I used to think like a punk and suffer from punk disease. You’ve got to stop thinking small and aim for the monster deal.
Your punk moves are a four-unit or eight-unit deal. I’m not trying to be mean, I’m just telling you the truth.
Think about it this way. I’m a punk to the huge mega-companies like Blackstone. They look at me and go: punk.
You’ve got to get out of this small-focused mentality. It will not bring you wealth. These deals won’t create enough cash flow to sustain you or weather rough times.
If your passive income never exceeds your earned income you’ll be a slave your whole life.
You need to be looking at hundreds of deals constantly to find that “winner” deal for you. Don’t punk out on the number you look at. Think big. Think monster.
I have five deals in play right now, after looking at over one-billion dollars in real estate to find four hundred fifty-eight-million dollars in deals.
Real estate is about the mindset as much as knowing the market, the property, the economics, the deal, the location, the quality of the property, the tenants renting there…and on and on…
Quit suffering from the punk disease.
Commit. Make a decision, dive in and do it big. If you can’t do it big, do it with someone who can do it big.
Big is where the money is. The money isn’t in these small deals. Those deals are the ones that go back to the bank first. If you are in a four-plex and you are in one of the units and one of your renters leaves, you have a fifty-percent vacancy rate. That’s insane. Big gives you insulation.
The same is true for debt. Don’t be afraid of debt. No real estate investor should ever be interested in paying off their real estate.
If it’s a good piece of real estate and it cash flows who pays off your debt? Your tenants renting is going to pay it off. Debt is just a part of your deal. A good thing about your deal if you know how to use it. You also need to measure money on your deals. There’s a few ways to do this. You can look at the down payment out of pocket and what you clear for income based on that initial investment or you can look at the equity to income and see what your return on that is.
Again, don’t punk out. Invest the time to learn and be knowledgeable.
I win in the marketplace because I do more than anybody else…
I win more because I do more…
Want to know more about real estate like how do you calculate worst case scenario so you know what deal to make and then what to look for in a deal? Come to my 10X Growth Conference 3 February 1-3 in Miami and take my Real Estate Investors Master Class.
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