In my ongoing efforts to share with you the value real estate investing, I want to introduce you to an excellent book and ideology. My license is associated with Keller-Williams, Richmond West. Keller-Williams was founded by Gary Keller who has built an incredible corporation that has shifted from a real estate business to a technology business. What I have found during my with KW, is that it is also a business that has found create success because of systems, models, and mindset. The foundation of the tremendous success is the ability of Gary Keller to communicate the appropriate mindset, specifically real estate and technology. One of the vehicles he has used to do this with is in the authoring of several books. For this article, we are focusing on the Millionaire Real Estate Investor.
In MREI, Keller walks the reader through the possibilities, leverage, and the systems you can install to become a successful real estate investor. We are going to briefly look at what Keller calls MythUnderstandings. He identifies eight of these that stand between you and your financial wealth.
Three Personal Myths
MYTH: I do not need to be an investor, my job will take care of my financial wealth.
TRUTH: You do need to be an investor, because Social Security and 401Ks will never cover it all. Your job is not your financial wealth.
MYTH: I do not need or want to be financially wealthy, I am happy with what I have.
TRUTH: You do want to be financially wealthy, but how are funding your lifestyle? Your children’s lifestyle? Going on vacation? Supporting your parents?
MYTH: It does not matter if I want it, I cannot do it.
TRUTH: You do not know what you can do until you try. There are endless sources of education available in print and digitally, as well as proven models that once understood will allow action to be taken.
Five Investing Myths
MYTH: Investing is complicated.
TRUTH: Only if you make it. It is not easy, but it is not rocket science. Using systems, models, and a team supports the process.
MYTH: The best investments require knowledge most people don’t have.
TRUTH: Your most success will be in areas you know the most about. You do not need to know everything. Create a niche.
MYTH: Investing is risky, I’ll lose my money.
TRUTH: Investing is not risky. Real estate investing has lower risks and higher returns than stocks. Real estate will always be worth something.
MYTH: Successful investors are able to time the market.
TRUTH: In successful investing, the timing finds you. Using a model, assures that there is no time like the present.
MYTH: All the good investments are taken.
TRUTH: There is always an opportunity to invest. Every market has its share of good investments.
Real estate investing has been a wealth growing practice forever. Andrew Carnegie said “90% of all millionaires became so through owning real estate.” Does this mean you will become a millionaire or guarantee that there is zero risk? I cannot promise anything. Plenty of people lose money in real estate investing, but plenty of people make lots of money in real estate investing. What I can tell you is that it is not has big and scary as it may seem. There are tremendous opportunities waiting for those that are willing to learn and work with trusted partners.