Want to grow you net wealth?

Want to create a business that will make you passive income month after month?

GREAT!

Why not begin a real estate investing business (like I did)? But hold your horses… There are 4 things you need to do when starting your own business. This holds true even if that business has nothing to do with real estate investing.

One of my mentors taught me this early in my journey, and now I’m sharing the knowledge with you. As usual, if you want to get to the meat of the information right away, you can watch this short video:

 

Now, here are the 4 simple things you need to do…

Using real estate as an example, here’s what you need to have:

Specific knowledge

When you are first starting out in anything, you are looking to expand your knowledge base. But when you are learning to do a specific thing, for example real estate investing, you need very specific knowledge. When I first started out I wasn’t sure what I wanted to do in real estate. I only knew I wanted to do what 1% of the wealthiest people all do. In fact, it’s the one thing they all have in common. They invest in real estate. Knowing this is one bit of knowledge that put me onto a lifelong path of learning! It’s likely I’ll never stop adding to my knowledge base.

When you are first starting out in anything, you are looking to expand your knowledge base. But when you are learning to do a specific thing, for example real estate investing, you need very specific knowledge.  – Tweet  

Once I knew I wanted to invest in multifamily properties, it became a driving passion and it became my goal. That also meant I’d need specific knowledge, so I set out to learn everything I could about investing in multifamily properties. Beyond that, I’d need to learn how to invest long distance in U.S. properties while living in Barcelona. The good news is that I learned what I needed to for me to get started and then just kept going. Now I share my knowledge with other people! That’s a really exciting thing that happens when you hone in and gain specific knowledge. If I can do it, you can do it… so, get busy!

Dedicated time

When you get started in something new, are learning something new or are doing something new you will invest a lot of time building your knowledge base. If you can’t hire people who have the knowledge and you don’t have the money to get things done on your own, guess what?  – This dedicated time you spend learning everything you need to know that will get you to your specific goals might just be all you have to offer other people who might wish to participate with you in your deals.  – Tweet   What I mean by that is that once you know what you are talking about in theory, well, that’s great. But once you keep adding to your base and you really know what you’re talking about, after you have spent a lot of time learning, then you’re ready to start sharing what you know with the world. That’s how you find resources, properties and people who want to work with you or learn from you! (I’ll get to that in a minute. Keep reading.)

Credit and/or Credibility

If you don’t have one you sure better have the other! If you have a good credit score, you may not need an outside investor to back your deals. But if you don’t you need to start building your credibility as an active investor in your community. You do that by putting in a lot of time in the beginning learning all you can about your specific area of interest and by attending events, creating videos, doing livestreams and generally telling lots of people what you do and what you intend. Most important, learn to listen to others for opportunities where you can work with them in some capacity! Remember… you don’t just start out with a lot of experience in the marketplace. You build your credibility over time. If you are fortunate and have both good credit AND credibility, kudos to you!!

Money

We are talking about good ol’ cash! You will need some money to build your business, grow your business and manage the different aspects of your business. But it doesn’t have to be yours. Other people’s money (a.k.a., OPM) works just fine. You can put down a cash deposit on a big property or a smaller deposit or maybe even pay in full… all cash… in smaller properties. If you find a passive investor who wants to back you as the active investor, all you have to do is structure the deal and move forward. That’s what I do now, but in the beginning it was all my money that I put into deals.

 

As you can see by what you just read, before you can start building your business you must have these 4 things in place. It is a progressive situation… one leads to the next. But here’s a little secret…

It doesn’t actually have to be you who has the 4 things in place. You can partner with other human beings who understand or have the things that you don’t!

For example, you may have a lot of time to look for properties and talk to people at networking events, to make calls and to arrange deals. Or you may have a library of knowledge stuffed in your brain that can benefit others when you are putting deals together. If you have those 2 things you may not need the money or credit… especially if you also have built up your credibility as the go-to person for your specific area of interest.

That’s how all of us real estate investors get our start.

I’d love to discuss this with you further. But in your own time. Just contact me through my website and I’ll respond as quickly as I can. Here’s a quick link you can use to send me your questions:

http://keeponcashflow.com/contact-us/

If you’re in my time zone, you’ll find my phone number on the site, too!

Now I’ll leave you with a question:

Of the 4 things, which of those do you have and which do other people have more of that you may be able to partner with?

You know I’d love to hear your answer, so why not leave your comments under this article or join me in my private Facebook group where we can get some good old-fashioned conversations started?!

I look forward to learning about your investment goals.

So don’t be shy. Join me online and let’s chat. Here’s the link:

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