People often ask me how I got started in real estate, and let me tell you, it’s a journey with twists and turns. Back in 1982, I took my first steps into this business when I attended an evening seminar that I’d read about in the newspaper on how to buy and sell houses with no money or credit.
This appealed to me since I had neither. Three weeks later, I’d closed my first deal and got a check for $3,000. Over the years, I’ve bought and sold thousands of houses, learning valuable lessons along the way.
Wholesaling is just one of my favorite strategies since it’s the fastest and easiest way to get a check in this business. I’ve seen firsthand how it can pave the way for success. But let me be honest, it wasn’t always smooth sailing. I made my fair share of mistakes, and it took years of navigating changing markets utilizing different strategies to truly understand how to build long-term wealth with real estate investing.
One of the biggest lessons I’ve learned is the importance of mindset. It’s not just about buying and selling houses—it’s about changing your thinking and not being afraid to adjust to the current economy. We call this making a pivot.
I used to believe that buying houses and flipping them was the key to wealth. But let me tell you, that’s a surefire way to give up a lot of passive income. Instead, I focus on putting tenant buyers in houses which was a game-changer for me once I truly understood how to do it. I call it “Keeping the Golden Goose Alive” and we do this using my TERMS strategy.
Delegation has also been crucial to my success. I’ve built systems that allow me to work smarter, not harder. I don’t need to put in long hours because I’ve surrounded myself with a reliable team. Sure, I still make the final decisions, but I leave the day-to-day tasks to others. It’s allowed me to enjoy the fruits of my labor without burning out.
Rehabbing houses may seem appealing, but trust me, it’s not for the faint of heart. The risks and costs involved can quickly spiral out of control. That’s why I prefer to focus on deals that offer high returns with minimal overhead. It’s about maximizing profits while minimizing risk.
Education is another key component of success in this industry. I’ve seen too many people fall into the trap of misinformation and conventional wisdom. That’s why I’m passionate about sharing my knowledge with others.
People ask me why I continue to teach at the ripe young age of 78. Honestly, I’m just not interested in retiring. You can only go fishing and take RV trips so many times before you’re just flat out bored. Teaching keeps me sharp and focused, and I want to help aspiring investors avoid the costly mistakes that I made early in my career. I’ve literally recorded a 6-series podcast on my “32 Fatal Mistakes.” You can listen to it at http://www.thementorpodcast.com.
At the end of the day, success in real estate is about more than just making money for me—it’s about changing lives. I’ve seen firsthand how this business can transform people’s futures, and I want to share that opportunity with as many others as possible. With the right mindset, education, and determination, anyone can succeed in this industry.
So, if you’re thinking about getting started with real estate investing or if your business has stalled or isn’t at the level you want it to be, my advice is simple: educate yourself, surround yourself with a strong team, and never stop learning. The journey may not always be easy, but the rewards are more than worth it.
For my Free online training on Wholesaling, sign up here. If you want to learn more about the TERMS business, where you’ll place lease option tenant buyers in your homes using creative financing, sign up here!
