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Many believe real estate investing is for people with plenty of cash in the bank and
super credit scores. That belief couldn't be further from
the truth, not to mention that that belief could be
devastating to your real estate investing potential. There is more to real estate investing
than the conventional approach of bank financing and
20% cash down payments. The world of "creative" real estate investing is a world of which
anyone can participate regardless of money and credit
resources. In order for it to work for you, you'll have to make a decision to work "it."
As an educator, it never ceases to amaze me by how many people looking to join the ranks
of the pros in creative real estate investing will
jump into a new strategy, try it out for a few weeks and
after they realize they haven't produced their "overnight" millions they jump to a new strategy.
I'm sorry to tell you that there isn't a strategy in real estate investing that will make you
rich overnight. However, I'm happy to tell you
that you can get rich investing in real estate much
quicker than just about any other option available. Step One -- Learn How
There are an abundance of "how to" books in the realm of creative real estate investing.
As well, you'll notice there is no shortage of infomercials,
audio programs, online programs, workshops, boot-camps, academies and programs competing
for your dollar to show you how. Some programs are more credible than others,
but what I've come to know after experiencing so
many of them is that they all provide good information for the most part. I continue
to educate myself as you'll never know everything, and
more importantly... as the economy and real estate
market changes, so do the rules of the game. To be successful in creative real estate investing
for the long-term, make a commitment to ongoing
education. The investment I've made in my education is by far and away my greatest investment.
What separates the good educational programs from the bad, in my opinion, is the
pre- and post-education support. The better the
support system, the easier it will be for you to bridge the gap between the classroom
and reality, which brings me to Step Two... Do.
Step Two -- Do Adopt this philosophy and success will be
yours. Make a commitment to move at the speed of
instruction, meaning... when the instructor tells you to mail postcards to generate leads,
do it. Or, when the book suggests you join a real
estate club to network, do it. Or, when the audio
program advises you to analyze ten properties a day, do it. Do it now. Do it as soon as
you are instructed to do so. That's what I mean by
moving at the speed of instruction. Creative real estate
investing is one of the unique industries, under the right mentorship, of which when
you travel as far as you can see... when you get there,
you'll see further. You don't need to know everything
before you can begin. Get real clear that you'll never know everything. If you wait
for that moment, you'll never get started. So, move at the speed of instruction, ask
questions as you go and notice what's working and what's not...
and that brings us to Step Three, Receive Feedback.
Step Three -- Receive Feedback After three and a half years of full-time
real estate investing I've come to know every completed
transaction had a new lesson within. After each transaction you complete, make a note
(whether written or mental) of what worked and what
didn't. Do more of what worked and stop doing what didn't. There are no limits to creative
real estate investing and I guarantee you will learn
invaluable wealth building lessons in every transaction. So, the first part of receiving
feedback is from your actual results. The second part
of receiving feedback is by networking with fellow
investors and sharing your experiences. There is a lot to be learned from others' experiences.
Join a local real estate investing club and make it a habit of swapping war stories. You'll
gain insight that all the books, audios and seminars
combined couldn't provide. Always be open, never stop learning and welcome feedback...
and make adjustments in how you invest in real
estate. These three steps will get you started on
the right path of becoming a creative real estate
investing success. In closing, if at first you don't succeed,
do it again, and again, and again. Don't be so quick to
utter, "This strategy doesn't work" and jump to a new strategy. Pick a strategy that interests
you and stick with it. Conversely, if at first
you DO succeed, don't be too surprised, either. I'm Matt Theriault of Epic Real Estate, and
this has been another episode of Financial Freedom
Friday. See you next week.