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 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.
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