In 1961 author and millionaire investor~ Robert W. Kent, wrote his best-sellerbook: “HOW TO GET RICH IN REAL ETATE” Published by Prentice Hall, Englewood,NJ. In the very first chapter Mr. Kent offers his opinion about the chances for an average ordinary working person to become the next real estate millionaire. On Page 2 Kent says:
“It’s very feasible for any sincere man or woman who is steadfast in purpose and is free of the 3 cardinal faults; TIMIDY, NEGATlVENESS and LAZINESS. Self-doubt is the on1y thing that can stop you. You must learn to push doubt aside every time it rears its ugly head.”
Mr. Kent began his investment career while working in a 24 hour key shop in Brookline~ MA. Starting in 1931, he began acquiring older rundown flats and apartments as quickly as his limited funds would permit. The key he said; “Each property I purchase must provide me with MIF, money in the fist.” That simple strategy would make him a millionaire by the end of the ’40′s.

SO YEARS LATER – NO CHANGE

Today, more than half a century later~ Kent’s wisdom is still a recipe for making millionaires. Other than a few personal preferences, I can find nothing to improve on! Of course~ MIF is more often called cash flow~but the idea is to get it! What you call it don’t matter very much! In my opinion, cash flow investing is even more feasible today because there are more qualified teachers who offer excellent “hands-on” training.

DIFFERENCE BETWEEN SUCCESS & FAILURE VERY SMALL

After 45 years investing and 25 years of teaching others. I can honestly tell you – there’s not a great deal of difference between students who enjoy super success — And those who just flounder around year after year without much measurable progress. Even with all my years doin’ this stuff. I won’t pretend I’m smart enough to figure what causes one student to be successful and the next to fizzle out when the opportunity for both is equal! Allow me to share5 personal observations that perhaps might explain a few answers.

1.     Many folks somehow imagine they are ready to compete and do    business after a free seminar or reading a book. They are not being realistic with themselves.

2.      Some people think there’s a magic formula to real estate investing, particularly with specialties like options. Note buying foreclosures. Probate sales and anything else that seems cleaner, easier and don’t sound like it requires too much time or effort! Friends – this is nothing more than a pipe dream that most often turns into a nightmare! You must understand real estate basics if you wish to be successful.

3.      I cannot remember ever having a student “too dumb” to become a successful real estate investor. On the flip side, I’ve been around hundreds of folks “too smart” to make it! Somehow they seem to think that learning the basics and developing a sound strategy based on reality is simply a lesson designed for slow learners. These folks are most often doomed before they ever start!

4.      The first rule of education — Thoroughly investigate the teacher and his credentials! If any instructor is telling you that real estate is “easy as pie” jump up immediately and run fast ’cause it just ain’t so! You should always check out the teacher behind the scenes. Make some telephone calls or better yet, write to newspapers who publish syndicated real estate columnists. Ask for their opinion about so and so.

5.      While it’s true, you can learn real estate investing on your own, by yourself, without any help — It’s called the “cut ‘n try method”! And chances are, you can probably save a few hard-earned bucks on lessons. But the problem is, you can easily spend it all back – plus a whole lot more fixing up your mistakes. You can greatly hamper any success you might enjoy by having to continually repair early mistakes. I’m a past graduate of “cut ‘n try” and it kept me broke much longer than I deserved to be. There were not many classes or instructors teaching this stuff 45 years ago! Back then most TV’s were still black and white and the picture wouldn’t hold still. Believe me, learning the real estate investment business from someone who already knows how is far more profitable in the long run!