Make a Decision Today to Get Out of Debt » REIIYC » Episode 1083

12/17/21 • 16 min

I’m in the car again on a Tuesday morning and I thought I’d spend some time talking about some great advice I just received from my buddy, Steve. I know I talk a lot about real estate investing, making money, and doing deals, but there’s another key to financial freedom – getting out of debt. It may just be the most foundational key.

In addition to getting out of real estate-related debt, getting out of consumer debt like your credit cards and student loans is just as, if not more, important. Too much of it can kill your momentum and completely sabotage your business efforts. A smart idea would be to take any profits you’re making off your early real estate deals and put them towards paying that personal debt off as soon as possible.

When you’re debt free, you can live a life of luxury for much less than you think. And when you’re able to live off less, you don’t have to work as hard and do as many deals to keep up with a lifestyle that makes you and your family happy. Getting out of debt isn’t fun and it can be hard work, but it pays off in the long run and can get you on the fast track to your dream life.

What’s Inside:

—The importance of getting out of debt.

—How too much consumer debt can sabotage business efforts.

—Why you should prioritize setting aside money for Uncle Sam.

—How getting out of debt can help you quit your job faster.

What’s Inside:

—The importance of getting out of debt.

—How too much consumer debt can sabotage business efforts.

—Why you should prioritize setting aside money for Uncle Sam.

—How getting out of debt can help you quit your job faster.

Previous Episode

What Separates Successful Investors From Everyone Else? - Brilliant At The Basics Part 1 » REI Secrets

What separates successful investors from everyone else may surprise you. I ran into some friends of mine at the gym who bought my course and have been working with me and the team and they’re killing it right now. They’ve been averaging $50-100K per month and are within the top 1% of income earners in the St. Louis market. You would think that no one gets to that kind of money unless there’s some complicated explanation for it, but that’s not the case in real estate. In fact, my friends succeed in what they do because they’re really, really good at the basics.

There’s no secret in real estate investing aside from taking action and implementing everything you learn as you go along. I’ve spent so much money and time on courses and programs. Nothing worked for me until I decided to step in and actually go to work with what I was learning from these coaches. Mindset might be the most important thing when it comes to making things happen as a real estate investor. Many people will tell you that deals can’t be done in certain areas, or that you can’t make any money doing what you’re doing. They might even tell you that wholesaling is illegal. Don’t listen to them.

If you have the mindset down, all it takes is for you to master basics like marketing, talking to as many sellers and buyers as possible, and getting started before you feel like you’re ready. Learn as you go and learn from your mistakes. Instead of spending money on another coach or program, just start trying things out and take that first step. Massive, imperfect action is what makes things happen.

What’s Inside:

—What the basics of real estate investing are and why they’re the key to your success

—Why implementation and taking action will get you further than courses and coaches

—What makes some people succeed and others struggle

Next Episode

Step-By-Step Walk Through of a Recent Vacant Land Deal » REI In Your Car » Episode 1084

As I was driving around doing some errands, I thought it would be helpful to talk about a recent vacant land deal and how we did it. Flipping vacant land is a pretty easy strategy and I currently have my teenage sons helping me. We’ve been doing these deals for about 4 to 5 years now and have done 30 deals total. I love it because it’s been a great way to teach my boys how to run their own businesses.

In this particular deal, we purchased a 5-acre lot in Wilkes County, NC for $11K and sold it for $26K to a cash buyer. The entire process took about 3 months start to finish. To find the land for this deal and the others we’ve done, I use the website Landwatch.com. I’ve been targeting land between 4-40 acres counties that are 1-2 hours from a major city. People like to buy this type of land for hunting or camping, to ride around on their 4-wheelers, build a cabin someday, or just get off the grid.

I walk through the entire process from how to source land to advertising and through to the offer and closing process. Direct mailing campaigns have been great for us. We’ll also use Facebook Marketplace and Craigslist to find people to help with advertising and due diligence. Vacant land deals are relatively easy to do, and I’m considering doing something around coaching or partnerships to help get folks into it – stay tuned.

What’s Inside:

—How to find land listings online and what search filters to use.

—How to set up an automated campaign using direct mail to sellers.

—Our advertising strategies and how we set them up.