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For first-time listeners, just about 20 years ago Del Walmsley founded his real estate investor and mentor group through which he has been teaching people how to build wealth and passive realized monthly income streams using everything from single-family homes to several hundred unit apartment complexes and everything in between.
Taking people through and if you have any questions about property locating, evaluating, negotiating, financing, closing, leasing, make-readies, rehabs, management, all the way through the natural progression of the real estate investor then give us a call. This is a caller-driven radio program, and it is at its best when you participate. So regardless of whatever topic I may be rambling on about, please call in with your real estate investment questions. Again, you can reach us here at the business radio station.
Del’s 2-Day Seminar
We’re on the eve of Del’s two-day class today and it’s such a—it was such an inspiring event for me. You know how people think that everyone else is like they are? And I took that class I guess it was nine years ago the first time. It wasn’t but three or four months later when I bought my first two investment properties. I was fortunate enough to go out and buy a package of two at once.
And so I think that you take this class and it could be that you are by the end of the year you have mailbox money. You have passive income streams. By the end of 2009, you can have with just a single—one little single-family home, get out there and provide more passive income into your family’s life than you have through 5, 10, 15, 20 years worth of working in the corporate arena. It makes me ask the question—I was lucky enough to get started at age 27 and wished I would have gotten started sooner, and I think that’s the most common phrase I hear from people or statement I hear from people as they exit that class. “Oh, my gosh, I wish I would have known about this sooner.”
And it begs the question, well, you know, success leaves clues. I hear that—I think the first time I heard that was from Tony Robbins or somebody like that. And so if you don’t know any millionaires, anybody with passive income streams, enough income that they can get up and do whatever they want to—whether it’s going to work and figuring out a way to make a contribution that way through the economy or if it’s going out and volunteering at the church or school or charity or hospital, whatever it is—put yourself in a position to get out there and make the contribution that you want to make. And that’s what the rich folks have done, those people who have achieved that. And when Robbins says go out there and find the clues that successful people have left, where do you go? If you don’t know any millionaires, anybody who has that passive income, then where do you go?
Books About Passive Income
The first place I went I turned to books. I went and found The Millionaire Next Door. And they did a study where they found that nearly 75 percent, so almost three quarters of the millionaires in the United States are entrepreneurs. They’re self or unemployed business owners. And then you combine that with the Realty Times has put out there that nine out of ten U.S. millionaires are real estate related. The conclusion I come to is why don’t we combine these two statistics and become a real estate investor. You go back to that and you think about that statistic, the 73 percent of the millionaires in this country being entrepreneurs.
There have been three men who have been very influential for me in my real estate investing—Del Walmsley, Steve Davis and Bruce Richards. And I’ll speak a little bit about what all three of these men have told me and ingrained in me about that information, three quarters of the millionaires in this country being entrepreneurs.
Personal Responsibility
Steve Davis said to me that that’s a point of personal responsibility, that these are people who didn’t put the onus of building wealth for themselves and their families on it’s my parent’s job to make sure that I know how to become wealthy or my teacher’s job or it’s my boss’s job to make me wealthy or even the government’s job. No, it’s yours and yours alone. If you want wealth and prosperity in your life, then you’ve got to get out there and make it happen yourself. These three quarters of the millionaires in this country that did this through their entrepreneurial endeavors went out there and created their own vehicle for building wealth. And since real estate happens to be an asset-heavy business or the investment part of it is all asset, it just makes sense to do it that way.
And then when Del said to me that a safe, secure job is a myth, that being an entrepreneur is less risky than going out there and just getting a job, in my 20’s when he first told me that my gut reaction was to list a bow up and say no way, baloney, 80 percent of all businesses fail in the first five years. And Del responds right away with why don’t 80 percent of McDonald’s fail in their first five years? And it’s obvious they had a system, a model to follow. And then he followed that with how many customers do you have in your job? Well, it’s just one really, my customer is my employer, my boss, that’s the person who’s paying me. And Del with his umpteen-thousand tenants how many customers does he have? If he loses a customer, it’s not as detrimental as it is for me if I lose my only customer, is it?
And then Bruce when he looks at the phrase “do it yourself” that these entrepreneurs went out there and created their own vehicles, execution, take action. It’s Stephen Covey’s first habit, be proactive. That’s the story that or the message that I want to get out there to you with this first segment, get out there and figure out what it’s going to take for you and go out there and take that action.
