What is a “Proper Buyer”? I get this question a lot. People who ask know others who make money lease purchasing or buying REOs or buying fixer-uppers, some even know people who buy retail and wait for apprecitation. Who is right?
They are all right [except maybe the ``buy retail" guy]. Let me clear the confusion from your mind…once and for all!
The truth is, you can become a real estate millionaire using ANY of the techniques mentioned above. All of them offer the potential for virtually anyone to become very wealthy. Easy enough?
Wheel Spinners
One of the biggest mistakes a novice investor can make is to bounce around…trying to put together advanced financing schemes, trying to flip a wholesale deal, trying to buy and manage a duplex, and all the while thinking about doing a rehab project. I call them wheel spinners. Just like a car stuck in the mud, doing a whole lot of work without accomplishing anything but getting everything very dirty.
How do you think today’s professional property buyers learned? I can guarantee you it wasn’t by being a being “Wheel Spinners.” They did it by biting off what they could chew. When they had digested the skills necessary to free up some of their time they bit off more.
Let me tell you the story of a very capable guy. He came to one of my classes. I ran into him in a golf shop a few weeks later. He said, “You know how you said you can’t start out in this business as an ‘Elephant Hunter’? Well, I’m only looking for big Apartment Complexes. I’ll make $100,000 per deal.”
I picked up this fellow the other day on the side of the road.
His 1936 Honda Civic had just broken down.
If You are the Best at what You Do, You’ll Make a Lot of Money.
Specialize in a particular niche and become the best you can be at it. In fact, your goal should be to become THE BEST at it, period.
When you specialize in a particular niche, you develop a system of doing business that is tailored to your needs and your market. As you refine the methods that work best for you, something magical happens! At some point, your brain kicks into overdrive and allows you to visualize a technique or way of doing business that gives you a competitive advantage.
Now you have it…the secret to becoming a real estate millionaire. Specialize! Think about it long and hard, talk to people, read about the various specialties, evaluate your local market, and then make a decision. And lastly take action!!!
