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Is what you are doing today, how people become wealthy in RE?

By Doris Barnett-214-236-2908 cell/txt

Services for Real Estate Pros with Consultant

November 15, 2007 12:58 AM

Have you ever stopped to really consider that question?

You should have seen the response I received in my last Intro to e-PRO class when I asked that question! You would have thought I had struck them silent! Now seriously, there are a lot of people out there who claim to have the secret to how you can become wealthy in our business. You will have to agree! I have had people try to sell me everything from contact management software to guaranteed leads (yeah right-I read fine print!)to listings, to coaching. The only way I can see that it works is not working harder-that worked for my grandparents because it was their way of having a differentiator! Today it is working smarter. Now I'm not saying that I'm wealthy from real estate or from teaching e-PRO classes, or even from helping people when they get themselves into trouble with their mortgage(that's just the giving back part for me!) and I work on all three but, I am definately working on the plan to let me use my tools to get me there. Perhaps because I won't use wealthy yet, you may say -hmm who is she to talk. If you are reading this you know the answer, if you can see where you want to be-you can find a way to get there. If you haven't taken the e-PRO class you are missing at least one vital part of your business plan: the technology plan and it's in there at no extra charge in Module four. I'll bet even those who have taken the online (that's the only way it comes!) class haven't all incorporated the tech plan in your business plan. Maybe do it now for 2008!

It doesn't console me too much that I am ahead of the curve because I took my first e-PRO course in 2002. I took the second one in 2006 to be able to teach it. There are still things I could be doing that aren't in place yet. Technology never stops growing so it's an ongoing challenge to stay up with all of it. I can see that this one class has made my life and that of so many others a bit easier. (not harder!) I don't need it to be harder to be more successful. Think about this one-

* Someone invented a sewing machine-to make it harder to construct clothes? washing machine? Dryer? Fridge? Inside plumbing? Ooh Telephone, fax machine, Cellular telephone! Step back, re-consider

Is what you are doing today, really how people become wealthy in REAL ESTATE?

Make a small change: January 10th 9am Can't wait?

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Chris Pollinger

Berman & Pollinger, LLC. - San Diego, CA

Consulting for Luxury Teams and Brokerages

I can see how one would create cash flow from working smarter or harder, but wealth? Wealth is build from investment. There are hundreds of ways to create wealth - one of my favorites is to buy 10 investment properties and pay them off over 15 years. At the end, you will have created an investment that throws off enough cash flow for the average person to retire if they so desire.

Nov 15, 2007 01:05 AM

Doris Barnett-214-236-2908 cell/txt

Consultant - Plano, TX

Real Estate Consultant: Ask for your Better Biz

If only we could expose that truth in a more public way. Hmmmm?

Nov 29, 2007 04:23 AM

Gary J. Rocks

Juba Team Realty - Jefferson Township, NJ

Doris

Unless you can invent a new technology your only educating yourself on it and making paper work and marketing easier. Hopefully it gets you in front of people, because that's where you need to be.

To become wealthy in our Business we need to invest in our business to do what we know best and that's purchase and sell Real Estate. Helping others to buy and sell real estate only puts food on the table and pays the bills. Commit to buying more Real Estate and now is the time to make a start!

Nov 29, 2007 05:16 AM

HEADS UP REALTORS

So the best advice you are giving us is to invest in our own properties! Let's think about that for a moment:

We could use our commission in some cases as a down payment-talk to your broker first. Before I did that I might be looking for people to rent out the property that I buy. So that they can pay the mortgage!

or I might be locating the people I need to fix up the property and then rent it out. Earlier still I might be creating a budget to spend on the fixup or looking into how to finance the fixup before I shopped for a property to meet the criteria of my goals. SO backing way way up:

Just a few good questions:
1. Decide how much you can invest, upfront money closing and downpayment
2. Or find out how to get some money to invest-Lender? investors? your commission?
3. Locate talent to help fix up the property.
4. Find properties in crisis but workable.
        At this point you might identify a price range to shop within
        A budget for the maximum you will spend to fixup
        A way to finance any fixups.
5. After the price range for purchase is determined check the going rate for rentals in the area
        Will it cover the mortgage payments plus leave wiggle room? (need a vacancy slush fund!)
6. Can I buy more for less? Good question!
7. Where can you buy more for less? Investors groups? Bank foreclosure/REO sales?
8. Are you a landlord?
9. Do you know the rules? for the state that you are planning to buy property in?
10. Will you hire a manager? Will it fit into the budget?

Maybe I will buy a few properties this year.
I definately will do a few spreadsheets this year!

Nov 29, 2007 05:55 AM

Is what you are doing today, how people become wealthy in RE?

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