So. You Want to Be a Millionaire. Get the Right Coach.
By Andy Rodie - Millionaire in Training, MMMChallenge.com
Hey Team, here is a great blog post by Theresa
Bradley-Banta.
There’s a million dollar—no, a multi-million
dollar—tip in this
post. Actually there’s more than one. Get ready.
I’m going to talk to you about your mindset.
We’ve been having a little discussion around here lately about coaching. Specifically we’ve been talking about the kind of coaching people want. I’ve been speaking with a lot of colleagues about this too. And surprisingly (to me) it seems most people are looking for a coach who will tell them what to do…step by step.
So, let me throw a little gas on the fire.
And I’ll fly in the face of what most people are saying while I’m at it. Step by step coaching is nice… but it won’t turn you into a millionaire.
How you think will.
I agree that step-by-step coaching can be effective. The idea of “building success, upon success, upon success” as a good friend says, is a powerful motivator. Yet how you think, and what you bring to the table in terms of mindset, will magnify your small successes ten, one hundred, even a thousand fold.
Let’s buy an apartment building.
Think about it this way. What if you wanted to buy an apartment building but you knew your funds were limited?
Say you go ahead and hire a coach to direct you on how to buy an apartment complex. So far so good. (And I will stress that it is important to become educated in any new endeavor before blindly jumping in.)
You start looking for apartment deals with your new found real estate investing knowledge. Your coach helps you learn to run the numbers on deals. She helps you study the market. She suggests some online sites where you can find real estate listings. And ultimately, with the funds at hand, you end up buying a fourplex… a four-unit property rather than the large apartment building you envisioned.
You’re the disappointed owner of a fourplex. You hired a coach that did what you expected. She coached you on how to do everything yourself. By yourself. Step by step.
But there were limitations.
Now let’s really buy an apartment building.
Let’s say you hire a coach who understands that your psychology plays as big a role as your newly acquired fundamental knowledge of deal analysis and real estate acquisition.
This coach has you start looking at big deals immediately. And making offers on those properties. She has you start interviewing and meeting top real estate professionals in your market. Professionals dealing exclusively in multi-family investing.
You start building a team. This is not a do it yourself endeavor.
You connect with mentors in the field. With brokers. With other apartment owners. With vendors. And contractors.
Rather than find a property on LoopNet (the multifamily equivalent of the MLS) you source deals that haven’t been shopped around yet. And through your connections and networking, you find a great off market apartment deal.
But wait a minute! Didn’t I say earlier that you had limited funds? I did. You heard me right. Here’s the beautiful thing about this story. Coach number two had you thinking in terms of abundance. In terms of building a team. Not going solo. She had you connect with professionals that brought very specific knowledge to the table.
She showed you how to believe big. How to surround yourself with other people who had the knowledge you lack. She didn’t expect you to know how to do everything yourself. She didn’t expect you to DO everything yourself. She showed you that you could fund a big deal with other people’s money. The big OPM.
And here’s what a lot of beginner entrepreneurs never realize.
When you find, or create, a great opportunity (business, real estate, you name it) the money will find you. People don’t pass on great deals.
But you’ve got to believe it.
Your awesome coach helped you think in terms of abundance. She didn’t offer do it yourself, step-by-step coaching. She helped you think in terms of building a team. In terms of overcoming great fear. In terms of being more capable than you would have ever believed possible. Of doing bigger deals.
So, ask yourself this. Which coach would you rather hire? The one who is going to show you baby steps to a fourplex? Or the one who’s going to scare the cr*p out of you? And in so doing show you how to operate with a mindset that you can apply to any endeavor you want, any time in the future?
Inspiration or Desperation: It Takes Radical Change to Get Lasting Change
By Danny Welsh, CMO of HIS, Greatest Real Estate Giveaway DirectorI've been thinking these past days over a common saw in the motivational arena; that old principle that people only make serious changes in their lives through inspiration or desperation.
Why is it such an ingrained part of human nature and human life that so often it takes hitting ROCK BOTTOM to instill a fierce enough desire to go TO THE TOP to really get people to TAKE ACTION?
Now, I'm beginning to understand "people" but some persons I'll never understand...
Catch the difference?
"Motivation" is great, but we all know it's not enough, by itself to cause any lasting change for the better in our lives. True and lasting positive change comes down to something less external than just motivation to keep the wheels moving on a car that's physically breaking down.
Motivation may be a powerful fuel, but the engine that will drive you to success is not it; in my mind, that engine is inspiration, and that comes from within.
