Keep the commandments- Part 1
Sometimes when talking with people who are unfamiliar with real estate investing, curiosity strikes and they want to know the how’s/why’s and do’s/don’t’s. Keep the commandments in mind- that is “12 Commandments of How Wealthy People Think” by Than Merrill, build up a tremendous network , have confidence when talking with people, and you will be set! Than Merrill is the founder of Fortune Builders, which is a company that teaches people how to be real estate investors. Fortune Builders isn’t just any old club that people pay a membership to join- a serious and determined approach is a good start! For more information, check out the Fortune Builders website. How does Reel Property Solutions, LLC keep the commandments- remember this is the 12 Commandments of How Wealthy People Think– in the daily roles of real estate investing? One step at a time is the overall answer. To answer in detail, this is a summary of the article and specific pointers of what has been accomplished and how Reel Property Solutions, LLC has and will continue to keep the commandments true to us and you by examining the first six commandments:
- Wealthy People have a growth mindset, not a fixed mindset: This is the ability to learn and take on new challenges.
When pursuing a certain property, the down payment was $22,000. This is a lot of money for newbie investors, a moderate amount for reasonably experienced investors, and pocket change for the most seasoned of all investors. Since Reel Property Solutions, LLC has been established for 2 years, this counts as the newbie investors. So how to come up with that much money on our own? Think outside the bank! This could be in many ways from seeking funds from family/friends to realizing the power of cashing out accounts. For more tips, contact info@reelpropertysolutionsllc.com or ask around to other real estate gurus.
Another way Reel Property Solutions, LLC can learn and take on new challenges and keep the commandments true to us and you: 1) learning the local real estate market, 2) knowing which neighborhoods will have up or downs, 3) ask advice as needed no matter how new the person is to real estate investing, 4) expanding networks, and 5) going outside the comfort zone. For example, with asking advice as needed no matter how new the person is to real estate investing, one of the best confidants Reel Property Solutions, LLC has is a newbie to insurance. Insurance is required for any property purchase, thus this crucial network partner.
- Wealthy people believe specific knowledge is the way to wealth as opposed to formal education: It’s better to know a lot about something little than to know a small amount of information about a lot of topics.
People need the basics of food, water, and shelter. Shelter can be tough to find in Rochester with the expansion of the Mayo Clinic. This is creating a tremendous population growth which is why Reel Property Solutions, LLC is concentrating on renovating properties that will resell for less than $200,000 since that price range is in great demand. This is a huge benefit to keep the commandments- especially this commandment- true to us and you for affordable, QUALITY housing. Reel Property Solutions, LLC is here to soak in the know-how’s of renovating these types of homes. Someday another emphasis will be added on passive income for rental properties. As cashflow builds, the capital can be put towards the dream of owning a fishing resort in northern Minnesota. Also, another thought is being a private money lender for other investors. Start small, find your niche, get good at it and then keep adding other services to others. Whoever went to college for a business degree and left knowing these steps can and will work if done properly? The best guess is probably not many people.
- Wealthy people get their money to work for them instead of trading time for money. To do this, a person or business entity must have passive income, interest income, or portfolio income in place of the traditional W2 job.
Wealthy people may still have a W2 job, such as a talk show host. The difference is the passive income comes in no matter if the “employee” is “working” or not. Reel Property Solutions, LLC is definitely trying to keep the commandments close to heart, but this takes a lot of time, patience, and dedication. Having a passive, interest, or portfolio income will take as long as you need, depending on the desired outcome.
- Wealthy people influence their friends and family in positive ways and bring them along for the journey. Try to have people understand the value of investing. For Reel Property Solutions, LLC this was difficult in the beginning without having renovated any properties to prove ourselves. However, with the Fortune Builders systems, especially the priceless documents for our use, and most of all keep the commandments in mind, this has helped quite a bit. An example of a wonderful document is when contacting a remodeling contractor, the important topics to discuss, then later when the project is about to start, have a checklist of what projects should be done at what timeline to keep everyone’s expectations the same. This has created a great rapport and making new friends who feel like family!
- Education is a journey, not a destination. Always soak in new information and never stop! For Reel Property Solutions, LLC many things were learned when taking on a property: 1) Go to Building Safety first for the property plans to validate current layout is the same or to prove differences; 2) Take care of the client to build trust, respect, and they know they are important; 3) Follow the gut feeling (see blog written on March 14, 2018). If something doesn’t feel right, figure out the problem, get options to correct then MAKE THE CHANGE ASAP! Who knows, for the next property, these tips may not be necessary. The necessary tips are to keep the commandments close by.
- Wealthy people build up a mastermind group of people who are wealthier and more intelligent than they are.Tap into that knowledge, share own insights, listen to others’ wisdom, ask advice, and be open minded!
Reel Property Solutions, LLC belongs to 2 local network groups. One group plays the board game Cashflow created by Robert Kiyosaki; the other group is investors of various levels who bounce ideas off each other. Other networks that are mostly in closed Facebook groups are with other Fortune Builders members and from Internet Quickstart who discuss website development and marketing ideas. No matter who’s wealthy or more intelligent, all these groups are a phenomenal avenue for real estate investing needs to keep the commandments in mind!
This is the first 6 out of the “12 Commandments of How Wealthy People Think.” Keep reading the next blog for the remaining 6. This will all make sense when tied together. Always know the underlying theme is always strive to learn with an open mind and success will be close by!
If you would like more information about how Reel Property Solutions, LLC utilizes the Fortune Builders systems and will always keep the commandments in mind, contact info@reelpropertysolutionsllc.com or call 507-218-8788.
Of course, Reel Property Solutions, LLC would also love to talk about other real estate matters- we’re here for YOU!
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