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Old 06-26-2008, 06:49 AM
petemfa petemfa is offline
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Default FREE ADVICE FOR NEW GUY'S But only 1 out of 100 will follow it!!

I see these posts all the time from people just starting out......

"HELP...Need advice..... I have no money, bad credit, no job, but I'm just DIEING to start investing in REAL ESTATE!! NEED ADVICE ASAP!!!!!!!

Here's some PRICELESS advice given to me by a SELF MADE real estate MILLIONAIRE. This gentleman has a 6th grade education he built his business from NOTHING. He now owns 12 Dunkin Donuts Franchises (which are all triple net leased back to his "managers") and about 20 Class A commercial office buildings.

This was his EXACT advice to me 20 years ago???

"Kid, you've got a job. That's good, KEEP IT!! Now I want you to save at LEAST 10% of your gross earnings for 1 full year then come back and see me. Until you can do that, we have nothing to talk about."

I now know this was a BRILLANT tactic. This man KNEW I looked up to him, he also knew I wasn't coming back without that money in the bank. I went out the next day and got a PART TIME job in ADDITION to my ful time job. 1 year later I had saved $15,000 and brought the bank book with me to our meeting. You could see the shear JOY in this man's eyes. I had actually LISTENED to his advice. He then told me something that STILL blows my mind.....

"Kid...I've given that same advice to about 100 people. They ALL tell me they want to learn about real estate. Out of that 100 how many do you think come back a year later??? So far.. Including YOU.....2 have actually done it" ................2................

I couldn't believe that. I now can tell you that in my 20+ years of investing this number has NOT changed. I have given this EXACT advice OVER and OVER. Never under estimate the LAZINESS of people!

The KEY to the 1 year plan is it teaches you DISCIPLINE. Without that YOU WILL NEVER SUCCEED! By learning to WAIT for your reward your learning the basics of building wealth. SACRIFICE and DISCIPLINE!!!!!!

My mentor walked me through my first deal, he went in with me on that house, showed me what to look for, what to stay away from, and a TON of others things I'll always be thankful for.

The lesson most people miss here is just how IMPORTANT developing the SAVING habit is. Making that small deposit every week is about as BORING as it gets. But...........SLOWLY.........those numbers get BIGGER....then, like someone threw a switch, suddenly that MONEY doesn't represent THINGS you could buy. It represents YOU, your discipline, your hard work. You don't want to just go out and blow it. It took you a long time to save it. Then the game has changed. Once you hit that point, your on the way!!!

So who here is going to be the 1 out of the 100????????????????

You can do it, but very few will!!!!!!!
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