A little while ago I sent out a survey to see what was really holding you back from investing in tax liens and real estate this year. Was it Money? Time? Knowledge or something else?
And the survey said……….
That MONEY was the #1 thing holding you back followed closely by time and then knowledge.
It may seem like an insurmountable problem to overcome right? I mean how do you start investing in real estate or tax liens with no money…. Doesn’t it take money to buy real estate?
Well, yes it does. It does take money to buy real estate and tax liens…. It just doesn’t necessarily take YOUR MONEY to do this.
Solution #1 – Partner with someone that HAS money to do your first deal
Why not invest using someone else’s money?
This is how I bought my first property at a tax sale about 6 years ago. I raised $50,000 from one investor and bought my first property at a tax auction in Texas for $15,500 and the rest is history. Since then I have raised millions of dollars for real estate and have not looked back.
Solution #2- Buy a cheaper property at a tax sale
You would be amazed at what you can buy at tax sale auctions. Our students have bought 2 bed, 2 bath condos for under $6,000, vacant lots for just a few thousand dollars and houses for around $12,000.
The moral of the story is, it doesn’t take a large pool of money to do your first deal! Just make sure you do the deal properly so you can continue to expand your investing business.
When I first started my real estate business I was easily working 20-40 hours+ a week. I did a lot of re-inventing of the wheel as I was building my real estate business.
Now, however, I have built a system that allows me to flip property from anywhere I happen to be in the world using nothing but my cellphone and my laptop working 1-2 hours a day on my real estate business.
It’s a combination of putting the right systems and checklists in place to streamline the operations and achieve critical efficiencies as well as developing an excellent team on the ground. My team on the ground consists of property managers, contractors, brokers and other professionals that I have worked with for many years.
My biggest recommendation is don’t re-invent the wheel. You will drastically reduce frustration and the amount of time wasted by adopting a system that’s proven to work.
In my opinion, knowledge is without a doubt the #1 most important factor that leads to real estate investing success.
Take away my money and my time and Ill find a way to build it back using my knowledge.
Having the knowledge that few others have allows you to raise the money to do deals, make them profitable and build a successful real estate investing business.
I am always reading, studying and networking with my peers and constantly making improvements to my systems.
A dedication to continuous learning is what separates the rookies from the pros.
So don’t let a lack of money, time or knowledge stop you from making it happen!
Stay tuned for some videos I am creating that will show you a behind the scenes look at the systems I have built and how I raise money to do my deals.
Earn, Live, Give
Stephen W. Preston
PS: I am happy to announce that we are holding our first three-day Tax Lien Tour of 2015 on May 31 to June 2nd in Houston Texas. If you are interested in attending a tax sale auction with me and meeting my team simple reply to this email and we will send you the details when we have them!