On January 3-4, I started the new year by attending a Rich Dad online webinar. For those unfamiliar with Rich Dad Poor Dad, the author tells the story about he learned to become an entrepreneur focusing on building wealth through passive income. It cost me roughly $100 for 5 hours of live remote training, specifically about strategies for real estate investing. Was it worth the price? Absolutely. For roughly $20/hr, you really cannot beat the cost.
The following are some of the key takeaways that I learned:
- In order to win, you must use a proven system. The presenter argued that the pieces of this system should include education, tools of a pro, capital / credit, a "power team", and a mentor.
- Look for markets appreciating 5% growth year after year for 10 years
- Get your money back in 12-24 months
- You have 90 days, then you are out. Investment should not take longer. Time is money.
- Invest in real estate for cash flow first.
- Own nothing and control it all (first and fast). Sign an agreement immediately. Can always back out.
- Help people and the money will come
- You should earn $3000/hr
- Be comfortable about being uncomfortable (offering low)
Further, the presenter challenged us with the following goals for 2017:
- Work 3 hours/week on this business
- Achieve 2 wholesale deals
- Purchase (and sell) 3 foreclosures
- Transact 1 lease option/month
- Purchase 1 Mobile home park or multi-family
So, it's now almost February, so I have my work to do.