How to Do Everything Wrong In Real Estate and Still Be Successful. Franklin Cruz
Чтение книги онлайн.
Читать онлайн книгу How to Do Everything Wrong In Real Estate and Still Be Successful - Franklin Cruz страница 4
Название: How to Do Everything Wrong In Real Estate and Still Be Successful
Автор: Franklin Cruz
Издательство: Ingram
Жанр: Учебная литература
isbn: 9781456614249
isbn:
Contractor and Subs: More than likely some of the properties you will purchase will be distressed or in need of repair, and as a result you might need a contractor and various subcontractors. Do not hire your uncle (or some other relative) because he said he could lay tile! Hire licensed people and ask for referrals. Get pictures and addresses of homes they have worked on. These are the people you are depending on to pull the permits you need, properly follow building codes, and repair the property you have just bought. Their skill, knowledge, and expertise will have a lot to do with your profit. Choose them wisely!
“Do not hire your uncle (or some other relative) because he said he could lay tile!”
Contractors are also good property inspectors. Having a general contractor inspect your property prior to putting a deal under contract or during the due diligence period (the time usually given to research a property prior to assuming financing or closing) is crucial.
Questions to ask:
“All Contractors are good at FIRST, so stay after them!”
Wholesaler (‘bird dog’): Someone who specializes in finding deals. That is all they do: find deals such as foreclosures or quick sales and put them together. You will want to learn how to be a wholesaler/bird dog because if you can cut out the middle man it will result in more profit. Learn all the tricks of this trade. If you master it you can make any deal a great deal - but remember, sometimes you will ‘pay’ for this experience by making mistakes!
How do you find a wholesaler? If you see signs which say, “We buy houses!” or “Stop Foreclosures” etc., call the number because you’ve just found one! Look in the newspapers for people buying foreclosures as well. As you continue in the business you will find more and more wholesalers, and not always from a sign or newspaper ad. Usually, you will be referred.
Just remember this single-most important bit of advice: Don't trust anyone! They are trying to make money just like you are. Find out their track record. Ask questions, and go with your gut!
Questions to ask:
Real Estate Mentor: The key to your future! Without a mentor, you are nothing. If you don’t have a guide through the forest, the lions and tigers will eat you. Remember, in a multitude of counsel there is wisdom. The blind leading the blind never located the pot of gold. To find your pot of gold you need to be led by someone who can see. A visionary just like you! You just know when you have found your mentor. There isn’t a set formula, or even a certain set of questions to ask. You make a connection on a spiritual as well as a business level. This is a person who is willing to help you succeed – provided you work for it. Your mentor will normally be someone who has been in the business for a long time. You can't buy their time… or can you?
“Remember, in a multitude of counsel there is wisdom!”
In a way, you can. I have bought books from all my ‘distance mentors.’ You know them: Donald Trump, Zig Ziglar, Sam Zell, Tom Barrack, and a couple of others. I would be willing to work for and learn from them for free, because I believe knowledge is more important than twenty dollars an hour. What I gained from my mentor has made me a small fortune thus far.
As I said, you’ll know your mentor when you find him. He is the one who wants you to succeed, and he'll help you take a step forward - but you have to show you’re serious by moving and pushing and crawling forward. Then kick down the door!
Here’s my own story of working with mentors and how they helped me recognize knowledge does not come without a price, and that it is sweeter when you are willing to work to get it. Pay the price physically and financially, and remember nothing is free. When I started in this business I was no different from so many others who wanted to step into real estate investing. I watched an infomercial, and thought the free seminar it offered was just the thing! Off I went to check out the “free” seminar, and after spending 2500 dollars was ready and willing to become an investor! As you probably already know, my first big leap produced a sour deal. You see, a seminar and 2500 dollars for a “how to” book and a “guideline” to finding properties simply is not enough to prepare a guy in the military for how to correctly invest in real estate.
I wised up and realized what I really needed was some decent networking with other people in the business - and naturally this was a lesson I learned from another program advertised on TV. Off I went to join the club mentorship program for five hundred dollars a month, which is a healthy bit of cash for someone subsisting on Army Sergeant’s pay.
After five months in the program and another 2500 dollars wasted… I mean” invested…” I truly changed gears. The mentorship clubbing approach hadn’t made me any smarter, and so many of the questions I had when I started the program were left unanswered - but some good did come of it. I made connections with people in and around the club program who knew of people who had mentored others.
That paid off. I met five men in the business, all of whom were willing to teach me in exchange for my willingness to work with and for them. I’ll call them “David, Noah, Moses, Sampson, СКАЧАТЬ