How to Become Wealthy
A very wealthy octeganarian recently told me the secret to his amazing wealth. We were chatting at a social event and after we had been talking for some time he leaned toward me and asked, "Do you want to know the secret to how to become wealthy?" When I nodded in anticipation, he told me, "Watch what wealthy people do, learn what they do, and do it."
On July 11 and 12 I spent two days with JT Foxx learning how he did over 500 real estate deals and how he does his deals today. Because JT is an active real estate investor when he teaches he is sharing methods that work today. Unfortunately a lot of real estate investment courses are taught by folks who made a killing in real estate a few years ago and they are teaching what worked for them back in the day. And, although that "day" may return, the real estate market continues to change and anyone investing using yesterday's tactics is likely to find themselves in legal trouble, financial trouble, or both.
In the interests of full disclosure, I have to tell you that I am a mentoring student of JT Foxx. That being said, you need to understand this: I have been investing in real estate for many years now and I have attended hundreds of hours of training from dozens of different companies and investor/instructors. Of them all, I have found JT's instruction and materials and support programs to be the most comprehensive and practical when it comes to investing in single family homes.
I will also disclose that I did not always want to do business with JT. When we first met, a couple of years ago, I found him to be abrasive in a number of ways. Since I don't have to do business with people I don't like, I took a couple of classes from him and then I went on my way.
Early this year JT called me up and invited me to attend his Mega-Partnering event in Los Angeles. Yes, he called me personally - this was not a voice-blast, teleconference, or webinar. I decided to check it out and I am glad I did for two reasons:
- JT is a true student. He practices what he preaches. He teaches that we all need to keep educating ourselves and getting the coaching we need to improve and lift our game to new levels. The coaching he received since the last time I had seen him had really taken hold and he is a much better man now than he was then. His integrity is as intact as always, but he isn't the abrasive guy he used to be. This is someone I can do business with.
- His Mega-Partnering event was phenomenal. I don't want to take up space here talking about it, but if you get a chance to attend one, you should make the time and go. You will meet more people who can help you in your real estate investing business in two days than you could in two years. The next one will be held in Chicago in September 11 and 12 (http://www.megapartnering.com/).
So, about the course in LA I just came back from... and why it would benefit every investor I know.
Some of what JT taught is what he has done right. He also taught what he has done wrong, which can often be even more valuable. If we can learn from our own experience that is good. If we can learn from others' experience, that is best.
One of the things he taught is the importance of approaching our real estate investing like a business. This includes understanding the need and uses of bookkeeping, accounting, and management reporting. I have to confess that this is something that I wish I had heard and done years ago. Nearly every investor I know tends to approach real estate more like a hobby than like a real business.
A real business knows every month how much money was made or lost.
- Bookkeeping is entering the data and
- Accounting is making sense of the data.
- Reporting is making sure you can see what is going on in your business. There is an old axiom in business, "what gets reported get improved."
I had several other "ahaa" moments during the two days. I would love to tell you more about what he taught, but that would be giving away his content. So, I will have to leave it at this.
If you have a chance to attend one of his classes, I encourage you to do it. If you are serious about investing in real estate I encourage you to get involved in his coaching and/or mentoring programs.
On this last point, I have met most of his coaches. Like JT they are active real estate investors and are living by what they are teaching. As a point of reference, many coaching programs are focused just on helping you overcome the attitudinal and behavioral roadblocks that are preventing your success. While that is worthwhile, it does not give you practical knowledge of how to conduct your real estate investing business and how to buy, manage, and sell your real estate. In fact, many of the coaching providers are coaching companies, subcontracted out by the big-name instructor and they are contractually prohibited from helping you or giving you concrete instruction regarding real estate investing. JT's coaches and mentors are not subcontracted out and they deal with the motivational roadblocks and with the practical instruction in real estate investing as well.
If you would like more information on:
- How to be a private lender see the Investors page of http://www.buyahousebelowmarket.com/
- How to become an equity partner, contact me directly at tsheppard@adbproperties.com
- How to become a successful real estate investor, keep reading these blogs or contact me directly at tsheppard@adbproperties.com
Tom ~
Why Buy Retail?
http://www.buyahousebelowmarket.com/
