One of my sons is learning to tie his shoes.

He’s 7.

As I was watched him toughing through the task and feeling proud of himself when he accomplished his goal, something came to mind. I didn’t step in to correct him, because my boy is learning how to tie his shoes all by himself. That’s a big step. He needs to keep practicing this new skill till he is great at it.

That’s just like real estate investing…

People I work with during my 9-to-5 job keep asking me how I’m doing what I’m doing in real estate. The short answer is that I have put in a whole lot of practice over the past few years and I’ve developed a great skill set.

But just like my son, I was once new at it and had to keep practicing.

As you know, when I have these thoughts I like to put a video to them. So here’s the one I created around this topic:

 

So Let’s Talk a Bit More About Building New Skill Sets…

Just like my son learning how to tie his shoes is a skill set that he needs right now, it won’t put any money in his pocket later in life. He’ll have to keep developing skills to attain goals, land a job he wants, move up the ladder in a corporate position or learn what it takes to do really well in real estate as an entrepreneur.

Truth is that no matter what you do in life, in order to achieve any level of success will require you to learn new skills, hone them, then learn new skills, then hone… on and on and on.

People in my office at my corporate job excel at what they do; I excel at what I do in corporate leadership. As a team, we rock and get results! If I ask any of my associates about their jobs and functions of their work, they can give me amazing details and really paint a picture.

Yet when I ask them about how their portfolio is performing I get a blank stare. They have no clue. I tell them that they need to take time to educate themselves. 

They need to develop an understanding of their financial fitness, which means they need to know how to read their personal income statement. This takes practice, because it can be confusing AT FIRST.

If they want to be like me and do deals like I do in real estate investing, I always tell them that they absolutely can. HOWEVER… that means developing new skills sets, like understanding how to:

Raise private capital (OPM – other people’s money) so you can get to your goals more quickly.

What to do with that capital when you’ve raised it… which means you have to know the rules of engagement.

How to find off-market deals so you don’t end up wasting any of that OPM.

How to structure deals where they are fair and equitable to all parties.

What to do to create the highest ROI (return on investment) the property can bring.

 

Learning These New Skills Takes Time.

The great news is that if you’re interested in learning how to be a real estate investor, you can absolutely do it. Even while working a full-time job. Even if you’ve never done it before.

Heck, I’ve been doing it, others are doing it and lots of other people have done it, so obviously it can be done, right? A lot of them were able to leave their full-time job because they began earning more in real estate investing (owning cashflowing rental properties) than they were earning at their day jobs.

 

whatilearnedwords

 

Just like in the Cashflow 101 board game, you wouldn’t quit your day job until your passive income has exceeded your expenses by a good little clip!!

But you can. You ABSOLUTELY can. (Whatever is accomplished on the board can be achieved in life.)

If you want to learn how to do deals in real estate, I’d be happy to talk with you. However, you will learn a lot by playing the Cashflow game a few times with me. (It’s called practicing.) I have at least two games a month, one in English and one in Spanish. Here’s the link where you can RSVP:

http://keeponcashflow.com/events/

Why not join me for my next one if you are in the Barcelona area?

If you’re not in my neck of the woods, we can still chat. Right now I have a page where you can sign up to speak with me and ask your questions free of charge. CLICK HERE TO BE TAKEN TO THAT PAGE NOW.