Chapter Nine - STILL WANT MORE? HERE ARE SOME
TO DO'S
Many people may not be satisfied with my 10 steps. They see them more as philosophies
than actions. I think understanding the philosophy is just as important as the action. There are
many people who want to do instead of think, and then there are people who think but do not
do. I would say that I am both. I love new ideas, and I love action.
So for those who want a to-do list on how to get started, I will share with you some of the
things I do, in abbreviated form.
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Stop doing what you’re doing.
In other words, take a break and assess what is working
and what is not working. The definition of insanity is doing the same thing over and over and
expecting a different result. Stop doing what is not working, and look for something new.
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Look for new ideas.
For new investing ideas, I go to bookstores and search for books on
different and unique subjects. I call them formulas. I buy how-to books on formulas I know
nothing about.
For example, in the bookstore I found the book
The 16 Percent Solution
by Joel Moskowitz.
I bought the book and read it and the next Thursday, I did exactly as the book said. Most
people do not take action, or they let someone talk them out of whatever new formula they
are studying. My neighbor told me why 16 percent would not work. I did not listen to him
because he’s never done it.
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Find someone who has done what you want to do.
Take them to lunch and ask them for
tips and tricks of the trade. As for 16 percent tax-lien certificates, I went to the county tax
office and found the government employee who worked in that office. I found out that she,
too, invested in the tax liens. Immediately, I invited her to lunch. She was thrilled to tell me
everything she knew and how to do it. After lunch, she spent all afternoon showing me
everything. By the next day, I found two great properties with her help that have been
accruing interest at 16 percent ever since. It took a day to read the book, a day to take action,
an hour for lunch, and a day to acquire two great deals.
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Take classes, read, and attend seminars.
I search newspapers and the Internet for new and
interesting classes, many of which are free or inexpensive. I also attend and pay for
expensive seminars on what I want to learn. I am wealthy and free from needing a job simply
because of the courses I took. I have friends who did not take those classes who told me I
was wasting my money, and yet they’re still at the same job.
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Make lots of offers.
When I want a piece of real estate, I look at many properties and
generally write an offer. If you don’t know what the right offer is, neither do I. That is the
job of the real estate agent. They make the offers. I do as little work as possible.
A friend wanted me to show her how to buy apartment houses. So one Saturday she, her
agent, and I went and looked at six apartment houses. Four were dogs, but two were good. I
said to write offers on all six, offering half of what the owners asked for. She and the agent
nearly had heart attacks. They thought it was rude, and would offend the sellers, but I really
don’t think the agent wanted to work that hard. So they did nothing and went on looking for a
better deal.
No offers were ever made, and that person is still looking for the right deal at the right price.
Well, you don’t know what the right price is until you have a second party who wants to
deal. Most sellers ask too much. It is rare that a seller asks a price that is less than something
is worth.
Moral of the story: Make offers. People who are not investors have no idea what it feels like
to try to sell something. I have had a piece of real estate that I wanted to sell for months. I
would have welcomed any offer. They could have offered me 10 pigs, and I would have
been happy—not at the offer, but just because someone was interested. I would have
countered, maybe for a pig farm in exchange. But that’s how the game works. The game of
buying and selling is fun. Keep that in mind. It’s fun and only a game. Make offers. Someone
might say yes.
I always make offers with escape clauses. In real estate, I make an offer with language that
details “subject-to” contingencies, such as the approval of a business partner. Never specify
who the business partner is. Most people don’t know that my partner is my cat. If they accept
the offer, and I don’t want the deal, I call home and speak to my cat. I make this ridiculous
statement to illustrate how absurdly easy and simple the game is. So many people make
things too difficult and take it too seriously.
Finding a good deal, the right business, the right people, the right investors, or whatever is
just like dating. You must go to the market and talk to a lot of people, make a lot of offers,
counteroffers, negotiate, reject, and accept. I know single people who sit at home and wait
for the phone to ring, but it’s better to go to the market, even if it’s only the supermarket.
Search, offer, reject, negotiate, and accept are all parts of the process of almost everything
in life.
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