I’m reading a book called The Millionaire Real Estate investor.
And the Millionaire Real Estate Investor seems pretty good. I figured I’d mentioned some of the stuff I read as I go. The book is a result of some pretty hard work by a guy named Gary Keller, Dave Jenks and Jay Papasan. I bought it on Amazon.Com if you want your own copy. Only a couple of dollars.
So, here we go. I’ll try to share a few of the lessons learned in the first chapter.
Things like the 80:20 principle. I hope most of you know what it is. It means that we usually get 80% of our results from 20% of our efforts. Our best efforts that is.
There was also this thing about how we need to think like a millionaire real estate investor in order to be a millionaire real estate investor. Makes sense. I have always said perception is reality. Don’t know if I got that through, but we both mean pretty much the same thing. The right state of mind is crucial if you want the ability to see and grab opportunities.
What else.. Oh, this. I liked this:
The path of the millionaire real estate investor:
1. Think a million
2. Buy a million
3. Own a million
4. Receive a million
That’s all based on how he thinks we should make our money. He is into slow flips. From what I have gathered so far, his recipe for success is to think like a successful investor to find opportunities, buy relatively cheap, hold and rent for a while then sell and harvest bigger profits. I love hearing stuff like that as it’s just what I’m doing :)
Finally, his CTN. Criteria, which means to identify good deals. Terms is what determines a deal. The network supports your deals. Look at is like this. Criteria are like a filter that saves you from all real estate you don’t want to buy. Terms is the negotiations you go through when trying to purchase a property that matches your criteria. The network is the team of people who helps you find, own, rent and work on the properties.
All in all pretty good. Don’t you think?
To be continued.