We must all seek out those things that inspire us and keep them close! Find other people that inspire us. Put ourselves in places where we get inspired. Choose to align ourselves with inspirational visions.
Isn't it AMAZING how in just a few years we as human beings have the power if we focus on what we want rather than what we don't have, we possess the ability and the power to literally transform our lives and lifestyles...to grow...to change our beliefs (think), our perceptions (feel), our behavior (act), and thus completely and totally change our RESULTS (lifestyle)...isn't that amazing we can do it just like that?
Literally from depressed, dead broke and busted to happy, rich and successful. From a life of violence and drugs to one of compassion and leadership.
From a dead-end boring existence where one just plods through the day to one where only adjectives of the infinite variety can hope to capture the sheer breadth of possibilities open to you. From spiritual bankruptcy and sin to a closer communion with our Maker and those with whom we share this spinning dirtball we call home.
No matter where you find yourself today, here and now know this:
We can grow.
We can change.
We can expand.
We can build wealth.
We can make a difference.
We can draw closer to God.
We can create a lasting legacy that is bigger than ourselves.
Radical change can’t come from motivation alone, though.
In a few years with the right environment, it's very much possible to do it if you’re truly inspired. And for most people to have it seem like magic...
It's all about finding yourself and finding the correct vehicle to help get you from where you are to where you want to be.
I have found that I can get myself to take action toward my goals only when you ask yourself this question: "When now are you ready to take action?"
To the 3% who DO....here's to you.
What works for me I hope will for you too!
Developing your real estate "Why"
By Danny Welsh, CMO of HIS, Greatest Real Estate Giveaway DirectorBecause I encourage people to do it in my writings and when I speak to groups, I still often get asked why especially new investors and entrepreneurs need to both write and share their own personal “Why” statement for their plans to succeed in real estate.
A “Why statement” is a combination of goals mixed with vision and dreams. It is a statement that says “THIS is why I’m working so hard, and the life I’m looking to build for myself and those I love”. A good “Why statement” should include WHO/WHAT/WHEN/WHERE/HOW components of what your life will look like when you’ve achieved certain goals you also lay out in the statement.
If you say you want greater success, and have decided to use the
vehicle of real estate to get it...in my opinion you may as well
continue whatever poor habits you have because the world of
entrepreneurship ain't for you. Harsh? Welcome to the real world.
People give up their dreams every single day and accept less than
they're capable of for their family and their future. Why do they
give up on themselves? Often, it's a simple case of not having a
strong enough WHY kept in front of their face and in back of
their mind at all times.
That means that because no one is requiring you to do this as a
'task', many of those reading this article who
should do this exercise will not do it.
Because doing it is not URGENT.
I would not however say that doing it is not IMPORTANT.
It is anything but!
Again and again to people I have explained the importance of a
clear "WHY" in my life, and related a few examples of other
successful entrepreneurs for whom this mental tool has been
crucial to keep them on track and in pursuit of that future
desired but not yet lived.
I regularly suggest to seekers of success in real estate
who do NOT have a strong WHY and one that is
clearly and concretely articulated to themselves, that they have
a severe disadvantage in seeking the level of success they want
and are doing themselves a disservice.
There's a lesson therein, if you catch it.
Urgent vs. Important. Both often need to be done. But only one
gives you a deadline and a reminder or feels like it must be done
right away, immediately, without delay.
No screaming baby is going to quiet down because you whisper your
WHY in his or her pink little ear.
No fire is going to spring up that you need your WHY to
extinguish.
No arm is going to get broken that you need your WHY to heal
up.
No child's activity coming up unexpectedly and needing a family
schedule re-arrangement is going to get resolved because your WHY
is there.
No bill sitting on your kitchen table unopened and un-dealt with
as you deal with mounting financial pressure is going to be paid
and disappear when you determine your WHY.
Having your own personal "WHY" in pursuit of success is IMPORTANT
with a capital I. But developing it for yourself ain't ever going
to be urgent.
The fact is, ladies and gentlemen...I will not sugarcoat the
seeking of success for any of you...in real estate investment or
otherwise.
You have to find something or create something as a WHY in your
mind that you love enough or are excited enough by to be able to
take risks, jump over hurdles and break through the brick walls
that are always going to be placed in front of you. If you don’t
have that kind of feeling for what it is you’re doing, or for the
'end' expectedly resulting from the means you're doing in pursuit
of that WHY...you’ll stop at the first or next giant
obstacle.
