Ask Steve Now!
“I started off with no money and no credit, I made all my contacts after I joined a real estate investor group—which took me literally…
…48 hours to build my entire team?
Really less than that when you think about the vendor list that we have in our group.
I made all my contacts and got all my knowledge by having a mentor, by leveraging my knowledge with the mentor.”
Beliefs
On Tuesday I got to the point where I talked about having your written goals and having your beliefs in a line. In other words, it does no good if you’ve got bad beliefs about money to write down your goals, because you’re just going to incorporate those bad beliefs into your goals.
Such as if you have the goal of trying to scrimp and save your way to retirement, if you have the goal of investing in the stock market or mutual funds or things like that—that’s going to be your tool—it doesn’t matter, you’re going to be in that 9 out of 10 percent that retire at or below poverty income levels.
You’ve got to find the right beliefs or as we’re always talking about, the right map — a map from people who have gotten it right, if you will. In other words, they’ve gotten the results from their life that you’re looking for. And it’s not as hard as people would think. A lot of people are like, “Oh, Lord. I’d love to have somebody like that on my team.” They are out there.
Building Wealth
There are real estate investor clubs in every major city and in most little cities as well. So there are places to find people that are actually doing this that you can actually emulate and get tips from and so on. Everything from for profit groups like Lifestyles Unlimited, like us, to not for profit groups like the real estate investor clubs, Rich Club of Houston. There’s one in Dallas/Fort Worth. There’s one in San Antonio, Austin. You name it; they’re out there.
But I want to build on this concept of where these beliefs come from and share with you a story. Many of you have heard me tell this story before. But it comes down to when I ask this question, “Why aren’t you out there building wealth for yourself and your family with real estate?”
What comes up are a series of beliefs. Pretty standard. You’re going to have: “I don’t have the time. I don’t have the money. I don’t have the credit.” And it’s because people believe that rental real estate is all “tenants, toilets, and taxes.”
Again time, money, knowledge, “I don’t know how to do it.” Flat out, “It’s not what you know, it’s who you know” is another belief. “I don’t have the contacts to do real estate investing.” But what all those things have in common is one thing: They all are simply a belief. And I hope I get this across effectively.
Mentor
Does it make sense if I own real estate and I don’t have trouble with “tenants, toilets, and taxes,” I started off with no money and no credit, I made all my contacts after I joined a real estate investor group—which took me literally from the time I finally was told that’s what you’re supposed to do, it took me 48 hours to build my entire team?
Really less than that when you think about the vendor list that we have in our group. I made all my contacts and got all my knowledge by having a mentor, by leveraging my knowledge with the mentor.
Does it make sense when I say that if you believe you can’t do it because of time, money, knowledge, contacts and I did it without time, money, knowledge, and contacts that that’s just a belief that you have and it’s not necessarily true?
In fact, I’m telling every one of you that you can do it without using a huge amount of your time. You can do it without using your money, without using your credit, without using your own knowledge, without creating your own contact list. It can be done.
Flippers
Let me share this story with you. I shared this I believe Tuesday as well. So I’ll race through it for those of you that already heard it. But I want everyone to hear it. We’ve got a lot of new listeners in the Dallas/Fort Worth area, so I’m really doing this for them primarily.
But what happened with me is I had this belief. I came in and I joined Lifestyles Unlimited and immediately became a flipper. A buy, fix up, and sell guy even though my mentors were all investors. They owned rental property. They told me not to flip. They gave me crap for flipping. I mean it wasn’t building wealth. It wasn’t building passive income.
But in the back of my mind I had just come out of a job where I was working 60 hours a week. I almost lost my wife because I was never there. In my brain I thought rental property was “tenants, toilets, and taxes.”
So after about the end of my third year of buy, fix up, and sell or flipping contracts or flipping, doing assignments, I was pulled aside at a case study or cocktail party by one of my mentors who said, “Steve, what are you doing? You’re still flipping. Why don’t you own any rental real estate?”
False Evidence
Well, I was standing there with two of my mentors, both of them owned 20 plus houses, both of them I knew either played golf all day or did nothing all day but workout and spend time with their girlfriend and work a couple hours at the office—and I mean literally a couple hours. When I say a “couple” hours, I mean two hours or less was the amount of time I saw these guys in an office.
Does it make sense now that you’ve heard that for me to be standing there with my fear that rental property consumed a bunch of time talking to two men who owned a massive amount, 20 plus houses each, of rental real estate and never worked?
Can you see the problem there? It’s false evidence appearing real. Zig Ziglar coined that. That’s where I picked that up from. False evidence appearing real is fear. False evidence appearing real. Don’t hesitate to start thinking about that in your life right now. Are there things that you believe that you can’t do even though people around you are doing them anyway?
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