Think and Grow Rich in Michigan Real Estate, Part 2 – Getting and Profiting From ‘Specialized Knowledge':
1. A young couple walks into your just renovated house that you bought from a bank months ago in Sterling Heights, Michigan. They love the house. The only problem is that they have bruised credit. 9 out of 10 banks that they have been too have said NO to them for getting a mortgage. They have decent jobs, but bruised credit. There is a Michigan based lender actually in Sterling Heights that can get the job done, give them the mortgage, despite their bad credit, give them a low interest rate that they can afford – do you know the name of that lender?
2. There are banks that work exclusively with real estate investors. They are called Hard Money Lenders. They will lend you the money to buy and fix the house. 100% No Money Down Flipping. Most of them have horrible terms to the point if you pick the wrong one; and don’t know what questions to ask your potential Hard Money Lender – you will not end up making any money by the time you are done paying them their share. There are a few of them which have great terms for Michigan real estate investors that you should be using to buy and fix foreclosures without using their own money – do you know who these “good” Hard Money Lenders are?
2. If you want to play the game and play it to the point where you have access to over a million dollars in the next 18 months to buy and sell foreclosures in Michigan – there is a specific strategy that could be used in Michigan to achieve exactly that. Do you know what that strategy is? And more importantly how to execute it properly?
3. The Internet is becoming one of the most powerful forces in the world of real estate. I was fooling around with it five years ago – to find deal partners, wholesale houses, flip houses, even flip apartment complexes to other real estate investors who don’t live in Michigan. Do you know out of millions of websites – which ones are ideal for a new real estate investor in Michigan and which ones are a complete waste of time?
4. Last Quick Start Bootcamp I had a brief chat with 2 smart real estate investors who can flip bunch of more houses than they already do but are not doing it because their potential wholesale investors don’t know where to go and get the money to buy the foreclosures from them.
So they are good at finding deals and they can flip these houses without even touching them ONLY if their investors knew how to get the money. What I taught them will NOT only work for them to finance their own deals but they can also send their own investors to these resources and now flip more houses fast. In a way I taught them how to make their own little private bank in a matter of a day. Do you know how to pull that off without effort, all the time, at will?
The list goes on and on. Napoleon Hill talked about the shortcuts to success and wealth starting at getting “specialized knowledge” not the regular ho-ha that everybody knows.
Cardio-vascular surgeons make more money than regular physicians.
It could not be truer than in real estate investing. There is literally a whole different world out there. This is NOT about buying a house to live in for yourself and selling it after 2 or 3 years and may be you end up making some money.
Here is an another very simple strategy that some people have heard of; very few actually use it and do anything with it. I discovered it by accident and have used it over and over again even outside real estate investing in my other business to great profit.
I am sure that you have heard of buying and selling real estate using the money in your self directed IRA or individual retirement accounts such as a ROTH IRA or Traditional IRA even SEP’s. Well that is wonderful and you should be doing it to build a seven-figure retirement nest egg.
But there is a bigger picture here too – like using this “specialized knowledge” of how to use a self directed IRA to buy and sell real estate in Michigan – you can literally, overnight built a horde of deal partners / private investors who will line up, fighting to fund foreclosure buy and fix deals for you.
There are two ways that you can get “specialized knowledge” that Napoleon Hill wrote about in Think and Grow Rich as one of the principles that the very successful use to build and grow their wealth.
1. You can start doing things on your own and learn by trial and error. After all what is wisdom but knowledge that comes from making lots of bad decisions and learning from them.
2. You can find somebody who has the “specialized knowledge” and get it from him or her, neat and clean, fast.
Both ways are good. Pick the one that suits you and do it.
I follow #2 in my own business. Simply because I don’t have time to waste. It took a while to figure out what I wanted to do in my life and business and now I know – I don’t have time to screw around and learn things on my own.
Nobody is going to give you 2 extra Gold Stars at the end of your life because you “did it all by yourself”. I have no interested in knowing if somebody will think more of me just because I “learned” it all by myself. . I just want the things done and get them done fast.
Money Loves Speed.
So when it comes to learning new things in my business – I am always in a hurry. Never sitting relaxed on the sidelines writing a plan to learn it in the next 3 years. Been there and done that.
And looking back wasted at least 2 good valuable years where I could have made more money with considerably less stress but I was too hard headed back in the days to realize that far more smarter people have already come before me and I can “get” that knowledge without making costly mistakes and wasting time.
One of the things that I hear on a regular monthly basis when I am teaching the Quick Start Bootcamp (next one is on April 27,28.29; details herethere is $100 Gift Certificate expiring April 15, 2007)to other Michigan real estate investors is one of the student will get a hold of me during a break and they will tell me that “I wish I came here 2 years ago when I started – I would have made double the money and not wasted two years making wrong choices.”
Every month, this sentence is repeated. Over and over again.
Michigan is the midst of Hurricane Foreclosure right now. The upcoming sub-prime mortgage crash plus some other factors – the next 3-4 years are a buying opportunity likes of which will probably not repeat for a long time.
If you are done talking about the business and want to start doing it – get the knowledge and start. Your fist deal will pay for it 15 times over. But you get to keep the knowledge for the rest of your life and get to teach it to your children and grandchildren.
I intend to do it when my children grow up. What better gift a father can give after all than the knowledge that will make sure that they never have to work for anybody and they can have the keys to the vault – money at will; income on demand.
And I will teach my kids the most important specialized piece of knowledge that I got after running my business for six years now:
Money Loves Speed!.
P.S: If you are coming to Quick Start 2007 than beware we are almost SOLD OUT! For April 27,28,29 in Troy, Michigan. It is a small room – 15 students max and there is a $100 Tax Day discount that EXPIRES Midnight, April 15. Any questions regarding the Quick Start 2007 Bootcamp? Call Nora at 248-462-7029.
