So Eric, tell us a little about your background and what makes you a Tax Lien Guru?
Welcome to your investing journey! Hi, my name is coach Eric, and I'm here to help you go through your own individual process to help you achieve your goals. Whether you are investing in real estate or tax liens.
So, I've been a real estate investor for the last 25 years. I've seen the ups and the downs. And helping individuals like you grasp on what they really need to grasp on to have success towards their individual goals.
So first off, again, congratulations on the choice that you have made to invest in yourself and to move forward with your investing strategies.
So first off let's talk about something. Have you ever been around an individual where you feel like, wow, if I could just be like that person! Maybe it's a guru, perhaps it's someone you have met and you're like–they really have it together. And if you think about it, it's that word called: authenticity. And it's where someone's actions, their thoughts and their words are in alignment. You see it and you feel it! That's something that you want to focus on, as you move forward with your investing strategies as well. Because you want to increase your education, you want to have confidence. You want to have that authentic factor that's going to make all the difference to help you succeed.
Eric, how would you define authenticity? How does it manifest?
A big part about being authentic is your mindset. Have you ever thought about something where it's like: well, I don't know if I can do that. Well, if you think you can do something, you're correct! And if you think you can't do something, you're also correct. And so we need to be in a place where the mind adapts to the idea that we can do this. The hardest person to convince of anything that we do is ourselves. And so we have to be in that place to where we believe it. When we believe it, it comes across as authentic. Because that's who we are at our core. And so make sure we are focused on our mindset as we go through this process.
One other thing I am going to address quickly. Whenever we start something new in our lives, we always get those people who say: “well you're investing in real estate? You're gonna lose money. That doesn't work. The market crashes. There are tons of things that can go wrong.” And they bring up: here's why it's not going to work for you. Here's the thing, if that's what they're focused on or what you're focused on is: what can go wrong, then that's what will grow.
However, if you focus on making it work for you, that's where you're putting your energy, and that's how you will grow your real estate or tax lien investing business. And so focus more on the how can I vs. it won't work because: here's 20 reasons why. Well, you're just sabotaging yourself at that point. So let's move forward and focus on how you can make it work.
What are the best ways to set goals for someone who is new to real estate investing?
Alright, so some quick tips as we move forward. You gotta have goals. Doesn't matter in any one of these sections we are talking about as we are moving forward. Goals are key. What is it you want to accomplish as far as a return? What is it you want to achieve as far as your education? All of those things. You need to make sure you set those goals.
It would be best if you established a plan. Plan out your week, plan out your time and make sure you're in a place where you're taking control of your time and making the best decisions possible as you move towards your objectives.
You will need a team. Now your team can be real estate agents, lenders, title companies, wholesale buyers. You want people to help you to succeed while you're doing other things in life. You want your team to help bring the best out of you, in helping you be successful.
Alright, you also want to build systems to make it easy for you. Whether it's analyzing properties or analyzing tax lien certificates, you want to make sure you have the best options possible.
It's all about taking action. I'm not talking about a little bit of action, I'm talking about massive action. If you are serious about your goals, you're going to have to take massive action to help you succeed in where you want to go. So remember those steps.
Can you sum it up for us in a concise list?
- Be authentic
- Make sure you're feeding your mindset
- Make sure you're working on your goals
- Make sure you have a plan
- Make sure your team is apart of what you're doing
- Build your systems
- …and take massive action!
And you'll be on your journey to success!
Who are the most important people to consider when you are assembling a team for real estate investing?
Now we will talk about a lot of important information, and we're going to talk about some things that you are going to need to have the right team member in place for. We're going to talk about some things that involve taxes, and we're going to talk about some things that involve legal. Now you will need on your team, an attorney, a tax professional, to make sure that you are doing the right things according to your own personal situation.
So the information that we are sharing as we move forward is for example purposes only and you want to make sure how it affects you individually when you work with your professional.
So Eric, describe a real estate investment portfolio. I hear that all the time, what is it?
Well, that's just a really sexy way to say: what real estate do you own? And that's it! What are your total holdings? What do you have as far as rental properties, what are you doing as far as your fix & flips, do you have residential properties that are a part of this? Maybe you even have some air bnbs, or some timeshares that are a part of it. You could have some wholesale deals that are a part of this, and some commercial deals. So it really is the grouping of all of your real estate holdings.
That's what a real estate portfolio is.
