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You're broke, the cupboard is bare. I sympathize with you though I don't really understand how you could be in this position with the abundance of money around you.
People talk about living within their means and curtailing spending and such. The truth is you should be spending more on yourself. You only live once. The concept of worrying about the leak in the bathtub when really you should be more concerned about the speed of the water coming into the tub. Turn those taps on wide open.
Here's a way you can make 20 thousand dollars in a couple of days. All legal of course and completey easy to do.
Real estate is very lucrative. But generally it's accepted that without a deposit and good credit you may never enter that market. Fine, here's a way to make a fast $5000-$30,000 without needing to spend more then a few dollars on phone calls and gas.
Jenny Rouse is a friend of mine, she was in a jam. When she tried this at my suggestion, she couldn't believe how easy it was to make any amount of money she wanted. She continues to function as a Real Estate Bird Dog to this day. She drives a merc these days.
Day 1: Start hunting for a bargain. Take a few hours to study your local R/E Agents listings to get a feel for prices. For example a standard 3 bed house on a standard block, make that your target and establish what it's currently worth. That's the intrinsic value. This is important to guage accurately. Once you know what this type of house is worth give or take a few thousand, you can now look at individual properties and make allowances. For example a 2 car garage you can add $20,000 Larger backyard? You can add another percentage allowance to come to a final conclusion on the intrinsic value of each property you look at.
Dont trust the agents comments, make your own conclusions based on the prices you have observed.
Find one that is an obvious bargain. Say, you know it's worth about $200,000 and they are asking $157,000 Now you are going to take that spare value and profitize it for yourself.
People sell houses for their own reasons. Divorce, no accurate knowledge of the market, a host of reasons. It's your job to give them what they ask, not wonder about their motivations to sell. Make them an offer of $160,000 on the condition that they give you 48 hours to arange things at your end. They don't need to know you won't be the end buyer. It's not their business, if they are getting more than they asked for, they have no concerns. The 48 hours gives you a few days to find a buyer, if you fail to interest anybody, you can walk away, free and clear. Give them a small deposit $50 your argument is that you will give them a proper deposit when you decide to definitely buy in 2 days (which the new buyer will give them).
Now you have control of the property. Legal control. They can't sell it to anybody else but you for the next few days. Of course you have no intention of buying the house, you just want some temporary control of it.
This way, the deal must pass through you.
Day 2: Find some genuine property investors on the look out for a good deal. You will approach local investment clubs. There are always cash rich, time poor property investors on the look out for a new investment. You let them know about the house and arrange for them to inspect it. Tell them you will let it go for $180,000
They would snap it up at that price.
Now it's a simple matter of assigning your deal with the initial sellers to the new buyers. Realistically this is a bit tricky. But what you can do is sell the "assignment" to the new buyer. Which always works. The assignment is the difference between the $160,000 you arranged and the new buying price of $180,000
Making you a nice profit of $20,000
Day 3: Repeat.
Being a real estate bird dog is very profitable. You have no overheads. No loans to worry about and certainly no deposits to come up with.
You can treat it like a business, form contacts with investors and shop your local neighbourhood all the time for new bargains. Some bird dogs advertise, others canvass door to door. You can print up some business cards.
This is just one way to get into real estate. It is definitely the way many people make large amounts of money very fast.
The $20,000 you just earned should be spent on a very nice new car. If you get skilled at this business, your money concerns will be a thing of the past.
To your health and rapid success!
Jack Reynolds is one of Martin's students, he was a broke Insurance salesman only 2 years ago, today he owns assets valued at several million dollars. What did he do in 24 short months? You can read about Jack's remarkable and rapid transformation and download Hayden's famous book "The Million Dollar Mentor" by clicking here |
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