Monthly Archives: January 2013

It’s Dangerous to Go Alone! Why Relationships are the Key to Success

key to success
Image courtesy of nongpimmy. Freedigitalphotos.net

Read time: 2 minutes

I wanted to stress the importance of relationships and having a “team” when it comes to success in any field. Working in real estate, I have connections with bankers, title companies, appraisers, inspectors, other realtors, investors, landlords, construction workers, electricians, HVAC guys, and more. Still looking for a god damn reliable and reasonably priced plumber in this town though! Without these people, it would be very difficult to achieve success in this field alone; the same goes for other fields as well.

One big issue when it comes to real estate is CASH CASH CASH. I have several people I could turn to right now who have 6 figures they’d be willing to invest/partner in the right deal. I also have a reliable banker where I get my loans. So far, I am still a “small-timer” dealing with houses with purchase prices less than 50k. I am eventually looking to move up to bigger deals and commercial real estate as my portfolio grows. Without capital to fund my deals, I wouldn’t have most of the houses I have.

Another person who has been a huge impact in my life is my mentor. He is actually an old Boy Scout leader of mine, and we reconnected after I “stole” a house from him we both made offers on. This man literally saved me from making a $70,000 mistake. I owe him a lot and he keeps me grounded from making rash decisions. I was even moved up to “partner” after going in on a deal with him recently.

Do you have a mentor or someone you can go to for advice? Do you have a “team” of people helping you to achieve success in your field? While you can grind your way to the “top”, it is much, much easier to have a support system and connections in your journey to success.

TAN: There are many ways to connect with people who can help you achieve success.

  • One of the best ways is to take successful people out to lunch. While Ramit talks in regard to entrepreneurship, the same could apply to successful people in your field or higher ups. If you are a SUPER CHEAPSKATE like me, just take them out to coffee and pick their brains. Definitely be prepared with relevant, insightful questions and don’t waste their time and DON’T ARGUE WITH ANYTHING THEY SAY, EVEN IF YOU DISAGREE.
  • I have a good friend who is working for FREE for a very successful entrepreneur and gaining INVALUABLE information and skills that I know will make him successful. Look for ways you can “intern”, moonlight, apprentice, or even volunteer to achieve valuable skills and connections in relevant fields.
  • Check out www.meetup.com for relevant interest or networking groups. Similarly, you could become active in your local chamber of commerce and network, although I haven’t had much luck personally.

 

Here’s to 2013

Read time: <2 minutes

I haven’t updated in awhile because I feel as if I haven’t had much to say.  I will instead give a quick update of what’s going on in my life and hopefully a few insights as well.

I still have not sold the damn yellow house!  Now I know what they mean when they say real estate is illiquid, and the importance of having a decent cash reserve for anything that might come up with the houses.  I have lowered the price to basically my bottom dollar.  I do have someone looking at it tomorrow, so we’ll see how it goes.

I have a lot on my plate after acquiring 3 new houses with my partner.  We definitely have our work cut out for us, but I think we found some good deals.  One of them we will attempt to flip and the other two we will rent out.

I have read some great books recently that I have added to my books section.  Conversations with God is an amazing book for Christians or atheists alike!  It basically spells out exactly what I currently believe in, and I am very happy to be more firm on my beliefs when, recently, I didn’t really know what I believed in.

Another great book I just finished was Just Listen: Discover the Secret to Getting Through to Absolutely Anyone.  It has some amazing ways to relate to people and get them to connect with you.  This book should be required reading for just about everyone.

I have a bunch of books in the pipeline and there is such a neverending supply of great books out there!

One more thing I have been getting into is frequent flyer miles.  There are some great credit card bonuses out there where you can earn some serious miles.  I recently acquired the starwoods rewards american express card and will have acquired close to 40k miles after a few months.  This is basically good for an international flight during off-peak times.  I also just applied (literally like 10 min ago) for two citicards with american airlines.  If you have good credit and are responsible with the cards, you can spend on normal things with them, like gas, groceries, eating out, whatever, and get a lot of miles and get some “free” plane tickets to anywhere in the world.  This is much better than the few hundred bucks in cash back I would have received.   This article by Maneesh and this site have been helpful in learning about this.  There are also countless forums and other sites with great info.

On a more personal note, my aunt has had cancer for quite awhile and finally sought traditional, medical treatment.  Today we found out that they will be unable to operate because there are too many spots, more than they thought.  She is quite hopeful and has been doing holistic treatment this whole time, but I am definitely concerned.

I am going to Beer and Pancakes again in February and am looking forward to it!  I have many goals I want to achieve this year and things are looking good.  Here’s to 2013.  Let’s make it the best year yet!