I know not only in theory but in practice as one person after
another I started out with on this entrepreneurial journey has
reverted back to their past habits, quit their dream, conformed
to the 9 to 5 grind, and gone running back to embrace the W-2
paycheck like a baby blankie.
And I do NOT want to partner with people who have a weak WHY,
which is why when people come to me looking to do business and
seeking mentoring and to work with me, I often ask them about
their “why statement”. If they don’t have one, it’s a pretty
clear indication to me that should things get tough they’ll
buckle and quit. Which means I don’t want to waste my time with
them.
Life is Risky, So’s Investing
By Danny Welsh, CMO of HIS, Greatest Real Estate Giveaway DirectorThe world is a risky place. Its very nature is that it is subject to the whim of unexpected chance and the potential for catastrophe and crisis. Yet, by using the incorrect tools and methods to assess risk, and by allowing others who benefit from our choices to do our thinking for us, we convince ourselves that things are less risky than they truly are.
We have to free ourselves from the shackles of conventional thinking and formalized ways of estimating risk vs. reward when looking at choices.
And, as someone who works with private investors who invest in my company’s real estate ventures, that applies to how we must also look at risk vs. rewards scenarios in evaluating potential investments.
When you realize that everything is risky, it can help you determine what risks you’re willing to take to get the rewards that you seek.
And which risks you’re not.
Remember that just being alive here today to read this is in itself a succession of huge risks already braved and bested. Our life, our very breathing, the miracle of our body as our heart pumps blood through miles of vessels throughout our body every day is an extraordinary event in and of itself, is it not?
Especially when you look at the risks we had to overcome even to be here, as every day lives end without reaching the age we have already—and even before our birth, a confluence of events that resulted from our having overcome tremendous odds led to our existence in favor of the seed of others who could as easily have been in our place.
With all the many variables of life itself, life’s little coincidences and uncertainties, accidents and unpredictable scenarios, we have a choice before us in looking at risk.
We can be overwhelmed with the risks, or we can learn to manage them and in so doing we can take on a very exciting state of mind.
And that is this: anything is possible. Anything. And if anything is possible, the risk of things going wrong is very real…but so is the chance for things going perfectly.
The bottom line is that we can’t merely look in the rearview mirror looking at what has happened in the past to plan and assess potential future risks when considering any choice, including possible investments.
It could be that that investment opportunity you’re looking at is the perfect solution to get you what you want at this stage in life. But trust me, it has risk.
Check it out, weigh it against the possible risk of NOT taking action, and against the other risks we face on a daily basis in our lives, and if you feel it makes sense then go for it!
We have to live in the real world, and as such we must recognize that the real world is risky.
Investing is risky.
But so is life.
Which life would you rather have, though? One where you took on some calculated risks and accomplished things others never dreamed of…or the one where you played it completely safe, did what everyone else does, and ended up with the same life everyone else has?
To me, that’s always been the biggest risk of all.
To look back and wonder if my life mattered. If I accomplished anything worthwhile. If the world was unmoved by my having moved within it.
Nope, I won’t take that risk.
Will you?
Take a risk. Live. Take action. Do something great.
Get in With the Right Crowd
By Danny Welsh, CMO of HIS, Greatest Real Estate Giveaway DirectorWhenever I talk to other entrepreneurs and investors, especially new ones, I meet people with questions and concerns about people not believing in them or their dreams.
Their mother in law thinks they should get a job at the dentist’s office instead of pursuing that internet business you’ve been making efforts on for 6 months while you worked part time at the factory. Their cousin got fired from a sales commission only job and now tells you that the network marketing company you’re looking at will never work for you. A co-worker buys an overvalued condo from a pushy salesperson broker, doesn’t know what to do to get it rented, and gets foreclosed on 12 months later—confiding in you that your dreams of real estate investing are stupid and that you should take his advice and just “play it safe”.
This happens all the time, and sometimes—heck, often—the person who won’t cheer your success or support you in pursuing it is not a bad person. In fact, they many times think they’re doing you a favor by “giving it to you straight”.
Want the opinion of a guy who’s been there and done that in business, real estate and making money on the internet?
PHOOEY.
There will always be people who tell you that YOU can’t do something when what they’re really saying is that they don’t believe that THEY can.
I’ve talked to entrepreneurs all over this great country and shared stories of this happening to them too. Face it, it’s normal!
Inventing a future that others do not understand or believe in is hard. Many people around you will not be supportive of your crazy dreamer ideas, many will laugh, and some will even react negatively.
At some level you need to change your circle and get in with the right crowd, around people doing what you want to do, who believe in themselves and you too.
