I Guess You Don't Know What You Don't Know...

After reading my first real estate book I thought I knew everything there is to know about real estate investing. I was an arrogant, know-it-all fellow but when I acquired my first property...I realized I really didn't know much. I struggled selling that property on rent-to-own. It took me 3 months to finally find a tenant/buyer and I almost went out of business before I even started.


With this humbling experience behind me...I licked my wounds and started over. This time I spent thousands of dollars in my real estate education by attending seminars after seminars. I sought out real estate mentors. And I took massive action implementing what I was learning. My second deal was better than the first. It took me one month to fill in my vacancy and it was profitable on day 1. My third deal was a gold mine. It took me 2 months to fill in my vacancy but I convinced the seller to pay 3 months of the mortgage payments...so I did not have any vacancy at all. I also received $6,000 upfront as a non-refundable option consideration. Eventually on my third deal I made over $30,000.


All my self-development and education paid off.


My story of course is not unique. One of my students Jojo Taming was an unsuccessful real estate agent. He was struggling to sell a lot in Baguio, Philippines for 12 months. He was getting frustrated and was about to give up. Then he stumbled into our local coaching program. One of my local coaches - Thea Santos - became his coach. He learned eXtreme Marketing techniques in selling properties. And then an unbelievable thing happened - he found a buyer for that lot - who was hundreds of kilometers away (from Manila). Jojo sold that lot in just 3 weeks.


And if you think this was just luck...think again. Jojo sold one lot after another in a matter of 2-3 weeks. He found a buyer for a townhome just 24 hours after he put out his eXtreme Marketing campaign. Jojo said, "eXtreme Marketing works like magic!"


Most real estate agents and investors never learned eXtreme Marketing and they wonder why they can't sell houses in a few weeks or in a few days. I wished I knew eXtreme Marketing when I started...I could have saved myself time, trouble and stress with vacant houses.


You see...you don't know what you don't know. And what you don't know will cost you.


Another student of mine Rose Vistan has a similar experience. When I asked her how she did her first deal she attributed her success to two things:

1. She learned how to market extensively through word of mouth marketing and COIN or Centers of Influence Networking. Her marketing efforts paid off because she found a really good property.

2. She met people who are part of my network who became crucial to her success. For example, she met Drew Nable, an attendee of my "Think Rich Quick" seminar last October (and member of my Apprentice Challenge). Drew found a buyer for her property. I also helped Rose fund her first deal.


Rose's gross profit on her very first deal is P300,000. The knowledge or Know-How and the people she met or Know-Who - became crucial for her success.


Then lastly, there's Grace Pekson. I first met Grace last March in my first ever "Think Rich Quick" seminar. She also enrolled in Thea's local coaching program last June. That's when she emailed me saying "I commit to earning a million pesos under your program before the year is over." I am so proud of her because she accomplished her goal in just 5 months - last November 2010 - one month ahead of schedule.


Once again she attributes her success to increased specialized knowledge and increased network of people. For instance her 6-door townhome was sold in part through the help of my Apprentice Challengers.


By now you should know that what you don't know and who you don't know...is already costing you. And you don't know how much money you could be making right now. Just like Grace maybe you should have earned over a million pesos right now if you only have the right knowledge and the right contacts. What do you think?


Here's my advice: spend the time in educating yourself. The DANGER with real estate is that you could lose BIG money if you don't know what you are doing. I was losing $2,000 a month in my very first deal until I found my tenant/buyer. That was not fun at all. But when you spend the time in getting the Know-How and the Know-Who, then things will start changing. You will get deals flowing to you. Buyers will all of a sudden appear everywhere and checks will be landing in your mailbox. This is the current reality of my most successful students right now.


Why can't it be YOUR reality?


dedicated to your success,
Trace
P.S. Below is a video interview I did with Jojo Taming on her success.