After 25 years in real estate, what will you have of real value? How will you retire and continue to live a full life? It comes down to taking advantage of opportunities and making smart financial decisions.
How many times in your career have you had a client who was an investor with specific criteria for a property, and when they found what they were looking for, they quickly made the offer? Investors remove the emotion from the buying process and simply pencil the numbers. Can they flip it? Rent it? VRB it? If the numbers work out, they move forward.
As real estate agents and brokers, we’re in a unique position to not only help others find the good deals in real estate, but to also become our own best client. If you ever say to a client, “You should buy this, it seems to be a really good deal,” then you should take your own advice and find a way to purchase it.
One thing I’ve learned in this business is that if you buy right and hold cash flow-positive properties, you’ll be able to retire wealthy. Over time, your tenants will pay off your properties, and you can live on the cash flow or sell them when you’re ready to retire.
Early on in his career, Paul Wheeler, coach and team leader in Tulsa, Okla., made the decision to build wealth for his family, not just his clients. Today, his team continues to make seven figures in commissions, but he could stop working and his properties would continue to provide enough cash on a monthly basis to live well. Owning properties has created additional revenue streams and profit centers for Paul, including a very successful property management company that manages his and others’ rental properties. Paul’s success is a result of him being his own best client.
Instant-offer programs are showing up in many markets. These institutional investment groups set the stage for individual investors to find and buy great deals in today’s market. The business model has shown us that there are a lot of consumers who just want to be cashed out without the hassle of showings, open houses and listing their homes.
Be the instant-offer agent.
First, put together your funding sources. Make connections with cash buyers who want to partner with you initially until you have the money to do this on your own. Set up relationships with banks and lenders who like investment properties and know how to lend on them.
Second, message to potential sellers that you have local knowledge and experience to provide a fast, easy closing.
The only reason people are accepting instant offers is because they want them, so stop trying to fight them. Use this shift to find great opportunities for you and your investor clients.
Remember, most Americans that are truly wealthy either made—or keep—the majority of their wealth in real estate. Are you ready to join them?
Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams. Contact him at Verl@WorkmanSuccessSystems.com. For more information, please visit www.workmansuccesssystems.com.
Verl: Thanks for the article and I am amazed how few Realtors own a real estate investment business, yet they know how to recognize a deal.
Making a lot of money and creating wealth are very far apart as it is not as important how much money one makes but rather what they do with the money they make.
We are very blessed that we get to do what we love and make a terrific living, yet there will be a day when it is time to hang it up.
Most people do a very poor job of planning for their retirement and spend more time planning their next vacation.
People don’t think about how they are going to replace their income from the workplace, how to pay for their children’s college education, or even save money on a regular basis.
The following questions and depending on the responses is the reason why a real estate investing business is the perfect place to create wealth, retirement income and financial freedom
A GUT CHECK
1. Are you on track to accomplish your retirement objectives?
2. How did you come out on your taxes last year? Did you pay more than you wanted? What are you planning on doing differently this year?
3.Any major concerns with our current economic situation?
How much longer do you plan on working? To retirement age?
5. Will you have enough money to maintain your current lifestyle in retirement with your current income and or investments
6. Are you prepared for life after work?
7. What would happen if you got sick or no longer could earn a living at the workplace?
8. What is your current financial situation?
9. Are you saving enough money regularly, or are you comfortable with your current savings?
10. Do you have enough disposable income?
11. Are you more in debt than you would like?
12. Do you have a college savings plan for your children?
13. Are you satisfied with the return from your current investments
How well did you do?
“Every day by the choices we make we either get closer or further away from financial freedom”