If you want to
decrease your stress, increase your success ratio, and have fun
with a better quality of people then I highly recommend that you
spend more time with folks who are doing what you want to do and
less time with people who are trying to force you down a
different path, don’t understand what you’re doing or don’t
believe in you.
If that’s happening for you, with people around you wondering
what the heck you are doing with this internet business, or that
real estate stuff, or with that zany home based business…if
you’ve heard one too many times “that won’t work”…”I have a
cousin who tried that and she lost all her money”…”that’s just a
scam and no one gets rich doing it”…”why don’t you just get a
job?”…and ”you couldn’t even graduate high school, how are you
going to own a business?””…then boy, have I got news for
you.
Listen up and trust me in this fact. You are suffering like almost all entrepreneurs do at multiple points in their life. But you don’t have to anymore. Because there is an off switch to all of that crap.
Some of us need to learn who to say “no” to in our lives, the people who have nothing good to say about what you’ve put your heart and soul into, expect you to fail, or continually harp negatively.
Say “goodbye” and flip that switch OFF, lowering the volume of outside distractions, and saying “NO” to people taking up space in your mind but not leaving behind anything positive.
We can all do more when we find more people who encourage us to say “yes” to our dreams.
Each of us as entrepreneurs often has someone in our life that empowers us to do something more, to take risks, to realize our potential, and to go after the better life. It may be a wife or girlfriend, a mother or brother/sister, a teacher or a preacher. Sometimes drawing encouragement from them isn’t enough; sometimes it’s not the message nor the messenger that’s key in catalyzing great achievement.
Sometimes it’s like I said, lowering the volume on distractions and keying in to that one or two voices in your life saying “go for it, I believe in you”. If you too have a person like that in your life, listen to them, find more like them, and tune out the negative crap. I think you’ll be pleasantly surprised at how far you progress in the material world of success—and in that mental world within the six inches of your skull—by this time next year.
Declaration of Independence & Success
By Hector Torres: Millionaire in Training-MMMChallenge.comAll of these reasons were negative and pathetic excuses. This way of thinking had been holding me back all my life. I don’t know why I thought this way or what might have happened to me when I was younger to cause me to think so negatively and lack the self-confidence that I needed to excel and see things through. It’s a mystery even to me. But as of this day, I choose to change my way of thinking because ultimately, by the grace of God my way of thinking will change the way I am living.
This is my Declaration of Independence! A declaration that will now define who I am and who I want to be. For far too long I’ve made decisions where I settled for less. These decisions have not only held me down but have also held down those around me, and those who depend on me. No more. No more procrastinating. No more fearfulness for it is fear that will now be my guide and my motivation.
This is my declaration of independence! By the end of this year 2011, I will complete the MMM Challenge with HONORS. With the help of my mentors I will close at least 5 wholesale deals (or more!), 2 lease option deals and by end 2012 I will be crushing the local real estate market. I will be living like God intended me to live, and my family and loved ones will see that one does not have to live poorly and miserably for the rest of their lives. They will know that we have a choice and that we can re-define our lives. We have the power to break the mold and we can re-shape out own lives and destinies into whatever we wish them to be-should we make the sincere decision to commit to our own success and happiness.
This is my declaration of independence! I declare independence from fear, poverty, negativity and all other things that have held me back from true success and brought me down. No more will these people, things, and thoughts govern my life and my destiny. I declare my life my own! I declare my destiny my own! And as such I will shape my life as I see fit, and right now-success seems to fit me pretty darn well.
To Your Success,
Hector Torres
Breaking Up Is Hard to Do
By Todd Peterson, Millionaire in Training, www.mmmchallenge.comThe owner had accepted my offer on his house. He told me it was a little better than the other guy’s—the other investor who had looked at the property the same time I did—and he wanted to work with a smaller company anyway (that would be mine. At one person—me—it couldn’t get any smaller).
Now, I just had a couple problems: 1. How was I going to pay for it, and 2. What was I going to do with it once I had it?
My marketing had outstripped my real estate knowledge (how I wish that was happening now!), and I had a house someone was willing to sell me for the price I’d offered. What to do?
I started by seeking out an attorney. In litigious New York, I knew that was the first help I needed.
A little panicked because I had to demonstrate my ability to the homeowner soon, I retained the first attorney I met; a woman in a small office who worked with her husband, ran a boutique real estate office, and assured me she knew all about real estate investing. I foolishly believed her, too.
