You know, I’ll tell you right now, you can make a lot of money in real estate but you can lose it too. In fact, you can wind up worse off than the way you started unless you understand how to manage your risk.Today is your opportunity to learn how you can take the 4 biggest risks and eliminate them.
Keeps people out of the game of real estate, it’s a 4-letter F word, it’s fear. Fear is that thing that says,
- Give me knowledge,
- give me information,
- get me to seminars.
But at the end of the day, fear is going to hold me back. And you know what? I’m going to actually argue that that is not necessarily a bad thing.
For just a moment, think about what fear is really meant to do. It’s to keep us from doing deal. And he says, well, I can get it for $650,000. And it’s also going to be closer to 150,000 in repairs. And then I think I can sell it for a 50 or 9. He thinks he can sell for a million.
Once you pay your 6% realtor fees that I have in my back pocket that keeps me from ever making a mistake. Imagine if you had a master real estate coach in your back pocket that you could just ping real quick and just say, what do you think of this deal? Is this good? Are their warning signs. And I have a team that does that for me. And I want to give that team to you today.
So, hang out for the end of this. It’s going to get cool.
1. Lacks of deals
Now, the problem with having a lack of deals is that when you find a deal that’s mediocre like the one I was just telling it with my buddy, he says, I haven’t seen a deal like this before I’m going to jump on it.” And so, he gets out there and he just says, I’m going to actually do this thing and make this thing happen.And I’m like dude,you should be looking at 100 more deals every week for me to find 10 winners.How many are you looking at?I looked at 3.And I picked the best of the 3.A lack of deals will absolutely get you in hot water in the game of real estate.I want you to take action.I want you to be eager.But the tool I’m going to share at the end of this,my team that I have,they also have an excess of deals that they tee up for me to actually get me in the game and actually doing this because I don’t want to have a lack of deals.
2. Lack of strategy
There’s a lack of strategy and a lack of experience. You got to start somewhere but trust me, if you’re doing something you’ve never done before, I need you to reach out and get with an expert who has. And you need them to shepherd you through the process.
If you do not have someone that is watching your six, watching your back, you’re going to be in big trouble. I remember one of the first times I was actually doing a deal. I was so excited about it but I didn’t know if it was a good deal. I only I was so excited about it but I didn’t know if it was a good deal.I only thought that it was.It was a house that I was going ti buy for $110,000.
And I basically drove over to my mentors house.Didn’t have the kind of technology that we had today.I would have loved just to…You know ,do a little zoom call or something but…Basically,I went over and I said,”Here’s the thing…”He got on his computer he said,”hey.”Based on the comps and everything I think this home is actually worth 150,000.What about the interior? I showed in my pictures and he said,”Okey.”He started guessing how much those repairs would cost.
And in the end, he basically said, Forhad, you need to do that deal. Lock that down, get that under contract. I ended up moving forward with confidence because my mentor who had the experience that I lacked was basically saying go. A lot of people are out there in the game of real estate acting.
And they 99 things line up and one thing doesn’t. And fear should be saying stop. But you’re not because you think you’re going to make your move and then you lose.
So, you need to have someone that watches your back. That’s the best thing that you can have here on strategy. Which really means you have to have a strategy. Are you flipping? Are you wholesaling? Are you doing a lease option?Is this a buy and hold?Is this an apartment complex?Know what your strategy is and then have a mentor that can help you with that.
3. Lack of team
And remember,it takes teamwork to make the dream work.And if you don’t a team that’s actually watching your back,that means you’re going to defult to doing everything on your own.You know the problem of that is?It’s like a jack of all trades and a master of none trying to everything.
The biggest thing that keeps people having the wealth that they want in their life is that they’re trying to do it all. In actuality, what they should be doing my friend is they should be surrounding themselves with a team that can wear as many of the hats as possible. You’re going to forfeit some money.
But you should choose a property with enough margin which means enough profit that you can bring experts in. If it’s going to say no expert, you’ve got to do it all yourself, that should make you extremely leery and skeptical.
4. lack of track record
This is what gets people in doggy-doo-doo all day long. And so, the whole concept here of track record is actually really simple. When I say find a mentor, don’t just find a mentor that did a deal or a random deal.
If you’re doing apartments then your mentor needs to have a track record extensive in apartments.And how much is a good track record?Well,for me,if I’m trying to make a million bucks up,I would prefer a mentor that’s made 10 million dollars.I want someone who’s already achieved 10 times what I want.
And they’ve done it enough times now where they know the pitfalls,the trial and error and they now know what to do and they certainly know what to watch out for that is a blind spot to you.They can protect that. Someone’s got to have a track record. You want to tap into a team. You got to have a strategy and you have 87% chance of beating you.
Because I love the game of Monopoly. And by the way, my secret is that my token is always the dog. The Scotty down wins almost every single time. No, it is not a game of luck. While there is a luck component because of rolling the dice, the reality is I have rules. Rules that accelerate my chances of success. Some of those rules actually enhance my risk. But it’s actually why I win so much.
If you wanted to win at the game of Monopoly, if you could just get 5 or 10 minutes and say, Hey, Forhad, I’m about to play Monopoly with someone and I put a big bet on the line. Can you share with me your 4 rules were quick to help me out. I could rip them off to you right now and guess what? You’d say, I have a way better chance of winning than I would have otherwise. I asked myself, how can I make that available to you in the game of real estate? Me and my team put our heads together.
And so many of you are watching the article saying, Forhad, help me do this deal. Is this a good deal? What do you think I should do on this one? I can’t find deals. You know, what about strategy? I have a question did you have a question about it?” So, I decided to open my own private real estate hotline.
And it’s actually powered by the same individuals that run my entire real estate system that are buying me homes every single day. Which means that I’ve got some world-class experts that are at your fingertips. And if you click the link below, you can actually learn more about how I’ve made it stupid cheap to access world-class experts that you can call as much as you’d like. You going to do over a million dollars in real estate.
And if you’re out there doing your deal too or five deals or whatever it is, you’ve got experts in your back pocket that will give you perspective, can review your performance, look at your deals. Help you find deals if you’re not getting them. Answer questions for things that you don’t understand. Explain, sell or financing. Opening up a new strategy. Bottom line is any time you lack knowledge, you want someone with extensive of experience that can back you up. And that’s what we do with essentially this brand new real estate hotline.
So, it’s cool because we decided to price it in a way and subsidize it so that we could make it available to almost everybody that is on this channel that is serious about doing the game real estate.
So, if you’re in these shoes where you’re like, Forhad, I’ve been watching you. If listen, if you new real estate hotline to work with my private real estate power team. In addition though, today we talked about how the biggest threat to you is a lack of deals, lack of strategy, lack of team and a lack of track record. Don’t let those stop you from actually getting out there and taking action.Get a mentor in your back pocket and then move forward in confidence.
And hopefully I’ll see you at one of my next events where I can celebrate your success by smashing a watch which is our symbol of financial freedom and saying, hey, you’re… That first property means that we’re ready to celebrate with premature retirement. Let’s go do the next 20-30 deals and make it happen. Thanks for reading.
