so we just got done talking about goals
in my chapter two of the ABCs of real
estate investing and we using the smart
technique which I talked about in the
book but one of the things I don't talk
about in the book are the individual
categories people career health wealth
and personal and I think this has a lot
to do with life balance and I use these
on my own every year that's they're very
very important but what we're going to
talk about today is we're going to talk
about a career in real estate and a lot
of people I think have a lot of problems
raising capital and they have a lot of
problems starting you know buying a
house buying a duplex etc so we're gonna
talk about that the so again the goal is
going to be the career in real estate
okay so how do you start how do you
raise capital those kinds of things
because a lot of people we talk about in
Chapter 1 about the myth of you have to
have money to start and we all know that
that's not true all you need to do is
find somebody that has money and then
you can start so again going back to the
smart technique which is specific
measurable
attainable realistic and timeline so
specifically what are we trying to do
here what we're trying to do is we're
trying to buy a duplex let's say we'll
just start with that
so buy duplex okay so how do you put a
goal around this now we're very specific
on exactly what you want so what you're
gonna do is you're gonna want to find
things like market that's measurable
where do you want to buy it
how many so let's say you want to buy
two okay so now you have to find out is
it attainable and the truth is of course
it's attainable the question is is where
are your priorities
now nobody works 24/7 so you can easily
find duplexes at in the evenings on the
way home from work in the morning on a
Saturday on a Sunday instead of watching
TV or doing whatever it is else you do
it's all about priorities can you can
you buy two duplexes a year of course
you can so is it attainable yes the one
thing about attainability is who's gonna
keep you accountable if you're just
accountable to yourself it's gonna be a
lot harder so my suggestion is that you
find a mentor a coach a partner a spouse
could be just an individual partner just
for this particular venture maybe it's a
money person maybe it's a family member
whatever but you need to tell somebody
that your goal is to buy two duplexes so
is it attainable the answer is yes and
is it realistic the answer is yes and
then what you need to do is you need to
put a timeline around this and the
timeline would be one year let's just
say
okay but now that you've actually done
this now that you've owned this now that
you're accountable to somebody and now
that you've made the time you can move
forward with this and don't be afraid of
not hitting the goal in the first month
two months three months as long as
you're working toward this you can
absolutely do this and then now we're
gonna do something on the raising a
capital because I think a lot of people
get really hung up on that so you can
actually have a goal of finding duplexes
but you can also have a goal of trying
to find investors to help you buy the
duplexes because I think a lot of times
those are the two things people are like
one I don't know how to find a duplex
well guess what you do all you got to do
is search the internet and type in
duplexes and they'll come up trust me
duplexes for sale will come up so you do
know how to find them and how do you
find an investor well that's a little
bit harder but we're going to talk about
that next so the goal of the real estate
career is to buy two duplexes a year
find somebody that can teach you
accountable find out what markets you
want to buy in and is this realistic
absolutely it's realistic so the next
piece is going to be and the actual
investor how are you gonna find the
money or you can use your own money on
this of course so the goal is again is
career but this is a little bit
different you're gonna help try to find
the money the investor how do you find
that so
specific measurable
attainable realistic and time line so
the goal here of course is raising
capital how do you raise capital so
specifically you want to raise money for
duplex measurable so the question is
everybody stops here how do I do this
well all you have to do is you have to
go find real estate networks or mentors
or coaches or people that have done this
go talk to real estate agents so the
goal would be to send one email a day
and meet one investor a week okay that
is very measurable now you have to
figure that out if I were you I would
email every realtor I know that has sold
duplexes and find out if you could find
out who the who bought those that's one
source go to your family members go look
in the paper go seek out people on the
internet LinkedIn Facebook all those
kinds of things if you go on those
social media sites you're gonna find all
kinds of people you got to be careful
here too but as you start to go out and
look for capital you'd be surprised on
how much capital is actually looking for
deals just this morning I was listening
to the radio and there's a big name
coming to Phoenix and the issue is that
he doesn't have enough product he has
way too much money way too many
investors that want to find real estate
than real estate itself so most people
think it's the opposite but trust me I'm
in a position right now personally where
I cannot find any product to invest in
it's frustration right now because
product is the hardest part so what he's
doing is he's coming to town to try to
find all these Realtors and all these
people that want to get into the
business so that he can deploy capital
into the Phoenix marketplace so this is
way more easier than you think
the first one the first meeting is not
going to go well the first email is not
going to go well but after you do this
repetition helps you have to do this
over and over and over and over until
you start to get it is it attainable
absolutely it is and what I would
suggest here if this freaks you out is I
would suggest getting a partner because
sometimes it's easier to go share coffee
with somebody and then come back and
have a little war stories about all I
sent this email or I met with this
investor etc and you start to get
momentum I highly suggest that you do
that rather than do this from your house
individually is this realistic yes it is
realistic you just again have to set the
time and I would set another timeline
for one year here now if your goal is to
meet with one investor a week that's
your goal and you meet with 30 and
you're halfway to your goal that's still
very good you've now met 30 people
you've been able to refine your pitch
you've been able to tell them what you
wanted to do and you've learned a lot
about duplexes and for lack of anything
else you've gotten huge education for
just the very basic use of just your
time so we just talked about how to
raise capital through goal-setting using
the smart technique and we just talked
about how to find duplexes through
goal-setting through the smart technique
once you apply those two together you're
on your way in your real estate career
so thanks again for listening I'm Ken
McElroy