Today I’m talking with my audience about taking full advantage of your real estate investing education. Most beginning real estate investors believe the least expensive option for education is at real estate investor’s meetings; this is completely untrue. Many of these meetings simply peddle a product from a traveling guru.
I learned from the “School of Hard Knocks” and made a LOT of mistakes while learning. You have the luxury that you don’t have to do stumble around in the field; you can find fantastic education from top-notch investors.
You need quality information, from people who teach quality material. You need to decide what your budget is for education; if you don’t have a large budget, then there are resources out there that are incredibly affordable and can get you started right now.
You need to use your education, wherever it comes from, to find deals in the market that has significantly less traffic than other people. You should be talking with sellers and making multiple offers; remember, you’re working towards a deal that’s good for your family and that is good for theirs.
Also, remember that networking is CRITICAL. You need to be making contacts and talking with other investors. These will be the people you’ll ask for advice, talk to about your market, or work with on deals you don’t want to keep but know they’ll want.
If you want real, affordable education, then take a look at our Cashflow Blueprint course at http://www.LarryHarbolt.com/Blueprint.
Today I’m covering a topic that I hear from everyone all over the country. These are the various roadblocks that stand between people searching for a better way than their 9-5 jobs and the reality of that dream. No one knows this better than me; I’ve experienced every single excuse and reason imaginable:
I worked seven days a week as a pipe fitter when my kids were young, and after every work day I barely had the energy to come home, eat, and collapse in my bed. My kids also had extracurricular activities and family functions I had to attend and didn’t really want to miss. However, many people who want to become investors use this as an excuse.
It’s hard to believe now but when I began, I had no idea what to do or say to every seller I contacted. Every conversation felt like “do or die” for me, with the pressure of supporting my family.
Even though I had children and a wife to feed, I was often laid off and between jobs during my first years in real estate investing. I made ends meet with unemployment checks and part-time work until I could find another full-time job. You can image this did not create an outstanding credit score.
A big hurdle for me when I began was the false mindset that you can’t start investing in real estate if you don’t have any money. It was unbelievable to me that sellers would offer seller financing terms and happily take payments instead of a lump sum of cash.
My first 16 years in the field, I went into each deal with no knowledge under my belt. I call this the “trial and terror” method; it was scary but I kept going. Eventually I got education and learned more than my one way of investing, pushing me to be more than a “one-trick pony”. Getting education is key and will unlock your potential, and now you can get it relatively inexpensively to get you going.
To take advantage of our new Cashflow Blueprint course, visit us at LarryHarbolt.com and click on the course on my front page.
Larry talks to his audience today about how to determine which exit strategy is the most effective for every deal you come across. When joining a group of his fellow mentor Robyn Thompson’s students on a bus trip to view properties, Larry noticed that instead of taking notes of needed repairs and renovations, most students just sat back and watched the scenery. They weren’t analyzing the properties or figuring how that property fits into their own investor identity. They weren’t asking any questions, let alone the right ones.
Some of critical questions you need to ask yourself are:
These questions are critical to understanding how to make money from almost every deal an investor comes across. An investor needs to understand the desirability of the neighborhood, the age of the property itself, and the condition of the streets and sidewalk in front of the home.
For more information about Robyn Thompson and her real estate rehab course, you can visit her website at http://robynthompson.com.
Today Larry is joined by Cynthia Schmidt, landlord and creator of the “Collect Back Rent” system. This system is a must for anyone who is a landlord or looking to become a landlord by walking them through the eviction and judgment process so even when your tenant doesn’t pay, you still get your money. Currently there is over $19 billion in outstanding judgments, and over 70% of those judgments are easily able to make their way into the landlord’s pockets.
Many landlords forget that their business is a BUSINESS and let their tenants take advantage of them with excuses. Landlords need to be firm with their 3 Day Pay or Quit notices; this protects them from losing their income and from tenants who are only too eager to put off paying their rent for as long as possible.
Landlords are spending their time following the lead of their tenants instead of vice versa. If you allow your tenants to slide constantly, this will only end up hurting you with your lenders, sellers, and financial friends who you’ve promised their return every month.
The “Collect Back Rent” system teaches landlords the proper procedure for their state, including the 3-day notice, how to file evictions, and how to recover your money in the discovery phase in court. The system includes your individual state’s procedures and paperwork.
To find out more about the Collect Back Rent system, visit Cynthia’s website here: http://www.larryharbolt.com/collectnow
Time is not an infinite resource; we only have so many hours, days, months, and years. Today Larry teaches the audience about how to wisely budget your time so you’re more effective in your investing and making the bigger monthly checks. Unlike what the traveling gurus will crow at the top of their lungs, real estate investing is not a part-time, high profit field. It requires long hours and working times outside of the normal 9-5 so you can access the sellers who work those 9-5 jobs.
A large part of using your time wisely is having a thorough understanding of your target market, whether it’s commercial, single family, multi-family, etc. You need to understand what materials are going to be well received by your market or you’ve wasted time AND money.
The key to getting the best bang for both your buck and your time? Understanding your incoming tenants or buyers, and that real estate investing often demands hours outside the norm. But that’s when the greatest rewards are earned.