I have gotten emails in the past from people who complain that they get overwhelmed with real estate investing. There are so many strategies and tactics and given their full time jobs and the time they need to spend with their family, there's no way they can do this part time and succeed.
I tried explaining that really the fundamental principles are really simple. Despite giving examples after examples of real deals done by myself and my students from all over the world, some people still don't get it. Part of it is lack of belief that success is possible for them. The other part of it, I realized is my fault.
I am suffering from a "curse" called the Curse of Knowledge. Since I know how to invest in real estate, I take a lot of the details for granted. So when I teach the principles, strategies and tactics, I sometimes assume, wrongly, that my audience should know what I am talking about. A good example was when I gave the first ever "Think Rich Quick" seminar. People were overwhelmed by what I taught. It's like drinking water from Niagara Falls (related to that, I am going to make TRQ 2.0 a 2-day event just so that people don't get overwhelmed). Some people even advised me to make it a 3-day event and I should charge a lot more for the know-how I am sharing.
Anyway, to overcome the Curse of Knowledge, I am starting a new real estate business from scratch. It's an entirely new business model that I am totally NOT used to. My current real estate business is buying ugly, cheap houses then selling them (still cheap) to renovators and landlords. These buyers are "repeat buyers" and so once you identify a good cash buyer, that buyer tends to buy from you, the wholesaler, over and over again. That's why wholesaling ugly, cheap houses is easy BUT you need to do a lot of deals in order to make a lot of money from it.
I've decided to start a new real estate business - which is at the EXTREME OPPOSITE of the spectrum. From buying cheap houses (under $100,000) I am going to buy million dollar homes. From selling houses to other investors like landlords and renovators, I am going to sell them to end-buyers or buyers who will live in the homes. Honestly, I don't have any experience how to do this. I don't have a team behind me. I don't even know the market. But I felt like by starting a new real estate business from scratch and sharing what I am learning as I go along, that a lot of beginning investors will benefit greatly from what I am doing. I am even committing to a lofty goal, which honestly, I don't know HOW I am going to achieve it. I am aiming to make $100,000 in the next 100 days (actually, only 96 days are left!). I've developed some strategies based on what I know, but these strategies will surely need to be modified as I go along. The video below explains the initial strategies that I am going to test:
![]( "Play YouTube video")
One of the things you need to learn from this experience is the fact that YOU NEED TO ACT immediately even if your strategies are not perfect. You need to act even if you don't know everything there is to know first. You need to act even though the situation is NOT perfect yet or even if you're not ready yet. I don't have any buyers yet in my database but I proceeded to seek out luxury homes for sale and started talking to some real estate agents. Below is a 10-minute snapshot of my conversation with an agent. The video below or next to that is an explanation of why I asked her the questions I asked.
![]( "Play YouTube video")
![]( "Play YouTube video")
In BuyFirstDeal.com, I will post the next series of videos. I hope you will follow me in my journey and learn as I learn. Better yet, I am willing to buy million dollar homes all over the United States. If you have a good lead, let me know and maybe we can partner on it. One of the things I am seeking are mentors who can help us. Fortunately, I have a network of real estate gurus and we can get them as mentors. I also have access to funding so money is NOT going to be a problem. SO, let me know...and together, let us NOT only learn...but also EARN as well.
dedicated to your success,
Trace
I tried explaining that really the fundamental principles are really simple. Despite giving examples after examples of real deals done by myself and my students from all over the world, some people still don't get it. Part of it is lack of belief that success is possible for them. The other part of it, I realized is my fault.
I am suffering from a "curse" called the Curse of Knowledge. Since I know how to invest in real estate, I take a lot of the details for granted. So when I teach the principles, strategies and tactics, I sometimes assume, wrongly, that my audience should know what I am talking about. A good example was when I gave the first ever "Think Rich Quick" seminar. People were overwhelmed by what I taught. It's like drinking water from Niagara Falls (related to that, I am going to make TRQ 2.0 a 2-day event just so that people don't get overwhelmed). Some people even advised me to make it a 3-day event and I should charge a lot more for the know-how I am sharing.
Anyway, to overcome the Curse of Knowledge, I am starting a new real estate business from scratch. It's an entirely new business model that I am totally NOT used to. My current real estate business is buying ugly, cheap houses then selling them (still cheap) to renovators and landlords. These buyers are "repeat buyers" and so once you identify a good cash buyer, that buyer tends to buy from you, the wholesaler, over and over again. That's why wholesaling ugly, cheap houses is easy BUT you need to do a lot of deals in order to make a lot of money from it.
I've decided to start a new real estate business - which is at the EXTREME OPPOSITE of the spectrum. From buying cheap houses (under $100,000) I am going to buy million dollar homes. From selling houses to other investors like landlords and renovators, I am going to sell them to end-buyers or buyers who will live in the homes. Honestly, I don't have any experience how to do this. I don't have a team behind me. I don't even know the market. But I felt like by starting a new real estate business from scratch and sharing what I am learning as I go along, that a lot of beginning investors will benefit greatly from what I am doing. I am even committing to a lofty goal, which honestly, I don't know HOW I am going to achieve it. I am aiming to make $100,000 in the next 100 days (actually, only 96 days are left!). I've developed some strategies based on what I know, but these strategies will surely need to be modified as I go along. The video below explains the initial strategies that I am going to test:
One of the things you need to learn from this experience is the fact that YOU NEED TO ACT immediately even if your strategies are not perfect. You need to act even if you don't know everything there is to know first. You need to act even though the situation is NOT perfect yet or even if you're not ready yet. I don't have any buyers yet in my database but I proceeded to seek out luxury homes for sale and started talking to some real estate agents. Below is a 10-minute snapshot of my conversation with an agent. The video below or next to that is an explanation of why I asked her the questions I asked.
In BuyFirstDeal.com, I will post the next series of videos. I hope you will follow me in my journey and learn as I learn. Better yet, I am willing to buy million dollar homes all over the United States. If you have a good lead, let me know and maybe we can partner on it. One of the things I am seeking are mentors who can help us. Fortunately, I have a network of real estate gurus and we can get them as mentors. I also have access to funding so money is NOT going to be a problem. SO, let me know...and together, let us NOT only learn...but also EARN as well.
dedicated to your success,
Trace
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