I’m still at my sales job where I have been selling advertising to about 120 different industries. It’s a fun job that pays well and I love the people I work with. It is also rewarding in non social and monetary ways because I love selling; however it is still a job. It is still an employee role that I play. It is still a part of the “rat race” that kiosaki refers to.

In reference to my financial freedom, I have still been adding money to my savings and financial freedom account on a daily basis. My cash reserves are growing, but have yet to produce even 1 dollar of passive or portfolio income.

I have been sporadiclly looking at potential real estate deals and making offers. Many of the properties are REO (real estate owned) by the bank. In our current market I have found that alot if these foreclosed properties wil recieve numerous offers and alot of he strongest competition comes from first time home buyers who are willing to offer more than a cash investor at wholesale prices.

I need to implement a new strategy for aquiring real estate and bargain prices. I know that the current condition of the market is an excelent time to invest and something that many sophisticated Investors have been waiting a long time for.

I have a mind to put together a marketing campaign and focus on specific targets to attract motivated sellers to call me with the properties that they need to sell. Already, I have created a rough outline of a marketing plan for the next few months, but the first step is to come up with a catchy name and memorable logo that I can brand the market with.

They were as follows:

1) To Iron Our My Core Message & Prospect for This Internet Business

2) Decide on the best front end product that I can offer my readers here to benefit their lives and monetize the website.

and

3) To contact 3 or more Real Estate Contacts.

I am about to go to bed now, and may work on my core message before I do.

I still have not discovered a good product that I can market to my audience to benefit their lives, and make this website profitable. I am sure an answer will manifest sooner or later.

I DID successfully complete the 3 real estate contacts…inquiring with about 5 people with a good deal of experience in the industry on what I can do for financing in our current market and with my credit that is still in the process of being improved.

Also, I did enjoy a good deal of financial and Internet marketing education today with my mastermind group.

So although I did not achieve everything I had wanted today, I am still going to acknowledge the small success I did have.

The 11 Forgotten Laws

• Be patient.
• Be persistent, persist & learn from failure.
• Don’t ever give up, continue to make offers.
• Rehab A & B Type properties to the max.
• Mindset is key, one of the biggest ingredients to success.
• Create systems for yourself & your business & stick to them.
• Network with people who have the experience.
• Don’t listen to people who are negative, pessimistic, or have less experience than you.

There seemed to be a consensus around the table stating that if you are going to do anything in multi-family real estate, do 50 units or above for a number of reasons.

To begin with, apparently, the underwriting process is much smoother with bigger deals. The smaller deals (4-49 units) look too much like residential to commercial lenders, and they look too much like commercial to residential lenders. Apparently the “bigger money” (above 5-10 million dollars) is easier to get, and it is much looser.

Also, on another note, it’s going to be essentially as easy to hire a great property manager on a 36 unit building as it would to hire one one a 1000 unit property. It is better to overpay a great property manager, than to underpay a bad one.

“If I had eight hours to chop down a tree, I’d spend six sharpening my axe.” -Abraham Lincoln

Work on your business, not in it. Meaning spend more times working on the systems and hiring the people who will implement them, than doing the actual work yourself (i.e. hire a competent RE CPA instead of trying to do all the bills and taxes on your own). It’s too easy to get sucked into the day to day details of the operation, so learn how to delegate properly (property management, bookkeeping, etc).

“Business and investing are team sports.”- Robert Kiyosaki

Since Real Estate Investing is a team sport, surround yourself with the best people in their respective areas…Realtors, engineers, attorneys, tax advisers, lenders, etc… The goal is to be the “dumbest guy” on your team. If you are the smartest guy on your investment team, than something is wrong.

Books that were recommended during this meeting: