Today I want to talk about a conversation I had recently with a stock market enthusiast. They were dumbfounded when I told them I didn’t invest in stocks and had no interest in doing so. My father lost money in the stock market during the Great Depression and lost almost $100,000 OVERNIGHT. The "expert" I talked with insisted stocks were going up and up and up, but markets eventually correct themselves.
Today, I want to talk about something critical to your financial future: the time value of money. What this means is that a dollar today is more important than a dollar in your future. A dollar today can help you purchase what you need right now, as opposed to the dollar coming later.
If you want to have any success in real estate investing, you need to listen up to today’s episode. Recently I went to the mall to pick some things up, and as I was walking across the street from the parking lot to go inside, a car came at me. It was a younger person, and instead of waiting for me to cross, they just swerved around me and high-tailed it out of there. They didn’t say “Excuse me,” “Pardon me”, or even “Go to hell.”
What amazing manners!
If you don’t have manners, you will get NOWHERE with sellers. When you sit down with people to talk with them, if you don’t have manners they will already be closed off to you. It doesn’t matter what age you are, you need to understand basic etiquette to win their approval. It’s about being mindful of their feelings and showing respect for them inviting you into your home and of their time.
Another big issue of etiquette: if you are going to be late, make sure you call and let them know that you’ll be late. This is showing that you respect the fact they took time out of their day to talk with you. They didn’t HAVE to do this, but they liked you enough to do it. Make sure you don’t disappoint them.
Without basic manners, your negotiation is going to go straight down the toilet. It’s not hard to be nice and show courtesy, and it’ll get you FAR in this industry.
Make sure you visit my website, LarryHarbolt.com, for all your real estate investing education needs.
Good Luck and Happy Investing!
Today’s episode is a little something different for all of you. I’ve got my good friend Tyler Sheff in the studio today with me. For those of you who don’t know, Tyler at Cash Flow Guys produces this podcast, The Real Deal Podcast with Larry Harbolt. We’ve been working together for about a year and found we had a mutual passion for helping people in our market. Tyler and I are both non-gurus who want to educate the real estate investing community honestly, without the sketchy bullshit many are putting out there today. I've been investing for 38 years, almost FOUR DECADES. There’s not a whole lot I haven’t seen yet!
Today I'd like to talk about an issue with real estate investors that I hear a lot about: how to get their properties free and clear as soon as possible. I, personally, don't care as much about this, as long as the properties cash flow every time. My tenants are paying for the debt service (the mortgage) on the property by paying rent every month.