Lesson #1 Deal Only In A Small Specific Investment Area

Objective:

• Define your specific investment area and become an expert on that area.

1. Buy six properties. 2. Love your tenants. You buy a property and you pay off the mortgage. Then you enjoy the income. Then your children enjoy the income. Then your grandchildren enjoy the income. Your great-grandchildren will enjoy the income. When does this end? Now, you know why real estate investing is so great because it never ends. In a hundred years, your offspring will be saying, "Thank you great-great-great-great grandpa or grandma!" You can do this. You deserve this.

Background:

Begin by realizing that local real estate investing can make you a multi-millionaire in twenty years or less. This is almost guaranteed if you do it! As a Master of Success, the biggest limitation to this lesson is you not doing what you are capable of doing.

What will happen with investments in stocks, bonds, pork belly futures or collectible Civil War memorabilia?

Who cares, you have real estate.

What's the winning number on tonight's lottery?

Who cares? You have real estate.

Will a distant relative die and leave you a fortune?

Who cares? You have real estate.

Does your next door neighbor have an advanced business degree from a prestigious university?

Who cares? You have real estate.

Being a Master of Success and applying the information in this course will make you wealthy. Do this. You deserve this.

If you'd rather be poor or average, why are you choosing less for your life and the lives of those who look to you for support and leadership? If you feel lazy or defeated, see a shrink or go into the desert for forty days and forty nights and figure out what your problem is.

Real estate is not a problem. Real estate is your route to financial independence at an early age.

Applying the information in this course will make you wealthy. Your family and the generations to follow will thank you. This is the start of your dynasty.

Most real estate investment and success programs will tell you that average people can succeed.

Those teachers and writers are wrong.

In this program, you will realize that average people can not succeed. Average people will not have the discipline and the perseverance to stick with the program. Average people are very comfortable with the status quo, the way things are. Average people may read the lessons and think they have learned something but the odds are that they will quickly lose interest and quit.

Average people choose to be average. Average people are always looking for quick tips, novel twists and new, magical, never-before-seen strategies. They are only interested in learning about the easy way. Average people are not interested in hearing about hard work, risk and delayed gratification.

Your success will be dependent on your style and attitude as a businessperson. It will be putting together a team, a Mastermind Alliance. This Mastermind Alliance will help you reach a level of financial independence unimaginable to the average person.

Most average people, about 70% of the population, own their own homes. There is nothing special about these people. They are average. If you can do six times what they have done once, you will achieve your objective and be a multi-millionaire in twenty years or less. Here is your formula AVERAGE X 6 = WEALTH. It is fact. Do the math.

Here is the secret. There are no secrets. You will become an expert on value. You will buy properties for 10% - 20% below value. You may add value through upgrading and improvement management. You will buy and sell and exchange until you own six or more properties free and clear of debt. Then, you can keep working but you won't have to work ever again. However, you will have new problems. You will have problems like how to raise spoiled, rich kids.

My messages to you will be as much motivational as instructional. Most of what you will learn, you will learn OJT, on the job, from your own research: reading books, surfing websites and your personal networking and your field work. Stay on track. Stay focused. Persevere and succeed.

You don't have to own a lot of real estate to become wealthy and retire. In most areas, six properties will provide enough income to comfortably support you and your family.

With the exception of your vacation home, it makes management sense to keep your properties concentrated in a specific investment area with a population of 25,000. A small specific investment area of 25,000 people will give you enough owners and variety of properties to make this system work.

If you live in the city, 25,000 people may be just one section of the city. If you live in the country, 25,000 people may encompass several towns. From a management perspective, closer is better. You do not want your investment area to be more than a twenty or thirty minute drive from your home.

The best-case scenario is to build your investment portfolio within one government district; one city or one town. Then you will be dealing with one building inspector, one housing authority, one board of appeals, one zoning board and a limited number of banks and realtors. These boards and organizations and companies and institutions are all made up of people whom you can befriend and who can significantly aid or hinder your investment plans. It's nice to be nice. It also pays to be nice, so be likeable.