Instead of flipping the property for a quick $5,000 to $10,000 (which, had I understood wholesaling at the time, should have been my strategy—and which I could have done without an attorney), my attorney steered me into an outright purchase of the house, two mortgages and all. I was then persuaded to try and rehab it myself with the assistance of her two “handymen” (neither of whom spoke English). I have virtually no “handy” skills myself.
Eventually we did manage significant improvements to the house, through many wild hand gestures, shouting, and scrawled Spanglish notes to one another. Now I just had to find a retail buyer…. But I’m getting ahead of myself.
Yes, the house did sell finally, after a stint with a rent-to-own tenant, much marketing, and the realization that I never wanted to sell anything “for retail” again.
Yet, for some reason that is still not entirely clear to me, when this same attorney asked if I wanted to get my real estate license and work as an agent for her, I agreed.
Wait. Scratch that. I know why I said yes to her. Because I was scared. Rehabbing the house had drained what little financial resources my wife and I had; we were in debt; and I still felt I didn’t know the first thing about successful investing (nor did my attorney).
Fast forward…
More than a year and a half later, having earned exactly $0 in commissions (save for about $600 I made renting an apartment), and having been shut out of the sole short sale I steadily worked on for this attorney, I walked away.
I puttered around, read some books, tried to formulate some plans. Nothing much materialized. In retrospect, there was no reason anything much should have materialized. I was still waiting for something to happen.
A few months passed; I grew increasingly fearful. I heard through the grapevine about a job working as a copy editor for a website. It was supposed to be part time, maybe 20 hours a week. I could work from home. We needed the money.
One weekend while my wife and son were out of town, I went, interviewed, and got the job. I started within a few days.
Soon, a few hours a day turned to eight hours a day. Then ten hours a day. One day—a Christmas Eve—I worked from nine in the morning until almost midnight. It wasn’t that the work was backbreaking, or difficult, or even all that stressful—although I was on a constant deadline. No, the job wasn’t those things. What it was, however, was something that has characterized every job I have ever held: It was soul sucking! I hated it. It took the “me” out of me, and over the course of the near year’s time I was there, my life spiraled downward.
It was somewhere in there that I almost quit it all. I don’t know what exactly, but I know that a part of me just about gave up on myself completely. I almost gave up on my abilities, on my family, on my future, my entrepreneurial dreams—everything. I really almost lost it all.
And it was there, when I was at the edge and looking down, that I finally did quit. I quit that miserable job as I had so many others.
But it wouldn’t be until nearly a couple years later that I’d come to understand why I’d held onto that job so tightly in the face of my disintegrating life, when the thing that I really needed to let go was the easiest to release of all.
Why I Refuse to Quit
By Jonathan Greve, Millionaire in Training, MMMChallenge.comI don’t have a wife or family of my own yet, but there isn’t a day that goes by that I don’t think about them and how I want to be able to spend my time with them. (If you haven’t figured it out yet—how you spend your time is ultimately how you spend your life.) I’m the oldest of 6 boys, and that’s a lot of mouths to feed, so my dad worked all the time when I was growing up and was rarely around. Don’t get me wrong, he’s a good man and was an excellent provider, but I didn’t really get to spend much time with him growing up. I know how important a father time and attention is, and I intend to be very involved in my future children’s lives.
I also know that one of the most important things that I can do as a good father is be a great husband. I believe that strong marriages are the foundation of strong families. Financial freedom will allow me to spend my time on what’s most important in life—people, relationships, family. Life is so much more than money. If it were all about money, I’d have quit my pursuit for financial freedom along time ago, but it’s so much more than that. My future family and generations to come are the reason I keep going when it gets tough. They’re a big part of my “Why” and one of the main reasons I refuse to quit!
"Queen Of Victory!"
By Alisa Johnson, Millionaire in Training, MMMChallenge.comLesson from Brenda Ayala’s “Real Estate Recipes”
By Pat O'Connell, Millionaire in TrainingYou can’t spend time wallowing with the pigeons if you want to soar with eagles. People tend to make about the same average salary as the people they hang around with. If you want to be rich, associate with folks who are doers and not talkers. If you’re a MMMChallenge member you have already know how to leave the past in the past and leave behind those that won’t share and support your dreams. (If you’re not in the MMMChallenge go here and get on the waiting list for the next opportunity www.mmmchallenge.com). You must also leave your comfort zone. Don’t let the fear (false evidence appearing real) hold you back. Take on mentors and learn from their experience. Do what they do. Get in a mastermind of right thinking people. This will help support your progress, gain new ideas and bounce your thoughts off others. Now get out there and do it!