There Ain’t No Magic CarpetPosted on April 13, 2011 by
On a regular basis, we get calls from investors who’ve spent thousands – sometimes tens of thousands – of dollars purchasing some “guru’s” push-button, no-effort-required, real estate investing course, only to discover that successful real estate investing requires persistence, determination and a lot of face-to-face contact with sellers.
When these would-be investors cry about the amount of money they foolishly spent, I’m reminded of something Fred Sanford (of Sanford and Son fame) used to say: “You big dummy!”
We all know that there’s no such thing as a free lunch, right? Success isn’t a lucky lottery ticket. Success is a worked-at, strived-for thing – and the more you work and strive, the more you’ll appreciate your success when it comes!
I got a call from Tommy, a real estate investor in Atlanta. Talk about a guy who was singing the blues. He was told that I had the answers to his troubles. Problem is, he didn’t much like my no-nonsense advice.
Tommy got his start as a real estate investor a few years back. He saw a TV rip-off-mercial for a national guru who was coming into town to teach would-be investors how to become millionaires – and big shocker, the meeting was FREE!
By the end of the FREE Saturday seminar, Tommy had charged over $10,000 on his credit card – money he and his family didn’t have – to buy the guru’s “guaranteed to make you wealthy” system.
Needless to say, a year later, Tommy hadn’t done a single deal. Then he attended another free real estate investing seminar. After the this guru promised that his push-button system was the golden ticket to real estate riches, Tommy leaped over chairs to be first in line to buy the guy’s $2,000 course – and you guessed it, he paid for it with a credit card.
That brings us to today. Tommy and I were sitting by the fire pit at the ranch. Tommy blamed anyone and everyone for his woes. After whining for about an hour, I dumped a 55-gallon barrel of reality on his head.
Here’s Tommy’s problem: He believes that there’s such a thing as a magic carpet. When a guy tells him, “Hey mister, look at what I’ve got here. It’s a magic carpet and I’ll sell it to you for only $10,000!” Tommy is all about it. When it turns out that the magic carpet is nothing more than an old throw rug, Tommy can’t believe the guy lied to him.
Folks, the problem isn’t that the guy lied to Tommy, the real problem is that Tommy, a grown man, still believes in magic carpets. Tommy hasn’t learned a very important truth: There’s no such thing as magic carpets!
Don’t repeat Tommy’s mistake! What’s the best way to learn about real estate investing? Hang out with successful investors in your area and learn from their real-world experiences.