I am asked frequently about how I find my investment properties. All I can say is that the clues are in the data we read each and every day or see in the news. Of course, without the right education in real estate we would miss these clues, so I can’t stress the importance of great training when becoming a real estate investor. And taking action! Without taking action time and time again, where would I be?
If you read my book you will learn that I was sponsored into a two year course of intensive real estate education. But that’s just the beginning. I had to put that new knowledge into use immediately. (Hey, I had to feed my family, so there was no alternative.) I tested whatever I learned out on the spot during breaks. No kidding! If my instructor said that I needed to say this or that on a call and here’s how to do it, I tested the information at the Speed of Instruction™. I went into the hall and made a few calls. If what I learned worked, I could come back and report that it worked and how I did it. If I found problems in the process and it didn’t work well for me, I could come back with questions so I could solve those problems and be more effective in my process. That’s what I invite attendees of my workshops, coaching opportunities and Mastermind Groups to do.
For example, in one recent event, I pulled out a website to give attendees a real-world example of how to use the data provided in that website to find real estate investment opportunities. (I’ll go more in depth about that in an upcoming blog piece.) During that process of looking through the paper I literally stumbled across what I felt was a great investment property. I talked to the audience and they challenged me to make the call right then and there to the seller in front of them. I have to practice what I teach, so that’s exactly what I did. I grabbed my cell phone and dialed the number. I knew how to speak to the seller and how to put an offer out there. At this point in my life, I’ve put a lot of offers out there, so you can bet I know what I’m doing. You can learn more about this in my book, but the short blog-style story here is that this is how I ended up with one of my apartment buildings! And I offered such a low amount for the property no one in the room figured the seller would even consider it. Well, he did. While he didn’t accept my first offer, he came back with a higher number, and I countered with a lower number. He accepted it and the rest is history!
There is more to this story, but for the purposes of this blog, I put my knowledge about how to use data I find in the news to see opportunities and then take action quickly. That is the secret to success as a real estate investor. And here’s something you need to understand… you should NEVER stop learning. I don’t care how educated you become in real estate investing or anything else in life, I guarantee there is something more you can learn. Take real estate investing workshops, join mastermind groups so you can learn from other likeminded investors and read books on related subject matter. You can see the covers of the books I read on www.CashFlowDiary.com. I can strongly recommend them as helpful reads!
Here’s what I’m saying. No matter what type of market, in real estate investing nothing beats continued education followed by immediate and ongoing action. You can have all the education that you can possibly stuff into your brain, but without action it’s just a wish to do something new and different. It should be…
Education then Action then Education then Action… forever.
I will never stop learning and I will never stop implementing what I learn at the Speed of Instruction™, which is the secret to my successes in real estate. If you have any questions about anything I’ve said here, I invite you to contact me via my website at www.CashFlowDiary.com. I would love to hear from you.