Alright so today, we're going to be talking about the top 40 tips of how to
succeed in real estate and in this video, we're going to cover the first 10, watch out
for the next three videos that come after where we're going to finish giving you the
top 40 tips.
Joining me today, I've got Steven Michael Miller. - Hi, friends. - For those of you that
have not met him before, Steven is the behind-the-scenes man that runs the
entire real estate nationwide team that helps people learn how to do real estate,
build a game plan, get traction and succeed, so he's an amazing business
partner, excited to have him here on the show. Tip number one, guys, we are jumping
it right into profits. Now if you want to be successful in real estate, you have to
be profitable but how do you calculate your profits? Well you're looking for a
return on investment, in other words, the investment that you put in should give
you back more than what you're putting in, right? It should be producing for you,
if it's not, chances are it's not a very good investment so you want to take that
money and put it somewhere else. So number one, very first thing, make sure
before you get into any type of real estate or any type of an investment
period that it's profitable. - Okay, tip number two, cash flow and here's
what cash flow means, different than almost any other investments that you've
been exposed to, 401K's, IRA's payoff of your house, put money under the mattress,
all of these things share something in common, none of them pay you which means
they're speculative, they're not actual investments so if you're contributing to
any of those things, that's okay, just know that they're actually not real
investments that are paying you right now. For me, the definition of a real
investment is something that pays me today, and real estate can do that for
you if you do it the right way, so make sure you select a strategy where you
focus on a really healthy cash flow. *Speaks in German* Oh sorry, that was German.
Tip number three, guys, what you need is to make sure you're avoiding taxes as much
as possible. Now trust me, I'm, you know, I know that it's right to pay taxes, I do
pay taxes, you need to pay your taxes and we're not tax professionals necessarily
but we are telling you that investing the right way can help ease your tax
burden, help you pay the least amount of taxes so you've got more money
to get an invest again and again and again. - And hands-down by the way, real
estate is the best tax strategy in the United States and so, if you're paying
too much in taxes, you do not own enough real estate, you need to switch up that
portfolio strategy a little bit. Alright, tip number four, maintenance. All real
estate comes with maintenance and one of the shortcomings that people have in
keeps them from being successful is they're actually not appropriately
planning for the maintenance that real estate
inevitably brings on. Maintenance can come in a form of drama from a tenant
in a house, it can come in the form of a property management company and having a
better one or a worse one, it can come in the form of an unexpected repair. So one
of the things for you to become very aware of is that for you to succeed in
real estate, know that maintenance is a whole part of winning and succeeding,
plan for it. - Absolutely. Tip number five is market cycles. Now you want to make
sure that you understand what happens in the marketplace, what causes the
different fluctuations but more important than that, you want to make
sure that you're investing in something that is not market dependent. In other
words, regardless of what's happening in the market cycles and the different
fluctuations, your investment is going to continue to go up over time, that's
something that we've been teaching for a long time and as a matter of fact, there
are many videos that we've done talking directly about this specific item so
make sure you take a look at those as well but if you understand the market
cycles and how to navigate those appropriately, you know you're gonna
every time. - Okay, success tip number six, least time that you can possibly put in
strategy. You have got to factor time into your real estate strategy. Now there
are some people that think that real estate is supposed to be a job or they
say, "I'll hear it, I want to be a full-time investor." I'm like, "Really?"
