You may have heard ABOUT “The Compound Effect” before... but you may not be 100% sure what it is.
Hi there, Moguls, Patrick Riddle here to tell you: The compound effect could be the key to your success as a real estate investor.
Now, stay with me here (I know you might be rolling your eyes right now), because this is a valuable lesson.
So, what exactly is the compound effect?
Well, imagine this...
Someone approaches you and gives you the choice between taking $1M in cash immediately OR taking one single penny that doubles in value every day for the next 31 days. Which option would you choose?
If you chose the $1 million, congratulations! You’re a millionaire. But... you missed out on having so much more.
If you chose the penny that doubles in value every day for 31 days, you are now the proud owner of $10,737,418.24 on day #31.
THAT’s the compound effect... the idea that a little bit can multiply over time and lead to A LOT.
…
Patrick Riddle
has been investing in real estate ever since he got the bug in college at Clemson University and - to his parents dismay - dropped out of college to dive full-time into real estate at the age of 22 with a couple friends/partners from school.
The first few deals were rough for them, mainly using their own cash, credit, and hard money loans. But, soon he found out that was a rough and unsustainable way to build a real estate business.
After "on the job" learning through the school of hard knocks at first, he found the key that helped their company get deals done more quickly, with higher profit, less risk, without having to go to banks or use their own cash.
Fast forward to today, their company has closed over 130 real estate transactions and has put over $6 million in private money into their own transactions.