How $49 Helped Me Learn to Build a Real Estate Business

If you think education is expensive, try ignorance.” – Derek Bok

Think back… what did you spend your last $49 on? Tank of gas maybe? Dinner for 2 people at a decent restaurant? Couple of hardcover books from your local bookstore?

This past weekend, I attended the 3 day “Real Estate Investment Academy” event in Orlando, Florida. Due to a special promotion a few months before, I was able to register for the event for $49. I wasn’t sure what to expect, but knowing the organizer Chris McClatchey, I was pretty sure it would be money well spent!

The first lesson of the day, and one of the biggest keys to success, can be summarized in four very simple words:

IF NOT NOW, WHEN?

Here’s a simple little exercise that we all did first thing in the morning.

  1. Take your age in years (in my case 38)
  2. Multiply that number times 365 (13,870)
  3. Subtract that number from 28,200 (14,330)

This number is a rough estimate, based on average lifespans today, on approximately how many days of your life you have left. Puts things into perspective doesn’t it? When someone shows you that in the sliding scale of life, the numbers are counting down, it makes you kind of want to make the most of the days you have left!

So what kinds of things did I learn you’re asking? Here’s a quick summary of most of the presentations and speakers that were at the event.

Speaker: Michael Everett, Author of the bookRecessions’s End”

  • There are 4 phases of economic cycles: Recession, Sludge, Stock Run, Real Estate Run
  • The last recession technically ended in June 2009
  • We are at the beginning of the next likely stock run, probably based on “green” technology

Speaker: Charles Fischer, Past President CFRI

  • 10 Tips for Rehabbing Properties
  • (1) Think like a builder, (2) Learn the basics, (3) Build your team, (4) Have a “Jack of all trades”, (5) Get quotes on big $$$, (6) Have a plan, (7) Use quality materials, (8) Know your competition, (9) Use licensed trade people, (10) Special feature / stage
  • Bonus: (1) Turn off water @ the meter, (2) Turn off power @ the panel EVERY DAY!!!

Charles also spoke on “Sandwich” Leasing:

  • “Lease cheap, rent retail”
  • Key 1: Find an owner who has lost interest in renting property; lease it below market with right to sub-lease
  • Key 2: You need the right forms: Fair Housing Laws, Lease w/ sub-lease rights, Property Information Sheet, Resident Lease, Legal Disclosures
  • Key 3: Common mistakes to avoid: Not limiting repair dollars ($200 as a guideline), Under exposure to renters, Determine accurate rental rates, Poor record keeping
  • Key 4: Finding leads: Code enforcement notices, Divorce filings, Rental advertising, Eviction records, Websites, etc.

Speaker: Lee Phillips, Attorney & Asset Protection Specialist

  • The biggest threats to what you own are: Divorce, Medical, IRS / Govt. Agencies, Natural Disaster
  • Asset protection is one of the most important aspects of your business!

Speaker: Lisa Kay Hansen, CFRI

  • Marketing is a very important aspect of your business
  • Learn how to write a long copy sales letter

Speaker: Chris McClatchey, MyRealWealth & Organizer of RE Investment Academy

  • “It’s Not About the How, It’s About the Why!”
  • Replace lead generation with lead capture using automated systems
  • There is never a no-win scenario!
  • Cash flow strategies: (1) Sell lease options to potential home buyers, (2) Include wholesale fees when borrowing money from private lenders, (3) When lending private money, get a stake in the asset

Speaker: Jason DeBono, NuView IRA

  • You can open self-directed retirement accounts such as traditional IRAs, Roth IRAs or 401(k) plans
  • Your investment choices can include: Residential & Commercial Real Estate, Mortgage Loans, Promissary Notes, Limited Partnerships, LLCs, Tax Liens & Deeds, Precious Metals, Foreign Exchange Investments, Stocks, Bonds, Mutual Funds, etc.
  • With a Roth IRA, you can withdraw your principal at anytime without penalty.

Speaker: Scott Whaley, Master Trainer, Anthony Robbins Organization

  • The ultimate resource is resourcefulness and emotions!
  • 3 steps for inner game mastery: (1) Thinking, (2) Mastering your emotions, (3) Taking Action
  • The Real Wealth Formula for Success: Want => Info => Action => Feel Good => Achieve
  • Work on reclaiming 1 hour of time a day via “chunking” – breaking a big problem into tiny little pieces

Speaker: Chris Krimitsos, eMarketing Groups

  • 15 ways to build traffic and cash flow online
  • (1) Start with the Pain – set up a LinkedIn group to solve pain points, (2) Trojan Horse – provide free content with resources to affiliate links, (3) Crowdsource, (4) Google+ – achieve automatic ranking on Google via SEO, (5) Facebook
  • (6) Meetup.com – create focus groups, (7) Groups, (8) LinkedIn Groups – answer questions and appear as an authority, (9) Twitter, (10) Blogging
  • (11) Create a Google+ Biz page, (12) YouTube, (13) Amazon Video – people will buy videos or rent them, (14) Amazon eBooks, (15) Craigslist
  • Bonuses: Enter a local political race to spread your message; Send out a printed newsletter to subscribers

The biggest things I learned from this event were that you can learn any type of “How” such as rehabbing, wholesaling, owner financing, lease options, etc.; without taking action, you’ll never reach your goals or financial freedom! Action is what separates those who only dream about success versus those who actually have success! Building a business such as real estate investing, even in one of the worse economic periods in the past 25 years, is very much possible as many of the people I met have proven. With a little bit of education and learning, a lot of drive, and the willingness to follow through on what you learn, is what separates the “haves” from the “have nots” or “never will haves”. The choice is entirely up to you!

– What will you do to better your financial future?

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This entry was posted in Education / Learning, Goals / Fulfilling Dreams, Leadership / Business / Management, Money / Investing and tagged , , , , , , , , , , , , , . Bookmark the permalink.

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