Support local winning candidates. In the real world, a contribution to political campaigns buys access. Example: let's say you wish to convert a large house into apartments. The value of that property may differ significantly based on the number of units that you are permitted to create. In other words, permission to create six units may be worth a lot more than permission to create two units.

If you were only buying one house, you may not care about the building inspector or the zoning board. But, if you own six properties or ten properties, you find it very useful to know the personalities and idiosyncrasies of your partners in government. If you are wheeling and dealing in real estate, buying and selling on a regular basis, you will definitely need to know your local government cast of characters. Friends in government are an important asset to an ambitious businessperson and can play a key role in your success.

However, perhaps the most important reason to deal in a single specialized investment area is valuation. Real estate values can change from one section of town to another; from one street to another; from one end of a street to another. Being able to write a certain zip code on your letters or being able to send your children to a certain elementary school or being able to walk to public transportation can be worth tens of thousands from one similar property in one neighborhood to the next. Your objective will be to use your specialized knowledge to make tens of thousands of dollars. The smaller your investment area, the easier your research task will be and the greater likelihood for your success.

You invest in real estate to enjoy appreciation in property value, depreciation for tax purposes, cash flow and amortization which is equity build-up from mortgage reduction.

Research Is Your Edge

Unfortunately, you cannot rely on the advice and expertise of most real estate agents on the subject of value. Most real estate agents try to work an area much larger than your investment area. They will NOT know the small ins and outs, the details that may result in large profits for you. On the North side of town, an extra 5,000 square feet of land or a garage might add $25,000 in value when compared with the South side of town. You have to know these variables. YOU have to know them. Don't rely on anyone else. Research, research and more research and don't stop until you have your six properties.

In 2011, there were almost a thousand billionaires in the world. The wealthiest made their money in a wide variety of ways. However, one way stood high above the rest. It's real estate. About ten percent of the world's billionaires made their money in whole or a significant part from real estate. Do the research. Find the bargains. Copy success.

As an expert, you are going to make millions of dollars as a local real estate investor. When you have read forty books on real estate investing, you will be a world authority on real estate investing. Expect nothing less of yourself. Start reading and don't stop - ever. You are a Master of Success: a tough thoughtful spiritual person of action. Reading is the thoughtful part.

Let this be clear. You will not succeed only by reading these few printed course pages. This would be too easy. Just reading these words amounts to almost nothing. You have to make the contacts and watch the weekly update programs. You must read and browse and research and drive and talk and meet and listen and evaluate and meditate and offer and finance and buy and manage. You have a lot more to do then read these few pages. If you are not devoting 8-10 hours per week to becoming a multi-millionaire, you probably will not become a multi-millionaire. This work is easy but you still have to do this easy work.

If you have contracting skills and plan to buy fixer-upper properties, choose a superior neighborhood as your small specific investment area. Remember, it costs just as much in time and materials to put a kitchen in a top area as in a poor area and yet the return on investment in the top area will be much higher.

Six Properties Is Your Goal

Who is doing this kind of research? Probably, no one but you! Your research will make you a better local appraiser than any homeowner, the overwhelming majority of real estate agents and even some full-time professional appraisers.

The knowledge gained from research combined with your willingness to make offers will make you your fortune. Be a person of action. Most people are doing nothing.

Begin to define your specific investment area immediately. Get out your map and mark off your specific investment area with a population of approximately 25,000 inhabitants and you'll be ready for the next step.

You will be attentive to the economy and interest rates and legal and tax consideration and management but none of these factors will matter unless you are committed to your acquisition program. Don't get sidetracked and bogged down with less than significant details which can lead to excuse making and inaction. This is what average people do; they take comfort in the complexities. Stay focused on your objective of buying good properties.

