Editor’s Note: Our dear friend and colleague, Dennis Fassett, is signing off. He’s been an incredible ongoing contributor to Mogul’s “Market News Updates,” providing us with his own unique, lively and thought-provoking commentary on the timely industry news and events of today that are impacting our industry.
We sure are going to miss his work and wish him the very best.
For the final time, from Dennis Fassett, Cash Flow Mercenary...
As they say, all good things must come to an end.
So after 4 years nearly to the week, this will be the last piece that I write for Market News.
To say that it has been a blast would be an understatement. And my sincere hope is that you’ve gotten some value from my various rants and raves over the past few years.
But this site is and always will be about you. So rather than go on and on about this, I’d like to offer you some final thoughts as I ride off into the sunset…
First thought – I need to tell you that I’m writing this from the patio of The Oasis golf resort in Death Valley, California.
My Dad and I drove out here from Michigan to participate in a spring golf outing they have every year at his favorite golf course, appropriately named Furnace Creek.
He loves the west, and we had a great time seeing the beautiful sights along the way, especially in New Mexico. We had talked about doing this for the past 3 years and we just never got around to making it happen.
I’m thankful that we did this year.
Why do I mention this?
Because 3 weeks ago my Dad was diagnosed with Alzheimer’s.
Why is that relevant to you?
Because if it wasn’t for this business of real estate investing, I would never have been able to take my Dad on one last vacation.
We took our time and saw the sights along the way. We stayed in rooms at the resort that were $500 per night. We played $150 rounds of golf. And we ate outrageously expensive meals.
All without batting an eyelash.
And if you would have seen my Dad’s face at the end of the trip when he wanted to “settle up,” and I told him it was my gift to him, you’d understand.
It’s relevant to you because this business is a gift. One of the greatest you will ever receive.
It’s life-changing. It’s live-saving. And it’s life-enriching.
And all you need to do is grab a hold of it and make it yours.
How?
Well there are as many ways to do that as there are people.
But there are a few things that you can do to accelerate the process.
Wanna know what some of them are?
Take a look at my list of 4 keys that I put it together from the conversations I’ve had with new folks over the past couple of years...
#1: Stop confusing activity with accomplishment!
This is the most important piece of advice that I can give you.
Listen – you may like your vision boards and PMA books and building your buyers list, but guess what? Not one of those things can put a single dime in your pocket. Ever.
So every minute you spend on things like that is a waste when it comes to your business.
The fact is, no matter what your favorite ‘guru’ tells you, the only thing that puts money in your pocket is finding motivated sellers.
So that’s where you should be spending the bulk of your time.
So get to it!
#2: Spend some damn money already on TRAINING!
There’s a reason the top MBA schools cost over $50k per year. Because they a) teach you good stuff and b) let you network with top people.
So if really smart people see the value in paying for education for business, why don’t real estate investors?
I continue to scratch my head on this one, because all, and I mean EVERY single one of the successful real estate investors I know, has paid multiple thousands of dollars to learn the business.
#3: Spend some damn money already on MARKETING!
I know firsthand how attractive “free” is. But when it comes to marketing for motivated sellers, “free,” and his sister “cheap,” are not your friends.
Why?
Because everyone is looking for the cheapest leads to mail to. That’s why I pity absentee owners. That’s among the cheapest lists you can buy, so they get bombarded with mail from real estate investors.
The fact is, you should be looking for the most expensive and hardest-to-find leads possible.
They have the least amount of competition.
#4: Don’t follow the crowd!
When you get into this business, it’s easy to pattern yourself after someone you know, possibly a successful real estate investor.
But that’s not a guaranteed path to success.
For example, I was just berated in a Facebook group because I refused to hand over my marketing materials to the group for free, just so they could all copy it.
I tried to make the point that if I did that, and everyone copied it, then it would cease to work for any of us.
Sadly most of the group didn’t get it and seriously expected me to hand over my stuff.
The point is, do your own thing.
Brand yourself.
Be personal.
Be an individual.
Be yourself.
Well…
That’s my list of final thoughts. If you’re just getting started I hope you take them to heart.
Oh and one more thing – don’t forget to have fun along the way.
Remember there is no finish line. It’s the journey that matters.
Take care.
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If you have any other tips to add, please share in the comments section below.