You must really love real estate because full-time that's a massive time
commitment. We believe that you can do real estate the right way where you
putting in minimal time and you're getting maximum return. Be aware that
different strategies require more or less time and I also just got to say
this, if you're an appraiser, if you're a loan officer or if you're especially a
realtor, you're not an investor, I'm challenging you to become one but just
understand that being in real estate is a job, it's not the same as being in real
estate as an investor because for me, my personal portfolio requires less than
one hour a month because I really value what I believe to be the most important
commodity in my life, time. Time is what the most important commodity is so make
sure that you select a strategy in real estate where you can minimize your time
and focus on maximizing your output. - Alright, real estate success tip number
seven.. Okay, we're talking about online. Getting online see in the days of pas,t
you had to get in your car, you had to you had to call up the realtor or call
up the, you know, whoever's going to help you find the bird
dog, we'll talk about that later, you need to find these different individuals you
need to go out in your car and you had to search, go drive by on the homes,
you go knock on their doors. Guys, we don't need to anymore, online is the
place to be when it comes to real estate investing. Go to your local classifies,
get on Facebook, get on all social media, and identify the homes that would be
right for you that fit your specific criteria. I'm telling you right now, if
you're not using this tool, this online tool, you're missing out on a huge
opportunity in investing appropriately. - Okay, now that brings us to tip number
eight and what's really important here is bird dogs. You don't have to be the
one finding your deals, you can set all the dogs loose to go out there and chase
them down for you. One of my favorite types of bird dogs is to have realtors.
Realtors can access your local multi-listing services, they can actually go
out there, they can find the houses for you and if they know your criteria, set
them to work because they have access and you need to understand this, the deal
of the decade comes along everyday which means you've got to be looking
everyday because when it's time to buy, it never takes longer than a few days to
find an amazing, hot, incredible deal because they're out there and these bird
dogs are people that you set loose. Now bird dog doesn't have to be a realtor,
it can also be an investor that really doesn't have the money for doing the
fix-up or carrying the deal through, they want to get paid a few thousand bucks
for bringing you a really good deal and I love sending them into the marketplace
saying, go find me deals, I will write you a check to say thank you and guess what
you've done.. You've negotiated a fantastic property
again saving a lot of time. - Success tip number nine, make sure that you get a
mentor. Now this is something we can't stress enough, mentors are so crucial in
your success. You know, I get it, we live in a DIY society, right? Everyone says,
"I want to do it myself, I want to learn it myself.
I want to, you know, I can just go on and find this little thing and learn it and
implement it right away and I'll do it and I'll have success." Now I'll tell you,
let me just tell you a quick example because this one really resonates with
me, if your appendix were to burst, like right now, right, if your appendix were to
burst, I'll tell you what you could do, you could go on to YouTube, you can come onto
YouTube land and find the video and watch it and then get a scalpel and as
you're watching it, you know, get in there and cut yourself open and and try to
do a surgery on yourself or you could go to
someone who's better than you. - You're ridiculous
but you're making a good point. - Or you could come to a doctor who knows what they're
doing, who's been there, who's done that surgery a hundred times, two hundred
times, three hundred times, you want to go to a mentor, someone who knows more than
you about it, right? So again, if you want something done right, don't necessarily
do it yourself, get someone in your world who's been there, who's done that and who
can help you do that as well. - And today's video is gonnaing to culminate with tip number
ten, maybe it's the most important, do something tomorrow, do something next
decade, do it someday when you're older, I'm too old, I'm too young, now's not the
right time to be an investor, I don't have the money, I don't have the credit
so do nothing. - Now. - Now? - Now. - DO SOMETHING NOW.
Okay, friends, this last tip is all
about going out there making it happen. We hear every excuse on the planet,
I gotta tell you, when I was 22 years old, newly married and I knew what I wanted
to be an investor, everyone told me I couldn't do it, everyone told me I
shouldn't do it, I had a brother that said I was crazy, I had parents that were
deeply concerned, I had people that were out there saying, "Kris, you're just
supposed to be in college, getting your education. What are you doing?" But I
retired at the age of 26 because I was doing something when? I was doing
something now. My invitation is, find a way to get a game plan now and act on it.
There is some action that you can take to move yourself forward everyday,
in fact, if you want to know right now, when I look at all the businesses I've
launched and all the real estate I've done and I look at the success that I've
had, it usually came down to taking action everyday and sometimes, taking
action takes five minutes and sometimes it takes five hours but whatever it is,
do something when? Do something now. - Friends, these were our first 10 tips of
our top for you. Make sure that you watch the following videos.