I want to repeat this Mastery Mindset with every mission. Take your twenty minutes of quiet time each day and think about this. Think about this over and over again until you get it. 1. Buy six properties. 2. Love your tenants. You buy a property and you pay off the mortgage. Then you enjoy the income. Then your children enjoy the income. Then your grandchildren enjoy the income. Your great-grandchildren will enjoy the income. When does this end? Now, you know why real estate investing is so great because it never ends. In a hundred years, your offspring will be saying, "Thank you great-great-great-great grandpa!" Start your family dynasty. This is beyond the comprehension of average people. You are a Master of Success. You can do this.

The text portion of this course is not going to be long on details. The simple reason is that you don't need a lot of details. Research until you become an expert on value in your specific investment area. Make offers and negotiate. Buy and sell to acquire six top properties and relax. You will be a multi-millionaire in twenty years. If you want to accelerate this process, keep buying and selling and making profits to pay off your mortgages sooner.

Don't worry about average people because average people are doing nothing and most are headed nowhere. Average people can not comprehend enlisting or serving in the military. Average people can not comprehend becoming multi-millionaires.

Story:

Julio in Jail

For over a year, every morning nineteen year old inmate Julio was bused from the country jail to my classroom at the high school. As one of my students, Julio heard me talk and talk about the virtues of real estate investing. I told these guys that they needed a plan.

1. Get out of jail,
2. Get a good job,
3. Save money,
4. Buy a house.

Julio skipped steps one, two and three.

One day, completely out of the blue, he asked me if I would talk to the judge about his getting some extra free time on Friday,

"Why do you need extra time out on Friday?"

"Well, Bill, my sister and I are passing papers on our first property."

"Julio, what are you talking about?"

"Bill, listening to you, you convinced me to buy real estate, so when my sister told me that her landlady was thinking about selling her house, a three family, I said to talk to the old lady before she listed the property. I told my sister what to do and she made a deal. Then, I told her how to get a mortgage. She qualified and, since I already have a job lined up when I get out of jail next month, the bank's attorney said that I could put my name on the deed. Bill, like you said real estate isn't that complicated. You just have to do it."

At first, I was amazed at Julio's audacity. But, the more I thought about it, the more sense the deal made. Julio's sister found a good opportunity. Julio encouraged and instructed her on how to proceed. Negotiate. Get financed. Go to the closing. What do you need to buy real estate? You need the knowledge and the courage to take decisive action. Most people just talk but Julio acted."

The three-family house that Julio and his sister bought for $130,000 in the early 1980s is today worth over $800,000 AFTER THE CRASH.

Julio was not thinking about what he couldn't do. Julio was thinking what he could do. Julio did what he could do.

Because of the power of leverage, real estate is better than most other investments. You have $15,000 to invest. You invest $15,000 in the stock market and get a 5% return and a $750 profit. You invest $15,000 in a $200,000 property and get a 5% return and a $10,000 profit!

General Colin Powell's Rules:

1. It isn't as bad as you think. It will look better in the morning.
2. Get mad, and then get over it.
3. Avoid having your ego so close to your position that when your position falls, your ego goes with it.
4. It can be done!
5. Be careful what you choose because you may get it.
6. Don't let adverse facts stand in the way of a good decision.
7. You can't make someone else's choices. You shouldn't let someone else make yours.
8. Check small things.
9. Share credit.
10. Remain calm. Be kind.
11. Have a vision. Be demanding.
12. Don't take counsel of your fears or naysayers.
13. Perpetual optimism is a force multiplier.

Library

Some would say that Donald J. Trump is an egomaniacal narcissistic megalomaniac. He was born rich. True or false does not matter to us. The Donald is a contributor to the Action Principles^® Leadership Project. And, The Donald is a real estate genius.

The Donald has so many projects that he is always dangerously close to being overextended. Hence, he now writes with an increasing list of collaborators and his recent books aren't as good as the old ones. Still, we must read all that he writes. In every book, there is some nugget, something new to learn.

