I've discovered the secret to getting rich with real estate. You've probably seen ads on TV late at night telling you how you can become a real estate millionaire if you will just buy the book, CDs, DVDs, etc. They make it sound so easy to do.
But if you really want to make money in real estate you should follow this simple formula.
1) Buy some books or to to a training event. Learn the language of real estate investing.
2) Use your knowledge to buy a couple of investment properties. Don't worry if you don't make a lot of money on these, because the real money will come later.
3) Steal or borrow ideas from the books you're reading. Collect some of your own stories as well.
4) Start teaching real estate investing seminars. (Once you get here the money starts flowing.)
Last weekend I was at a real estate seminar. The price was low, and I figured they would be selling "advanced" training. But I figured I could pick up at least a few ideas from the "intro" class. The presenter didn't convince me that he knew much more about real estate investing than I do. Granted, this is a topic I've studied for a few years. But the "advanced training" package was offered at the "discounted price" of $14,000. Then it hit me--this is where the real money is to be made in real estate.
I've heard that only a small percentage of people who take such courses ever put the knowledge into practice. The people don't buy a real estate course, they buy hope. The promise is that if you take this course you can get wealthy investing in real estate. And they make the whole thing sound so easy. But I've found that the learning is the easy part. Putting it into practice is the hard part. Tony Robbins says that the old quote of "knowledge is power" is inaccurate. Knowledge is potential power. It is only in the application of knowledge that you realize the power of it.
I want to be a person who takes action. I don't need to spend big bucks on a seminar to do that.