When trying to accomplish anything in life, you need to be willing to pay your dues.

Payment doesn’t have to come in the form of dollars and cents; you may have to pay with your time (especially if you don’t have a lot of money to put into your new venture).

If you ask people to help you reach your goals, you MUST be willing to pay a fair rate to these individuals. You cannot expect to find good and talented people who are really competent at what they do who will sign up to help you if you offer them low or no pay.

You will get what you pay for.

There’s something a mentor once said to me. You can’t expect to get good, fast and cheap. You can have one or two of those, but never all three.”

Recently that point was driven home as I sat over coffee with a friend. We were talking about how he was getting his taxes done for free. He was really happy about that… until later when the forms were filed and the government sent them back with a bill for about a thousand euros.

Now my friend was in a pickle. He couldn’t go back to the tax preparation guy and ask him to fix the issue. Why? Because the tax guy had prepared the taxes for free. He would have to pay the money.

Had he actually paid someone to prepare his taxes he wouldn’t be in this situation. There would be recourse. But he cannot complain. He didn’t pay a competent person to do his taxes. Oh, well…

This “cheap” and “free” mentality is like poison in anything you do. If you think you’re going to get really good [FILL IN THE BLANK HERE] for cheap or for free, you need to change your mindset right now.

After thinking about this, I created a short video about the topic.

Give it your attention for a few minutes:

Stop Expecting People to GIVE You Things…

If you browse my website here at KeePon Cashflow, would you say I got my web team to create it for free? For cheap? Or do you think I paid a fair wage to good people who know what they’re doing and turn out great work?

I have a marketing team now. Do you think they work for free?

Of course not.

Do you work for zero dollars?

Of course not.

Zero doesn’t pay the bills. Being “cheap” doesn’t move you forward.

Yes, but Billy, what about finding deals in real estate? Don’t you look for “cheap” deals?

Not really. I promise you that if you find a “cheap” deal, it will likely end up costing you a whole bunch of money by the time you’re done.

That’s the mistake a lot of new real estate investors make. They find these “good” and “cheap” deals. They think, oh, boy… this is going to be great. I’m going to get this property for very little money, spiff it up and sell it or rent it out and make a whole lot of income.

If that happens, well, I’d be shocked.

It’s better to pay a fair rate for a good property that you won’t have to put a lot of money into to make it profitable. Of course you will go through the full due diligence process before signing the final paperwork, so that if any big problems are found you can get out of the deal or negotiate a lower price, but if you stop seeking to find the cheapest deals, you won’t have to do that.

Treat People Fairly… Get What You Give.

I’ve known other investors like me who focus on multifamily properties. The difference is that they don’t all seek quality; instead they look for awful properties they can buy on the cheap and rehab. What’s interesting to me is that I watch everything they have to do and all the money they have to spend to get the property up to snuff so people would actually want to move in and pay to live in those properties.

Admittedly, I do not understand this “cheap” mindset.

I’d rather pay people to help me find good properties that are being offered at a fair price that don’t require tons of rehab. While these individuals with whom I’ve built trust over time are helping me find properties, I’m working on raising the capital for my next deals.

Here again, I do not offer my investor partners low returns. I offer FAIR returns if they participate with me. There simply is no room for being cheap.

Further – and I don’t care what it is you are needing – I want you to understand that you must pay for services. Just like I do. If it’s marketing or mentoring, legal assistance, taxes, administrative help in your office or literally anything else, do not be cheap.

Those who help you are trading their time for dollars. It is you, my friend, who will be paid by the time you put in. Well, you won’t be paid at first at all for your time. That’s the part where you are putting in a whole lot of your free time (outside your day-to-day job) to build toward your goals.

You better believe you’ll be putting in a great deal of time at first. Especially because at first you’re going to make a lot of mistakes and have to do things a few times before getting them right.

That’s where having a mentor comes in handy.

Will you pay for a mentor? You bet!

A great mentor hasn’t only “been there and done that,” but he/she is willing to go over all the mistakes they made getting to the successful place they enjoy today. They will save you from making the same mistakes.

This mentor needs to, in a way, take you by the hand and lead you through your first steps. In my world, that would be your first real estate transactions. But only after the mentors knows that you have chosen a strategy and have learned it. That you know the deal actually comes last… after forging connections and raising capital (unless you have a bunch sitting in the bank or retirement account that you intend to use and don’t need anyone else’s money).

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For example, do you think any investors would back my deals if I couldn’t clearly explain what I do and the types of deals I do? Fat chance.

Truthfully, I could go on for hours about how you need to shift your mindset when becoming an entrepreneur… and how you get what you pay for. It’s not that you can’t find great deals, but you have to be WILLING to pay for quality.

Speaking of quality, I’m hosting a LIVE Web Class that’s coming up really soon. No, it’s not FREE; but it doesn’t cost a lot. Here’s one of those situations where you can get a great deal. But I want you to use what you learn immediately!!

Go here to take a look

You can also check out my latest podcasts and collaborations here keeponcashflow.com/podcasts/