As part of this Master Real Estate program, you will read forty books and become a world authority on the subject of real estate investing.

The following is a list of ten Donald Trump books. There are others. There will be more. As part of our continuing education together, I will be reviewing all future Trump books on the forums, the printed mission addendums or in the weekly videostreamed seminars.

I encourage you to buy your real estate books and start your own library. Surrounding yourself with your library books will be a regular reminder that "you are extraordinary!" When you own a book, it is yours and you are fee to underline and circle and write in the margins. I do. Start reading and never stop.

Trump: The Art of the Deal

Trump : The Art of Survival

Trump: Surviving at the Top

Trump University Real Estate 101: Building Wealth With Real Estate Investments

Trump: How to Get Rich

Trump: Think Like a Billionaire: Everything You Need to Know About Success, Real Estate, and Life

Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies

Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor

Why We Want You to Be Rich: Two Men - One Message

Property Management 101

The golden rule of property management is the Golden Rule. Very simply, treat your tenants the way you'd like to be treated.

NEVER. This word is in bold and underlined, so read it again. NEVER trade services for rent. The rent is the rent. If you hire a tenant to paint or mow the lawn or manage the building, pay him or her to paint or mow or manage. If a tenant needs a plumber, send over a plumber. If you start accepting services for rent, you are putting yourself on a slippery slope to not collecting rent. This is a common mistake. This is a BIG mistake.

Renting to friends and family can be a joy but often turns into a nightmare. Before you allow friends and relatives to lease units, be sure, be absolutely sure that they know the rules and that you intend to strictly follow the rules. They may be laughable but this is not a laughing matter. Yes, the person you help today could easily be the person calling you the Evil Grinch tomorrow. You are a businessperson. You are not a family social welfare agency. If an acquaintance is having a tough time financially, the more prudent course is to create an excuse for not leasing to them and lend them a few hundred dollars rather than "giving" them one of your units. Don't make their problems your problems.

Income property is your business. Make businesslike decisions and not emotional decisions. This is not about you and your personal preferences. You may want the absolute best appliances and floor and wall coverings in your own home but these may not be the best choices for rental property.

A security deposit is a security deposit against damage and is not last month's rent. If you are going to allow security deposits to be used as rent, then don't bother with all the paperwork of collecting security deposits.

The advice in the section above could very easily be worth many thousands of dollars or many times the entire price of these Master Success Courses and years of continuing Master Success education. You are a Master of Success. You are tough and smart. Be tough and smart. Help the truly needy.

Operational Limitations:

The three greatest obstacles to your success are inaction, inaction and inaction.

If you just read though this material, looking for quick tips and ideas, you are not completing this course. You are doing something else. You are doing your thing.

With the exception of your vacation home, don't buy investment property further than a 20-30 minute drive from your home base. There is no need for this. Don't do it. If there are great bargains somewhere else, leave them for someone else. If you look, you will find opportunities in your small specific investment area.

Everybody has an opinion on real estate. Many people are only too happy to share property and tenant horror stories with you. These people will be of very little use to you. Instead, you want to speak with and learned from seasoned investors who have done what you intend to do, seasoned investors who have seen and dealt with problems while enjoying the many benefits to real estate investing.

Even with research too many average people are afraid to buy investment real estate and deal with tenants. The weak and uninformed will always find excuses for inaction. This is them. This is not you. If you see money being made, get in on the action. Use your current home equity to start building your investment portfolio. Research, learn, make offers and buy another property. Then, buy another property. Continue.

Real estate investment is a local business. National statistics are interesting but not particularly relevant. If you invest in San Diego, the appreciation rates in San Antonio don't matter.

Jargon:

Assumption clause - A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.

Bankruptcy - A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.

Deposit - A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.

Eminent Domain - The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.

Escrow - An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.

Grantee – The person to whom an interest in real property is conveyed.

Home Inspection - A thorough inspection that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.

