Realty411 Magazine Featuring Eric Counts, Credit Nerds - Page 49

I finally realized that I was sharing my excitement with the wrong people. I was sharing my dreams with people who had no respect for them. They would find ways to tell me that my dreams would never work. “There’s no such thing as a win­win deal”. “When someone wins, someone else has to loose.” They also said things like, “You can’t do no money down deals because there’s got to be some money in the deal someplace”. They never stopped to think that the money doesn’t have to come from you. It can come from the seller, the lender, the realtor, from private sources, or a great number of other places. It doesn’t have to come from your pocket. This is when I realized just how important it is to share your ideas with the right people, and not the wrong people. Share your ideas with other investors or students who are of like mind ­ either doing deals and making money or learning and growing in creative real estate education. If you share your dreams with people who are not educated or not experienced in creative real estate techniques, you leave yourself wide open for opinions. When you get opinions from people that you respect, you have a tendency to believe them. This can be especially hazardous for new investors. Always ask yourself the question, “By what authority does this person give me this advice. Has he/she been trained in this field? Has he/she worked in this field and made money?” If the answers are no, don’t listen to him/her. No matter how much you love or respect the person, you have to protect your financial future from well meaning people who are not qualified to give you financial guidance. If you have a new born baby, you wouldn’t dare even think about exposing that baby to the harsh elements that could make your baby sick. You wouldn’t leave your new born baby outside in the rain or the snow. You wouldn’t leave your baby in the heat of the sun, or with unsavory characters as baby sitters. Treat your new real estate business just as you would your new born baby. Expose your baby to the people who can help it grow big and strong, but keep it away from those who will do it harm. And the difficult part is that for the most part, our uninformed friends don’t mean any harm. But if you let their unfounded opinions influence you, it can be fatal to your business. 49 Always ask yourself the question,“By what authority does this person give me this advice. Has he/she been trained in this field? Has he/she worked in this field and made money?” If the answers are no, don’t listen to him/her. If you will continue to learn the right things ­ the things that create win­win situations between you and the owner ­ the things that make you money, now you’re ready for the next lesson. 5. Don’t Get Greedy My friend and mentor, Dr. Albert Lowry tells his students that it’s OK to be a bit of a pig (I call it good negotiating). It’s OK to structure a deal where you make a lot of money. But don’t be a hog. You can blow a good deal by trying to hog all the profits. Don’t forget about the seller’s needs. Dr. Lowry says, “Pigs get rich, but hogs get slaughtered”. Makes sense, doesn’t it? Keep this phrase in mind. We’re going to talk about a principle that was so important in changing my life. As we discuss this principle, keep in mind that you can get rich faster by doing a lot of $20K to $30K deals than holding out for that big $100,000 deal. So, without further ado, I present to you “The Win Principle”. Caution: This principle works best when used with The 3 Cornerstones Of Success, which we talked about earlier. Here’s how it works: