Relying On A J-O-B Is Dangerous
If you’re relying on a J-O-B to provide most or all of your income, that’s pretty darn dangerous if you ask me.
In the “old world” (which is gone and never coming back), having a job provided security. In the “new world,” who knows… technology may replace you or outsourcing options. You may lose your job because of restructuring, or to budget cuts, or a hundred other reasons.
What happens if (or when) your paycheck stops? What then?
If you want REAL security, you need multiple streams of income (which real estate can provide)… that continually flow into your life regardless of whether you work day to day.
But the industry averages tell us that over 70% of the people who buy real estate investing training programs and courses NEVER do anything, NEVER take action.
Why is that? Why is it that two people get the exact same course, learn the same stuff… but one makes it and one doesn’t?
This is the “Great Mystery”… and I called in a couple heavy hitters to help figure this out.
In this video, you’re going to learn…the small shifts that we made when we got started in REI that led to HUGE breakthroughs, you’ll experience an insightful group brainstorming session, and watch me scribble a simple diagram on a flip chart that could change your life.
Enjoy 🙂
So what did you think?
Toss your thoughts and questions in the comment area below.
– Patrick
P.S. – I’ve got plenty of room to sublease you some space in my new office 🙂
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Had an absolute blast P-Rid! This was powerful stuff and I hope that everyone enjoys. We should get some ideas from viewers what else they’d like us to create videos on for the future!
Josh
Yeah, that was a blast dude! Sounds like a plan.
If anyone has anything in particular you’d like us to cover in a future video, toss it in the comment area here.
– Patrick
Patrick:
There are three barriers to study:
1. Misunderstood words/concepts; If your student has no handle on what is involved in your first sentence, you are not going to get your student back, until you define your term in the second sentence. Without solid definitions of the lingo, including reality on the meat and potatoes of your word. The student MUST become familiar with those terms to get even close to ability to utilize the skills connected to that word.
The physical symptoms are the glassy stare, the feeling of dissyness, loss of focus. The mind is not able to concentrate on the second sentence until the misunderstood term in the first sentence is enveloped, and internalized.
That is the beauty of the Mentor; they are able to spot your fuzzyness, and re-visit your understanding.
2. Reality; Without the hardware to pull on, push on, file into proper drawers, send in the mail, the mind goes into HYPERDRIVE trying to create the hardware. So the studeng of locomotives winds up with his nose mushed into the book, instead of walking out back to handle the locomotive parts.
3. Too Steep a Gradient; biting off too big a chunk to get chewed up without your teeth falling out.
Hey Rocky, thanks for the comments.
On #1, the best way I’ve found to make sure you understand words/concepts when studying new courses is google. Just search whatever you’re unclear on and you’ve got an answer in like 5 seconds.
#2 as far as the “hardware,” all you really need to get started and make money is a purchase and sale contract (because you could put a contract on a property and assign it to another investor for a fee). My buddy JP Moses gives away 50+ forms on his site over here… http://www.reitips.com
#3 biting off too much is a common issue. That’s why it’s so important to focus on your niche and just take one step at a time.
– Patrick
So. if you want more students to get, and USE and finish your courses, start putting in a glossary in EACH Book; start EACH CD/DVD with a list of WORDS, and their definitions!
AND! Let’s put together a good solid Dictionary of the Real Estate Investing World!
Hi Go -Getters Great information for those who are sitting on the side line and those who procratstinate and those who are paralize by fear.you’re shining examples of what’s possible if you believe and plan youe work and work your plan.continue on your path of enlightment to our community
Hey Derron, thanks for the kind words man. Glad you enjoyed the video.
Let me know if I can help you with anything.
– Patrick
Josh… YOU were very fortunate in having a hands-on mentor for 3 months to walk you through the deals… unlike the vast majority of the other 70% you are attempting to address.
Hey Dave,
You’re right. That was a big break for Josh. But is it possible for you or anyone else to get started without a hands on mentor? Yep. Or is it possible for you to get a hands on mentor without paying for it? Yep it is.
You could easily find an active investor who would let you work for free in their biz to learn the ropes. One of our members Jason Tooley did that… and earlier this year after joining our program, he got $920k in 26 days and closed on $8mm dollars in real estate two months later.
If you look for a reason (aka excuse) why REI won’t work for you, you’ll always find it.
– Patrick
Dave,
Obtaining a mentor is actually quite easy in my experience. Just find your local REIA (real estate investors association). There are people who will help you for free, and there are people who will really help you for a fee. There are plenty of wonderful resources on the web, but having someone in your own market show you the ropes is golden. One mentor is great, but having multiple mentors is better. I personally pay a lot of attention to Patrick.
enjoyed very powerful information thank you
You’re welcome Katrina 🙂
– Patrick
Hi Patrick,
I am always learning something from your videos. Keep them coming!
What you said about BELIEVE and how important it is to get and KEEP is fundamental. The diagonal Believe and Action is where the magic is. And it is all under our control the other diagonal we don’t have to worry that much about since we already have it (potential) and the results will come naturally with time.
I am going to draw this quadrant and put it up on my wall to see it everyday. I believe that everything is “just that simple”.
Thanks,
Todor
Hey Todor, I’ll keep the videos coming man.
I like how you pointed out that the diagonal – believe and action – is where the magic is at. Nice!!
– Patrick
Hi, thanks for making this video. You are absolutly correct. I have heard it all before and yet I still always find a reason to stop. Tell us how to overcome our fear of no experience when trying to do the rei biz with experienced investors. Thank you
Hey Carol, you’re welcome.
I have a couple resources for you to check out to help you overcome fear
First, check out this video… http://www.privatemoneyblueprint.com/2011/fear-success/
Then watch this video. It’s specifically on getting private money… but goes over two ways to build credibility even if you’re brand new to REI (and you can apply to other parts of the biz)… http://www.youtube.com/watch?v=f0vO7SNhv-Y&
If I can help with anything else, let me know.
– Patrick
Hey Patrick this is in response to the you-tube guys comments. We can all understand where he is coming from, although I don’t agree with him. i love small towns and great deals can be found in small towns. I’m in DC and I would imagine that it’s easier for me to find sources of funding and networking here.
Heck if he finds some good deals I’ll get them funded!
Great Video as usual! I finally started taking action. Now I realize it’s really a numbers game. Just be consistent and persistent with my marketing and the law of averages will soon kick in.
Thanks,
Mark
p.s. Where can I get the soundtrack? What was that music starting 10:10 into the video?
Hey Mark,
Love to hear you’re taking action! Nice!!
You’re right… be consistent and persistent with marketing and the law of averages will kick in!
I wrote an article on the law of averages over here… http://www.mustknowinvesting.com/2011/07/14/will-this-law-change-your-business/
Not sure about the soundtrack… Josh did the video editing on it.
– Patrick
Dear Patric your presentation and the presentation of your friends
is just awesome.Everyone talked the way as I am in your office with you. YOU inspired me with your sincere open speeches.
You are so right that 70% of all investors invest big money in buying
DVD, CD, MANUALS & TUTORIALS, attending webinars and different cources
online and…EVENTUALLY do not take ACTION.WHY?? Fear is keeping
people away from taking action. Where and how to find right deal with
price below the present market. Where can I borrow money on good
terms and conditions.All PRIVATE MONEY LENDERS are different. Some of
them can lend their money with low interest, the others want to lend
their money with high interest rate. AND then how to pay back lended money? Then I do not have such brilliant advisors as you next to my shoulder who could take my hand and bring me to RE success. MY mind
is oriented to success for a long time (more than 2 years) to SUCCESS.
I have many different thoughts about buying the property. The first
step is always difficult. I hope with your help in the nearest FUTURE
I’ll do my first step. Thank YOU for your attention. GOD BLESS.
Love to hear that the video inspired you! Awesome!!
Even though the first step is difficult… just put one foot in front of the other. You can definitely do this. Let me know how I can help as you move forward.
– Patrick
Patrick,
Hey man, good stuff. I disagree with the YouTube guy. He says that “we all believe, that’s why we buy courses,” He seems to be saying that belief is not the hurdle. I think he is missing the point. You need to believe that your actions will produce results even when they do not initially succeed. That’s the quandary. Most of us want to do well; we believe it’s possible, take some form of action, but stop short- because we lose “belief” in what we are doing. The 4 quadrants that Tony Robins and you showed is a perfect demonstration.
It’s so difficult to maintain belief- that’s the challenge. YouTube guy no longer believes his actions will produce results. He needs to, and so do I, work on “certainty”. How did Tony put it- if you were absolutely certain that your actions would produce the results- what could stop you? Would initial negative results stop you? No. Would 3 failed meetings with potential lenders stop you? No.
Hey, you’re a southern guy. You know the story of Coronel Saunders with Kentucky Fried Chicken right? At age 65 his gas station/ restaurant closed down because the new interstate highway drew customers away. He decided to go sell his recipe for his chicken to different restaurants. The deal was he would receive a nickel for each piece of chicken sold.
He was turned down over 1,000 times before he got his FIRST yes.
Man, that dude believed! I need to tap into that certainty.
Love the video Pat… and love the comments. I’m glad people are brave enough to speak up on both sides of the coin here… it’s a perfect example of what you’re talking about in the video at the end.
Too many people (myself included when I started) are focused on the tactics. They think they need to learn how to write up a contract before they can start making offers so they get a course on that. Then, that course leads them to other things/tactics they don’t know… so they feel they have to learn those before they start looking for properties, making offers, and meeting w/ lenders.
It’s a viscous cycle that never ends…
… UNLESS, you focus on the RIGHT actions like Pat mentions.
We’ve all got caught in the trap of being really really busy doing whatever we’re doing (thinking busy = results)… then 3 months later we feel exhausted at all of the action we were taking and don’t see any results.
When, in the end… we may have been taking the WRONG actions the whole time. “If you’re walking in the wrong direction… you’re taking a ton of action… but it’ll get you nowhere fast”.
You have to educate yourself on all three core areas… #1: Mindset. Without that you’re dead in the water. Many of the people who think Josh is “lucky” because he had his father in-law mentor him are using that as an excuse for themselves not succeeding. Their biggest hurdle is their mindset… no tactics can overcome a bad mindset.
#2 is Tactics. You gotta of course know what to do to find deals, find private lenders, how to talk w/ them, etc. That’s what most people focus on solely… and see no results. If you focus only on this stuff and forget about building a rock solid mindset… you’re dead in the water, broke from buying too much courses, and think this “real estate thing” doesn’t work.
#3 is business building. You could be doing 100 deals a month if you want… but if you don’t know how to manage and grow a business… again, you’re dead in the water. The best way to go broke isn’t by buying course after course… it’s to neglect the fact that you’re building a business and to treat it as a hobby. Once you do that, you’re putting yourself up for huge liability, bigger loss potential, and this is how people go bankrupt… by not learning how to really build an efficient business built around your ideal lifestyle.
Great work Pat! I can’t wait to see the next video.
– Trevor
Iy is very simple, most people had been sold a Bill of Goods by so-called
“Gurus” telling then they can become rich in real estate in just a few months. It is all B.S. it takes time, effort and money to be successful
in real estate.
Hey Anthony, I agree that it does take time and effort. But, it doesn’t necessarily require money (wholesaling for instance). And even if a deal requires money, that doesn’t mean YOU have to have the money.
– Patrick
Great video, Patrick!
I’d like to add focused and persistent to your list….
Happy New Year!
Thanks Ann! Happy New Year to you too 🙂
– Patrick
Thanks Patrick, Dusty & Josh. I just completed the cell phone (&email) challenge 🙂
Heather
Love it Heather! Congrats on taking the cell phone challenge!
– Patrick
Hey Patrick,
Apologies in advance for a longish comment.
I’ve been a member of PMBP for a while and we had a consultation at the first bootcamp in 2010. It was awesome, BTW.
Two questions,
The easy one: did I miss out on information sources to locate the good markets in the US? Please let me know.
The longer question:
I don’t get something. You send a clear message that private money is available. I have no problem with that, (been using it for years). But do you go searching for money before you have the property assessed and under contract?
The big message I got from Susan was to make the property the security, not one’s own credit rating. To a prospective private-money lender I need to present a solid property.
If you don’t direct me to assess the property it’s like you’re telling me to heat up the oven for making lasagna without confirming the ingredients are at hand. I can’t get excited about it, I don’t believe in it.
Please comment, and keep the good stuff coming.
regards,
Jonathan Landes, Ashland OR
Hey Jonathan,
No worries on the longish comment.
On your first question, here’s a resource on locating good markets in the US… http://www.realestatepress.com/partners/scripts/t.php?a_aid=84870954&a_bid=&desturl=http%3A%2F%2Fwww.certifiedwebinars.com%2Fregister_oap%2Fprefill.php%3Fparams%3D{!email}%2CTrevorM
On your second question, a lot of people wonder the same thing. This video will explain what to do… http://www.mustknowinvesting.com/2009/09/11/what-comes-first-finding-a-deal-or-funding-for-a-deal/
I’ll keep the good stuff coming!
Let us know if we can help with anything else, as a PMBP member, we’re here for you 100%.
– Patrick
Thanks Patrick,
This inspired me to move forward with setting up some appointments and showing prospects the benefits of lending their funds to make them wealthy.
Love it Robert! Go get ’em!
– Patrick
Hey Patrick,
this is Reggie the newbie investor in Manning,SC. A couple of weeks ago I responded to your offer for assistance by asking you if you knew of an investor friendly title agent. You informed me that in the state of South Carolina RE deals are closed with ‘closing attorneys’ not title agents. I really appreciated that information. However you ended your reply by stating that you “did not know of any closing attorneys“. You know perhaps a lot of the newbie investors that are not yet doing deals are suffering from major discouragement after being continuously ignored, lied to, ripped-off, and kept in the dark by other investors. I will say this about you though, at least you did take the time to reply to my email which is a lot more than I can say for some others who didn’t even attempt to reply.
Nevertheless it’s all good though. I enjoyed the video and really do wish you and your team continued success bro.
P.S. I too apologize for the length.
In it 2 win it, not giving up!
Reg. Jr.