Get Rich Quick Slow

I wanted to share some thoughts with you about some disturbing trends I am seeing in our real estate market

I see this taught, I see this as a mentality, I see this celebrated on social media, and I see it over and over again everywhere I go.

And it's poisonous:

Everyone wants to get rich fast. Nobody has patience anymore. Or attention span.

Take real estate wholesaling, for example.

People see the $20k checks posted on FB and their eyes light up with $$ signs.

Instead of taking the time to learn the craft, how to market properly, how to build rapport with sellers, how to negotiate, etc...

They jump in half-cocked, then complain there's no results after 2 months and give up.

Instead of taking time to learn, they lazily post questions in FB groups and expect answers to be given on a silver platter

They throw their hands up in the air and proclaim "there is no deals!!!!" while the true players are crushing deals in the same market.

Not good. Not good at all.

If you want to succeed in ANYTHING, you have to treat it like a craft.

I see the same thing happen in real estate development.

Someone who hasn't done more than 2-3 deals goes out and raises all this investor money to do a big project.

They haven't so much as rehabbed a house but they want to build a big building.

Or they want to buy 200 units never having owned a single rental property.

That's a recipe for disaster and financial ruin - not only your own but your investors'!

Me?

I started doing one rehab at a time. I put blood sweat and tears into learning single family business.

Then I rehabbed duplexes and 4-unit buildings.

Then I rehabbed a small 5-unit mixed use building.

Then I did my first new construction house.

Then a new build duplex.

Then a 4 unit.

Then a 6-unit.

Now I have the confidence to build 14, 20, 50 unit projects and actually be able to review architectural plans, plumbing drawings, HVAC, electrical, civil, storm competently.

And in a year or two I plan on doing 100-200 units at a time.

Every project I have done to date has been a slow evolution in my learning curve

Every project I learned something that I then applied to the next one

Every project was a step on a ladder to ensure that I have the know-how to actually do what I intend to do.

I treat it like a craft.

Sure I could have already raised millions in equity and done much bigger projects

But that would have been an irresponsible way to treat some else's money.

What's my point?

Why am I telling you this instead of enjoying the beach?

2 reasons:

1) I don't know how to enjoy the beach. What do you do anyway just lying on the beach for hours? What do you do with your hands? I don't' get it...

2) I want you to succeed.

And because of that, in whatever you do, I want you to treat it like a real business.

Learn the ins and outs

Take the time to master your skills

Learn the math, learn the zoning, learn how to negotiate, learn how market, study the psychology of persuasion because that applies to everything!

Whatever the "deep skills" required in the business that you undertake, master them!

That's what will differentiate you from every joker you're competing against and will ensure that you actually last in this business for a long time

Especially as we increase a risk of a recession, the true professionals will survive and everyone else will fall to the wayside.

And true professionals don't jump in half-cocked with $$ signs in their eyes.

True professionals choose to "get rich slow"

When you choose to "get rich slow", you choose to build a strong, solid foundation of skills, experience, contacts, and confidence.

When you choose to "get rich slow", you also give yourself the time to learn before taking on too much risk or taking on too much of someone else's capital.

And when you choose to "get rich slow", you are much less likely to lose it all overnight because your entire foundation of knowledge and money is built up properly.

I truly hope you will be one of these professionals, that you get rich slow but get very rich and succeed beyond your wildest dreams.

Talk soon!

Daniil Kleyman
www.RehabValuator.com

P.S. Agree? Disagree? Type in the comments below!

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14 responses to “Get Rich Slow”

  1. Thanks for making me feel better! I thought that I was moving too slow! Just created the business in December, got Rehabvaluator, just got my website set up, don’t have business cards yet because I wanted the website up first. Not much extra money, just doing things one at a time and doing some research and reading to make sure I do it right the first time. This just let me know that how I’m moving is setting me up for the long haul. Thanks!

    • Daniil Kleyman says:

      Always good to build a solid foundation first!

    • Randy says:

      Wow Mr Kleyman, You have just confirmed everything that i’ve put forth in the business that own now that knowledge is power always give yourself enough time to learn and master the craft and then apply. This is the main reason why i haven’t done my first wholesale deal yet I must be sure to apply the correct techniques.
      Thanks you so much Daniil
      Randy

  2. Debbie White says:

    Thank you Daniil, We are going slow and steady. This is our first new small home. We are going to input our information and expenses in “Rehab” soon. This is our first baby…so baby steps for us.
    Thanks for the above message…I love it.
    Debbie

  3. I agree. Thank you for the confirmation. I have been moving soooo slow! I have been recouping and reevaluating after the down turned market in Real Estate. I have bought and sold lots of residential properties and now looking to do Multifamily and development. I believe in perfecting my craft and Professionalism.

  4. Oliver Williams says:

    Thanks Daniel,
    Your wisdom is priceless.

    Oliver

  5. Rosemarie Wilson says:

    Agree

  6. Mary says:

    New. Just thinking about learning the ins and outs of real estate investing. Was referred by a dear friend of mine. I am looking to learn how to earn passive incomes. SSA is not going to be safe even though it is my money that was put in it. No website yet. Just signed up for the webinar tonight. I enjoyed your sound advice.

  7. Rodney Hamilton says:

    Great to learn how to First and avoid mistakes in the project. Less do-overs equals more time equals more roi…

  8. Jose pena says:

    Just what I need to know
    Thanks for everything

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