It is estimated over 95% of millionaires made their money from real estate. (REAL INVESTORS, BUYING AND SELLING)
On the other hand, the average Realtor / Broker earns less than $40,000 annually.
Why the discrepancy?
Obviously it's quite possible to make stellar returns from real estate yet each and every year plenty of people barely make ends meet even while working at it full-time. Yet research shows that success in real estate doesn't require full-time work, a large private income or many of the other trappings of success typically associated with wealth creation from other venues. In fact, plenty of part-time investors far outperform full time real estate associates each and every year.
Here are some quick tips:
1. Accept Success -
Seriously! Have you ever stopped to contemplate how easily most people accept failure or fate versus those that take responsibility for their own success? It's quite remarkable when you stop to think about it. Understand that everyone is capable of making a success from REO investments - but few people actually do so not because they are helpless but because they wait for help rather than forging their own path. When in doubt about what to do, first find a partner (ME) and then...simply do it.
2. Work at home when possible.
Set a schedule then stick to it. Don't allow distractions to clutter up your productive REO investing time. Hire childcare if needed, find a reputable and reliable virtual assistant and then focus time and energy on building the foundation for your REO empire by automating as much as possible.
3. Dump Dumb Rules.
Simplify your life and investing goals as much as possible. Sit down and think about how much time it takes you to argue / guide or demand things with your partners or employees about some minor situation versus finalizing a deal or making offers on upcoming REO's. Re-evaluate what rules and roles dominate your day then eliminate those that don't enhance your life. "IF THEY ARE COSTING YOU, NOT MAKING YOU MONEY THEN CUT THE CORD IMMEDIATELY"
4. Learn to say NO.
Stop apologizing and don't try to do it all yourself. It's not in your best interest (or that of your family and friends) to tackle more than you are able to deal with on a regular basis. Leave space for down-time as well as impromptu activities. REO investments are especially prone to last minute maneuvers where those that win aren't necessarily the most prepared but simply those in the right place at the right time ready to act with the right partners in place. (WHEN I SAY PARTNERS, GOOD CREDIT, MONEY IN THE BANK AND A WILLINGNESS TO FOLLOW DIRECTIONS....ANYONE WITHOUT THESE QUALITIES DO NOT EVEN WASTE YOUR TIME. "YOU KNOW WHO I AM TALKING ABOUT, THE GUY WITH 20 YEARS IN THE GAME AND NOT A POT TO PISS IN".)
5. List- Buy.
The more you list the more they buy and vice versa...the more you buy the more you have to list as a REO investor. It's a numbers game so take action and automated it as soon as possible. Increase your target marketing efforts on a regular basis; once you reach the desired number of homes, begin to switch your strategy to include more affluent clients.