With damn hard WORK (not JOB) how to go from 0 to 5 investment properties.
- it wont happen fast unless you’re lucky – in which case you didn’t need to follow any plan.
- You will work harder than anybody with a job to get the same initial results.
- I’d guess it will take about 7-14 years
- Getting and keeping a job would be easier (but may leave you broke). How many stories have you read that said “bought my first Investment Property then waited X years before I thought of doing it again because work got in the way”
- We want this to be legal
So here is the list:
- Start earning cash now. That probably means learning how to sell something, anything, anywhere.
- self-employment sections of the papers
- market stalls
- Walk around industrial areas with your eyes open. Has someone got an overstock problem? Ask for a sample and a price. Hit the road.
- Ask yourself how can I get something to sell on consignment?
- Start small but scale quickly. Turn $5 into $10. Then $20 then $40 then $80 etc.
- Learn to fix problems. Look for people with a problem and find a way to make that problem go away. That lets you set your own price that is not tied to time or personal effort.
- Focus on cashflow. In the early days do not build a system to sell it. How much am I making per week/month (forget year). e.g. Some retailers break even on trading but make money by selling the business, others make money from day 1 — guess who normally wins in the long run?
- Put 5%-20% (say 10%) away for wealth creation. That way you’ll know when you have enough to buy an accumulating asset. That % may be of gross sales or net profit whatever! But put it away out of every deal/week/invoice.
- Network. Now. Go out and meet people. Not just your friends. Talk to business people, sales-reps, seminar-junkies, hairdressers, baristas and bar-tenders. Find a 2 sentence intro and ask them questions about themselves. If you can afford internet access you can afford to do a google search on how to network.
- Optional. Find a deal that is too good to pass up and the money will appear. This is a fact
- Buy an asset (with your own money) that is 80% right as soon as you see it. You won’t find anything perfect and the time you waste getting 95% perfect will cost you 2 deals. The learning experience is worth the mistakes. Remember you created the deposit and you can do it again if you make a mistake.
- Did you know that if you had a 34% deposit the money is relatively easy to find?
- Once you have an investment system that works for you, leverage it with investors. Realise almost no investor will back your first deal.