Millionaire Real Estate Investor Session #3
Missed our 3rd class? Here’s the recap:
“Even if you’re on the right track, you’ll get run over if you just sit there”
Will Rogers
To become an MREI (Millionaire Real Estate Investor), you need to do 3 things.
1) Determine Your Big Why
3) Create & implement your investment policy
When I asked the audience who had completed all 3 steps, hardly anyone put their hand up.
A former mentor said “Give them books and they eat the pages.” She was talking about me, and not approvingly.
On the very cover of the book on which these classes are based, Gary Keller & Dave Jenks say “Anyone can do it….not everyone will…will you?” (emphasis mine)
So now that we’ve left behind the 94% of people who lack the simple will to get started, how do we find, qualify and buy investments?
If you’re an MREI, you’re always thinking about your next deal. You know what you’re looking for (investment policy) and what you can afford (net worth). When you find the right fit, you act.
Finding the right property means talking to lots of people, asking lots of questions, looking at lots of properties and making lots of offers, most of which will be rejected. To help you get that property, you need to assemble a team of like-minded people – including mentors, investors, real estate agents, lenders, accountants, attorneys, property managers, contractors, property inspectors….
Networking is the art of meeting people who can help you get to your goal while they move toward their own Big Whys. That dependent clause is crucial.
A regional bank recently asked The Kincaid Team to list some real estate-owned (REO) property.
The bank’s asset manager asked us about our goals, values and strategic plan. I was pleasantly surprised that he asked, and he was even more pleasantly surprised that we’d already prepared our answer.
A mismatched set of values is the #1 reason partnerships fail.
Now that everything is in place, it’s time to find your next investment. How do you find great properties? You look at a lot of deals, qualify them against your criteria and whittle them down to those you want to buy. You might start with 30 properties, make offers on 2 or3, and end up buying 1.
When you find a property that fits your criteria-BUY IT.
Contact our office for copies of the outline and resource materials for this class or to reserve your place for our November 12th class.
Posted by Betty Kincaid
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