Net Cash Flow - The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments.

Unsecured Loan - A loan that is not backed by collateral.

Question and Answers

What about all the people who have lost money in recent years buying real estate?

The people who lost money fall into three general categories:

1. The unqualified who should never have been buyers. Most of these unqualified buyers bought with little or no money down.

2. Over-extended homeowners who went on equity spending sprees by refinancing and spending and refinancing and spending.

3. People who bought at the absolute top of the market in 2004 – 2007.

The majority of home owner have made money. Now, with historically low interests and prices down, if you do your research and act responsibly, you can make money.

Why should I invest in real estate?

It's the easiest and safest way to become wealthy. Ninety percent of all millionaires become so through owning real estate. More money is made in real estate than in all other investments combined.       This is how rich people get rich. You can run your business part-time or full time. Real estate investing is a great family business in which everyone can get involved.

What can I expect from following the Master Real Estate Course?

If you purchase six properties and own them debt free, you should be a multi-millionaire in twenty years. For example, you might own your own home, a vacation home, and three small income properties. Small income properties might be condos or multi-families.

I already work full-time and I have other obligations. What if I don't have a lot of time to devote to real estate?

Ask yourself if you are willing to spend ten hours a week on real estate if the end result is that you become a multi-millionaire in twenty years or less. You must believe in your self and believe in the Master Real Estate Course. If you complete the missions, you should have the confidence to proceed.

After you have your six properties, you might spend that amount of time or less managing your investments. This isn't an overwhelming commitment of time when you consider the financial rewards.

I'd like to invest in real estate but I hardly have enough money now to make ends meet, I guess there isn't much I can do?

Before starting the Master Real Estate Course, you should take the Master Small Business Course. In that course, you will learn strategies based on the Action Principle^® to ensure that you are in the top income bracket of whatever career you choose.

Yes, early in your career, you may have to make a few tough financial sacrifices. Yes, you may have to work a second job. But, the sacrifices and the hard work will be worth your efforts. This is not playing the lottery or some wishful fantasy. You have not relegated your financial future to someone else's whim. You have taken control. Real estate investing is the real deal. If you think you can or you think you can't, you'll be right either way.

I was told that the five unit building I want to buy does not qualify for residential loan consideration. How can this be since all the units are apartments?

Many lenders classify one to four unit buildings as residential and buildings with over five units as commercial. Commercial rates may be slightly higher and require a larger downpayment. These are simply costs of doing business. As always, shop around for the best rate and terms. And, there may be some advantages to a commercial mortgage. For example, the loan may be non-recourse, which means that you would not be personally responsible for repayment. The surety would be in the property itself.

What do you think is the biggest roadblock to success in real estate?

It is a lack of vision and self-confidence. It would be the incessant gathering of opinions form uninformed sources. Why talk to negative people who aren't investors?

If you do your research, you will have factual evidence that knowledge investors find good deals. You have factual evidence that real estate appreciates in value. You will know that you borrow money to get rich while these wonderful people called tenants repay that money for you. You will know about the tax benefits, the potential cash flow and the pride in ownership. Again, why talk to negative people who aren't investors?

It is much smarter to talk and learn from the successful investors in your specific investment area. Do your research. Read. See lots of properties. Make offers. Negotiate and have fun. Get rich. Invite the naysayers to swim in your pool and fish on your boat.

My wife and I want to thank you for all of the advice that you've given us in the Master Success Courses. We feel that we have all we need to become financially independent.

I appreciate the compliments. However, I am only a teacher. I am only a guide showing you what you are capable of doing. These books and courses are only a catalyst to stimulate your thinking; to motivate you to take action. Most of the information that you will need to become successful must come from your own painstaking research. And, based on that self-acquired knowledge, you will again the confidence to make offers and buy properties.

I'm a twenty-two year old woman and fresh out of the Navy, is it realistic for me to buy investment real estate?

