Posted: Buying Investment Property
Are you wondering how to succeed in real estate?
Leigh Robinson said it perfectly:
“Be prepared to work 24/7/365, longer when necessary. Be willing to do menial work when necessary. Find a mate who shares your goals and will work as hard as you will to reach them. Avoid having a family before you make your first $250,000. Seek out someone local who has achieved more than a modest success in real estate investing; treat that person to a fine meal; ask for advice; listen; and learn. Waste no money on expensive tapes and seminars promoted by hucksters with get-rich-quick promises. Study William Nickerson’s classic How I Turned $1,000 into Five Million in Real Estate in My Spare Time, and adapt its techniques to fit your circumstances today. Avoid partnerships unless the partner has expertise, experience, or connections you lack. Understand that your lack of money is no reason to forma partnership with someone who has money. Learn how a professional appraiser appraises a property. Study and follow the market for different kinds of properties. Identify and number of fixer-upper properties, and make offers based upon location, financing, condition, current income, and potential income. Avoid becoming attached to any property before, during, or after ownership. Fix up and trade up again and again. Borrow for investment purposes only. Pay your debts on time. Learn how the time value of money affects your business dealings. Take fewer risks as you accumulate more assets. Cultivate relationships with an accountant, an attorney, a banker, an insurance agent, a loan broker, a real estate agent, and a Jack or Jill of all trades. Hire on-site management. Handle off-site management yourself. Hire help to do those things which somebody else can do for you equally as well as you might do them yourself so that you can concentrate on doing those things which you alone can do to achieve your goals. Stay out of court except for evictions. Learn how to evict, and evict promptly. Expect setbacks and take them in stride. Be unflappable. Keep your word. Be fair. Be available. Be tough. Be patient. Be flexible. Live beneath your means. Complete a financial statement every six months to take stock of your assets. Give back to your community. Good luck! Self-made millionaires need a little bit of luck, too.”
The lesson behind Robinson’s words is that we cannot expect success unless we are very willing to sacrifice for it. There is no type of easy, get-rich-quick real estate investment. No money down is a terrible option for most people, and we should all avoid anyone who says otherwise. There is no real estate investment strategy which will provide for you lots of spending money in the beginning steps. It takes a long time to be able to do this.
We must all thank Mr. Leigh Robinson for his words, and we should all study them carefully. This is REALLY how to succeed in real estate.