situation.
You can certainly make a pile of cash in this business, but if “getting rich” is your primary concern, you may want to consider the millions of other alternatives out there (who knows – if you look hard enough, you might even find something you actually enjoy).
The most effective real estate investors I know are the ones who love what they’re doing! It’s important to acknowledge – you aren’t doing the world any favors by slogging through this business just to make money, especially if you don’t enjoy it. If your motivation ultimately boils down to making a profit (and be honest with yourself here), I’d encourage you to keep digging.
4. Steve Jobs: On Action and Failure
A lot of the new investors I meet with struggle with a severe lack of confidence.
Many of them are timid, shy and introverted – but not because they aren’t capable, they just don’t believe in themselves yet. Unfortunately, a lot of beginners allow irrational fears and uncertainty to anchor them to their comfort zone, which holds them back from some very cool experiences and accomplishments. Steve Jobs hits the nail on the head here when he says, “You’ve got to act and you’ve got to be willing to fail… If you’re afraid of failing, you won’t get very far.”
5. The Power of Words
The ability to communicate persuasively is a HUGE asset in any business endeavor.
Many of the most successful real estate investors understand this thoroughly, and they’ve learned how to become masterful in the art of sales and negotiation. Most of a person’s persuasiveness boils down to their ability to use the right words at the right time. This short video illustrates the power of using words that work.
6. Robert Cialdini: Science of Persuasion
As a real estate investor, you are always in the business or persuasion (and frankly, who isn’t?).
Whether you’re trying to buy or sell a property, employ the most talented people, win the right business partner or network with the most influential folks in your area, your efforts will be greatly enhanced once you understand these 6 proven elements of persuasion.
7. Dave Ramsey: Change Your Life
Ever feel like you’re been spinning your wheels and not getting anywhere?
I’ve certainly been there before (and if you’re like most people, you probably have too). It’s times like these when a little dose of reality from Dave Ramsey can be quite helpful.
8. Alan Watts: Live Fully Now
Did you know that when you say “Yes” to one thing, you’re also saying “No” to something else?
When you focus all of your time and energy on accomplishing things that will materialize in the future, you’re also choosing to ignore a lot of the important events and experiences that are happening around you right now.
Are you sacrificing your present for you future? Think about the importance of your next big deal (or the one you’re working on right now)… how important is it, really? Is it worth the sacrifices you’ll have to make in order to get the job done?
9. Ramit Sethi: Small Talk Hacks
Small talk is often overlooked, but make no mistake about it – it’s an art form, and it’s one of the most powerful and versatile relationship building skills that exists between human beings.
This video is important because a lot of people underestimate the power of good social skills and as a result, they fail to build a lot of important relationships with the people who can help them move their business and life to the next level. Believe me – if you can master the art of small talk, the world can be yours.
10. Steve Jobs: On Life
As real estate investors, we all have to work within the confines of rules.
Some of these rules are imposed by the government, some of them are taught to us by the content we consume in books, blogs, forums and podcasts, and some of them are nothing more than self-imposed restrictions that we’ve made up in our minds.
It’s important to understand that some of these rules exist for a good reason (and ought to be followed), and others are quite literally made up by other people who are no smarter than you.
Don’t be afraid to question the established norms and dissect the rules to understand why they exist in the first place. It’s this kind of critical thinking that leads to some huge innovations and better ways of doing things.