Although I’m the new Coach at Foreclosures.com I feel I bring a unique perspective into what it takes to be successful in the wacky, wonderful world of foreclosure investing.
You see, I’ve been in the real estate field for almost as long as Alexis. Like her, I have a varied real estate background. I started as a salesman, then as a broker, then as an investor buying rentals mostly at retail prices. Finally, I hooked up with Foreclosures.com and subsequently purchased approximately 50 properties using Alexis’s proven system. I attended her home study and Lab in early 2004 and she helped me to become financially independent, meaning I now CHOOSE to work instead of HAVING to work.
IF YOU WANT TO BE THE NEXT FORECLOSURES.COM SUPERSTAR READ ON…
The following, I believe, lists some of the top traits it takes to reach a high level of success in this business.
#1Â Self discipline
“If it is to be – it’s up to me.”
This is one of my favorite sayings in life, and it is ABSOLUTELY ESSENTIAL to have a strong measure of self-discipline to continually “do the next important thing you really don’t want to do.”Â
The thing you must understand is that you have no “boss” in this business. It is absolutely UP TO YOU. Your success or failure in this business will be in direct proportion to the amount of effort you put into it.
We all have “bad days” where things don’t go our way, or we “just don’t have it today.”
However, to be successful in this business you MUST BE CONSISTENT in working the business and learning and keep growing as an investor and as a business person.
#2 Caring and Compassion
“White Knight Investing”
This is what the Foreclosures.com system, apart from all others. We embrace the “do unto others” mindset. This mindset allows students to approach defaulting homeowners with a unique proposition that absolutely sets us apart from everyone else who comes in contact with them: “How can I help YOU? (Most likely I won’t be buying your home, but lets analyze your situation and see what steps I can show you how to take so you can solve your “stuck” situation.) ”
This style serves two purposes. It helps you build your good karma when you help them and get nothing. This is the caring and compassion part. It makes you feel good when you help someone, kind of like a “White Knight.” It also sets you up as the natural person for the homeowner to sell the home to if all other measures don’t work and they are going to lose the home in foreclosure if they don’t sell to you.Â
#3 Curiosity
“Live in the Question, not in the Answer.”
This element is also imperative because there is so much new “stuff” to learn and frankly learning is a life long process. It just doesn’t ever stop. You must begin your foreclosure investing journey with immense curiosity. What works best when talking to neighbors? What are the best ways to do your research? Where can I get the best financing? How do I structure the contracts? How do I estimate repairs? How do I deal with the contractors I hire? Do I assign the contract or keep it and fix and sell? There is so much to learn. (Thank goodness I found Alexis and her team to fill in these blanks for me.) Remember to have a strong sense of curiosity of the right questions to ask, rather than just seek the answers.
#4 Prospecting
“Mining for dollars”
I saved the most important for last. Any successful investor will tell you THE BACKBONE OF YOUR BUSINESS IS PROSPECTING! “How can you hit a home run if you don’t step up to the plate?” You must make your phone calls! Contact neighbors, relatives, and distressed property owners. Do some door knocking. Do the whole enchilada. Practice, practice, practice, on potential customers, on your spouse, and in the mirror. Use a tape recorder. Critique and learn. Try a different approach or line. Practice more. CALL, CALL, CALL AND KNOCK THE DOORS.
This is the most important aspect of success in your new business. I estimate I have called and knocked doors of more then 250,000 potential clients in my real estate career. Yep, that’s a lot of contacts, but look where it got me.
Well there you have the short list of “must have traits”. These are Coach Tim’s pearls of wisdom on how to make it in the foreclosure investing world. If you are serious about making this your next and last profession, I recommend you hasten your progress by attending the Foreclosures.com Lab.
Then talk to one of Alexis’ protégé Coaches about helping you attain your success more quickly and with fewer headaches. I sure wish she had had the Coaching program available when I attended the Lab. It would have been an easy decision.
Now it IS available for you, and I’m here to help you achieve the same results that I have.
To your continued success,
Coach Tim Rhode
