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