Absolutely. Now is a great time to get started. Real estate does not discriminate: any age, gender, race is welcomed. You can be a high school graduate or hold a doctorate degree. You can be American born or foreign born. You can come from a wealthy family or an impoverished background. If you start your investment program in your early twenties, in two decades or less, you may be in a position to retire.

I'm 55 and retired. What I don't have is twenty years to devote to a real estate investment program. What can I do?

Real estate investing is simply a great part time business with unparallel potential returns. It is a great retirement business. Yes, the general program I discuss involves buying six properties, owning them free of debt in twenty years and retiring a multi-millionaire. But, this is only one road that you can take.

You can become a local real estate expert in as little as six months. Using your knowledge, you can begin to buy and resell, flip, properties and make tens of thousands of dollars on each transaction. You can use your profits to invest or you can use your profits for new cars, travel and to spoil your grandchildren.

You can start making money and enjoying that money immediately.

I have started reading for forty books so that I can become a world-class real estate investment expert. From my reading so far, it seems that triple net leased commercial property are the best types of foolproof investments. Do you agree?

Most triple net properties are single tenanted single use buildings leased to national franchises such as muffler shops, drug stores, fast food, etc. A triple net property is a property where the tenant pays all expenses, including repairs and the payment of insurance and taxes. You sit in your office and open up the monthly check. You can even have the rent direct deposited into your bank account and thus do absolutely nothing.

For these reasons, many would agree with you that these are attractive investments. Thus, triple net properties are priced accordingly. Be forewarned that the lease terms can be long and the returns low.

And, remember, that these investments are not without risk. Even national franchises can go out of business. Do your research. You do not want to end up with a vacant, single-purpose white elephant of a building.

Is raw land ever a good investment?

Land speculation is a real estate investment specialty. It is not normally a good investment consideration for a novice. It is more difficult to finance. There is usually little or no income. Land is not depreciable for tax purposes.

In my small specific investment area, there are a lot of big older homes that have been converted into condos with new kitchens and baths. They look really nice. Do these condos make good investments?

Do you due diligence. Think objectively. On a per square foot basis, are these units a good value for the dollar? What are the trade offs for these older units as compared to a newly built complex? Does the older property have more character? Is it in a better location? Does the new property have more modern amenities like a pool and gym? Be aware that in older conversions, the units may be of varying sizes, presenting challenges for condominium association voting purposes.

Also in a conversion, you are buying a piece of an old building. While the visible fixtures may be shining and new, the components behind the walls, pipes and wiring, may be very old. If you are making an offer, you will have an inspection which should answer your questions.

Yes, converted condos can make excellent investments. You will be, as always, alert and aware. Study comparable sales. Have a reasonably good sense of what buyers and renters seem to prefer in your area.

If real estate investing is so great, why doesn't everyone do it?

This is one question that I can't answer. Honestly, I cannot understand why more people don't invest in real estate. If they make a make a lot of money owning one home, why wouldn't they want to replicate this success over and over again? I guess the simple reason is that they talk to other people who aren't serious real estate investors. Instead, you should talk to people who are investors. If you talk to a slacker, he is going to give you a hundred reasons for inaction. If you talk to an achiever, she is going to give you a hundred reasons to take positive action.

People tend to associate with people in their own economic bracket. Most people have friends whose salary is within 20% of their own. So, the answer is to hang out with richer friends.

Suppose you had an opportunity to meet Donald Trump and you told The Donald that you intended to buy six small investment properties, what do you think The Donald would say? He'd probably shrug and say, "Okay, why tell me? Do it."

Every young person should own a home by age 25 and at least two properties by age 30. Get going. And, encourage your children and those you love to follow suit.

How can I find the best location for investing?

Almost any area with a population of about 25,000 residents will work fine. Within this specific investment area, normally there will be a mix of single family houses, multi-family houses, condominiums and commercial properties. Stick to this one area. Become an expert on values in this area.

