OK, I am constantly working to always live by design and not default however, something came up recently that totally showed me that I was living by default and allowing excuses to get in my way. I didn't even realize it. Recently my brother Stacy told me he was working with a friend of his to potentially buy a 3 million dollar apartment building. I was stunned by this and asked how in the world he could possibly afford to finance something like that. Don't get me wrong Stacy, is a successful businessman and earns a great income and has equity in two homes that he owns however, he doesn't have 300,000 dollars laying around to even put down 10% on that kind of property. In a state of shock I asked, "How in the world could you possibly afford something like that?"
"How could you not if it is a good deal?" He responded.
I was at a complete loss for words. Stacy, is smarter than I am when it comes to Real Estate but I was totally confused by this. I couldn't even comprehend what he was saying. So I told him, I just didn't get it. He went on to explain. Jackie, it works like this; I got to finish crunching the numbers but I already have a partner (Stephen his best friend) and if this deal is good enough he and I both can mortgage ourselves completely to come up with 10% of the money to get it financed. If that doesn't work I have a network of people I have created who are all higher level investors and would go in with us to complete financing as long as the deal is profitable enough. That deal didn't work out the positive cash flow would have only been about $2,000 a month. Which was far too much risk for very little reward. But he taught me two lessons in this conversation the first was when he said, "This could be a deal of a lifetime and you have to be ready and willing to pull the trigger when you find the right deal".
The next lesson came when I gave this excuse, "I need to start saving more money so that I can start investing in rental property. He responded in his very pointed manner, "That is an absolute excuse! Stephen bought his first rental when he didn't have any money to put down and he was only making $25,000 a year!"
That was like a slap in the face with complete reality. I immediately came home and started reading a book Stacy told me to buy two years ago but I had never gotten around to reading it. It's titled "The Millionaire Real Estate Investor". This has been a great read and it is truly eye opening. I am now looking at the market in my local area and will most like buy some rental property by the end of the year. Stacy, said this was the best book he has EVER read on real estate investing and I can see why. I have already learned a tremendous amount in the past week and a half, that I have been reading it. Here is the bottom line in order to achieve true wealth you have to develop passive income. With Coastal Vacations and Decide Freedom Intl. we can earn a tremendous income. However, it takes more than a tremendous income to achieve wealth that is only the first part. Then we have to invest in income producing assets (Real Estate). I am now on a mission and I will be a real estate investor soon enough. Another lesson learned.
All the best,
Jackie O'Quinn
1-800-620-3019
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Awesome!!!!!!! That all makes so much sense. Why didn't I think of that.....that all that keeps going through my brain. What an awesome thought for the day. Thanks Jackie.
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