2. Raise money.
The average person only goes to the bank. This second type of
investor needs to know how to raise capital, and there are many
ways that don’t require a bank. To get started, I learned how to buy
houses without a bank. It was the learned skill of raising money,
more than the houses themselves, that was priceless.
All too often I hear people say, “The bank won’t lend me money,”
or “I don’t have the money to buy it.” If you want to be a type-two
investor, you need to learn how to do that which stops most people.
In other words, a majority of people let their lack of money stop
them from making a deal. If you can avoid that obstacle, you will
be millions ahead of those who don’t learn those skills. There have
been many times I have bought a house, a stock, or an apartment
building without a penny in the bank. I once bought an apartment
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house for $1.2 million. I did what is called “tying it up,” with a
written contract between seller and buyer.
I then raised the $100,000 deposit, which bought me 90 days to
raise the rest of the money. Why did I do it? Simply because I knew
it was worth $2 million. I never raised the money. Instead, the
person who put up the $100,000 gave me $50,000 for finding the
deal, took over my position, and I walked away. Total working
time: three days. Again, it’s what you know more than what you
buy. Investing is not buying. It’s more a case of knowing.
3. Organize smart people.
Intelligent people are those who work with or hire a person who is
more intelligent than they are. When you need advice, make sure
you choose your advisor wisely.
There is a lot to learn, but the rewards can be astronomical. If you do
not want to learn those skills, then being a type-one investor is highly
recommended. It is what you know that is your greatest wealth. It is what
you do not know that is your greatest risk.
There is always risk, so learn to manage risk instead of avoiding it.
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Chapter Six
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