You do not want to stray too far from home. For maintenance and management reasons, I would not pick an area more than a half hour drive from your permanent residence. Closer to home is better. Ideally, the area in which you reside and invest will be the same area.

Why should I limit the size of my investment area?

The smaller your specific investment area, the easier it will be to become an expert on value. Being an expert, you can use your specialized knowledge to capitalize on opportunities over and over again. You will have a better understanding of the idiosyncrasies of the players in your area: the brokers, the bankers, the contractors, the government officials and the other investors.

I want to get into the real estate investment game but the only way that I can see to do that is to buy a condo and have a roommate. I really don't like either idea. Should I look anyway or wait until I can afford a single-family house, which is my ultimate goal?

Your dream house may be your fourth or fifth purchase. You may have to wheel and deal and sacrifice to become wealthy, so do whatever it takes to get into the real estate investment business. If you need a roommate for a year or two to qualify for a mortgage and pay the monthly freight, go for it. Maybe in a short period to time, you can keep this unit for investment and buy another. You would be one-third of the way to your goal of six properties.

If you are doing your research, you know the numbers for a good deal on a two-bedroom condo and you will want to buy. You are a Master of Success. Do not be indecisive. Buy.

Action Plan:

If you don't have a personal mission statement, write one. If you have a mission plan, add buying six properties and owning them free and clear within twenty years.

Make a commitment to read one book on real estate each month. When you read forty books, you'll be a world authority on real estate investing. Start immediately.

Define your specific investment area of 25,000.

Who are your local politicians? Start learning their names and their positions especially on housing issues.

Support:

• From the National Real Estate Investor: nreionline.com
• Building Owners and Managers Association: www.boma.org
• For Real Estate News Directory: www.rebuz.com

Inspirational Insights:

You're always five years too late when you're buying real estate.

Grandma Cluff

I made a tremendous amount of money on real estate. I'll take real estate rather than go to Wall Street and get 2.8 percent. Forget about it.

Ivana Trump, b. 1949, First wife of Donald Trump

Persistence is what makes the impossible possible, the possible likely, and the likely definite.

Robert Half

Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.

Marshall Field, b. 1835, Retailer

I firmly believe that the only disability in life is a bad attitude.

Scott Hamilton, b. 1958, Olympic gold medalist

Ten two-letter words that say it all, "If it is to be, it is up to me."

Dr. Robert Schuller, b. 1926, Televangelist

Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don't make.

Donald J. Trump, b. 1946, Billionaire developer

Fear melts when you take action towards a goal you really want.

Robert G. Allen, Financial writer

The secret of getting ahead is getting started.

Zig Ziglar, b. 1926, Motivational speaker

Unless a man undertakes more than he possibly can do, he will never do all that he can.

Henry Drummond, b. 1851, Scottish evangelist

Real estate gets you rich, and when done correctly, it should never be boring.

Robert S. Taubman, CEO of Taubman Centers

Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit.

Conrad Hilton, b. 1887, Hotelier

If you want to change your life for the better, you must start immediately and do it flamboyantly.

William James, b. 1842, American psychologist

Success or failure in business is caused more by the mental attitude even than by mental capacities.

Sir Walter Scott, b. 1771, Scottish novelist

No one is thinking if everyone is thinking alike.

General George Patton

If you can actually count your money, then you're not a rich man.

J Paul Getty, b. 1892, Billionaire industrialist

It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.

Charles Darwin, b. 1809, English naturalist

You get better results if you have high expectations. This is true in science, math, reading, football or band.

Charles Adair, b. 1914, American ambassador

If you work just for money, you'll never make it, but if you love what you're doing and you always put the customer first, success will be yours.

Ray Kroc, b. 1902, Developer of McDonalds

What you see is what you get. There's no acting. That's the way I am. If I come out sounding fairly difficult, sometimes I am.

George Ross, b. 1928, Attorney to Donald Trump

Officers must assert themselves by example and by voice.

General George Patton