Monday, September 30, 2013

Can You Show a Real Track Record?

There are many people who claim to have a successful track record in real estate, but when the question is asked for some examples of their success, there is no substance provided, but rather a change of subject matter tends to be the norm.

I find it also very interesting that there are many people attempting to sell courses, seminars, training, and that's perfectly fine, but are those people really doers rather than theory pushers?  My advice in this regard is to vet anyone you intend to pay for their knowledge.  Just because someone wrote a published book or two, doesn't mean that what they are giving you is useful, practical knowledge.  It may just be pure theory.  How will you know the difference?  I'm sorry to say that you just have to do more deals.  There is no secret to the business, but if there is a "secret sauce", it is simply doing more deals.  It's as straight forward as that.

Just make sure you are getting your information from someone who has actually walked the walk and not just talked the talk.  These days it seems with social media there are far too many talkers and not enough experienced people sharing their knowledge of real-life deals.

So, for those of you out there that want to be in the Real Estate education business, I believe it's important that you have had a fair share of success in real estate and can demonstrate it with HUD-1's etc. if someone asks the question.  Being transparent only solidifies your authority and helps those who want to do business with you to have confidence and trust in you.  

Conversely, for those newer people who feel they need more knowledge or education in the business, let me just say again, that the best education is actually doing deals.  If you're not doing deals, you're not in the business.  Don't over-analyze.  Just make sure you buy low enough to ensure you can make a tidy profit.  If you buy too high for the neighborhood you're in, then you won't make much, or worse, you could be in a loss situation.  Remember, you make money when you buy, not when you sell.

Until next time.......