Real Estate Agent/Broker
Specializing in Distressed Assets
- Build and Maintain a HUGE database
of Cash Buyers and End Buyers
- Build a Database of Private Money
- Have a Solid System in Place (Have
Money and People Working for You)
So many people
shy away from responsibility. Yes, it's not easy to be a leader. You get gray
hair much quicker than the average person. If you think I am lying, ask President
Obama. The guy who charmed us, as a candidate, with his smooth speeches now
looks much older and tired only after 2 years in the Oval Office. To lead can
be excruciatingly tiresome and terribly daunting. Leadership, especially in
America where you are being watched at every angle, is not for the
irrespective of how tasking and liability-prone leadership is, you can rest
assured that it has its rewards. For one thing, leadership allows you to live
your dream and leave a legacy that lives on for years, even decades/centuries
after you depart this world. Look at people like Martin Luther King. Decades
after his death, America sets aside a day a year to honor his legacy. Streets
all across America are named after him more so than anyone else I know. When
his presidency is over, Obama, like all his predecessors, will enjoy privileges
that are not available to the commoner. Having his name in the annals of
American history alone will be worth the pain and anguish of leadership.
The same can
be true for someone who chooses a career as a real estate broker/agent. Being a
diligent broker can be your ticket to untold wealth. First, as a real estate
broker, you have access to a multitude of ancillary service providers. Lenders,
title companies, contractors, real estate agents, asset management firms,
insurance companies, financial advisors, and others come to you for business
and as you succeed, the whole world conspires to see you succeed even more.
Other brokerage firms, oftentimes more established brands, start looking into
merging your operations with theirs.
you can hardly hide. You are always in the public eye. As a broker, your
productivity is a public record scoured by lenders, title companies and even
your competition. If you do not have your own in-house lender, don't be
surprised to be coaxed incessantly by mortgage loan originators such as
mortgage brokers, mortgage bankers, credit unions and commercial banks. You can
use these relationships to your utmost advantage. These people are not in the
business of selling real estate. They are in the business of originating loans.
The more loans they originate the more money they make. Therefore, it is
imperative and mutually beneficial if they give you their full support and help
you generate leads and close them. The more you make the more they make. They
can do joint events with you such as host first-time or investor seminars, do
Open Houses, sponsor house warming parties, co- launch marketing campaigns,
sponsor advertising, co-sponsor charity events, etc.
nurture these relationships, ally with a lender or broker who is committed to
your success and I can guarantee you that you will succeed big time. As you
succeed you will open the flood gates and more people will start coming to you.
Title companies will come to you and you will be at their beck and call. When
you need a title profile they waste no time in serving you. They are more than
happy to come to your staff meetings and offer you free service. They may even
sponsor breakfast. Insurance companies you give hazard insurance to will also
be inclined to assist you in whatever capacity the law allows.
business grows and your name spreads in the community you serve real estate
agents will also be attracted to you. You can then allocate leads to your
trusted agents. Instead of being the jack of all trades, you can now begin to
recruit, train and delegate. You will then have a true system in place and
instead of working for money, money will start working for you.
start to attract other money people. They say birds of the same feathers flock
together. Remember, I talked about cash buyers above? As you gain momentum, you
will include in your system a way to generate leads from motivated sellers.
These sellers will include banks that will give you their REOs. They trust you
to sell them quickly. They know that you can pay for trash out and other
expenses up front and be reimbursed later. They know that you can sell their
non-performing assets faster than anyone else, so they will give you more.
Whatever values you mention in your BPO they will believe you and will list
their REOs at the prices you recommend or even
money. Cash buyers will flock to you for property bargains. You will become the
ultimate magnet. Private money lenders will be calling you to lend you money at
great rates and terms. And because the rich always get richer, your wealth will
increase and you will become even better known. A household name. Bigger,
well-known brands will come to you to discuss a possible merger. If that
appeals to you, you will be in the driver 's seat.
delight to be associated with you as they perceive you not only as a rich
person but also a man of knowledge and wisdom. Associating with you gives them
good standing in society. It dignifies them.
This is not a
pipe dream. I know this from my own personal experience. When I started Pacific
Realty Partners in 2007 I hardly knew much about real estate. Sure, I bought my
first property in Manteca back in 2002 for $280,000 and sold it in 2004 for
$400,000. I had listened to Carlton Sheets' No Money Down CDs and made mistakes
buying properties in 2005 and 2006 at overly inflated prices practicing what I
had learned from Carlton Sheets. And yes, I had gone ahead and obtained my real
estate salesperson license in 2005 and made more money working part time in
real estate as a realtor than I did working full time doing a stupid job that
hardly made good use of my creative abilities. I had quit my employer that year
and decided to go full time into real estate. With no mentor whatsoever, I made
so many mistakes and lost all the money I had earned and then some. I remember
going for six straight months, January to June in 2007 without earning a penny.
That was one tough year, the year I almost threw in the towel and wanted to
head to China where things were happening. I spoke Mandarin and with my
American experience I figured I could do very well there. After all, I did much
better in Taiwan when I was there than in California.
Yes, I was
going to give in and head back to Asia. But just as I was about o do so, I
decided to stay put. When the going gets tough the tough get going, the saying
goes. So, I stayed and founded Pacific Realty Partners in June that year. I
moved my office out of my home and leased space at the Safeway Plaza on Newark
Blvd. Gradually, people started joining me. I immersed myself in learning and
mastering the trends. The market was changing. Banks were fast becoming the
predominant sellers. Very few people knew what a Short Sale was yet in December
that year, I closed my first Short Sale in Lathrop. The owner had bought the
home from the builder for $575,000 in 2005 on speculation, like many people,
that the value would keep going up. She was getting only $1800/m in rent. I had
been invited to give a lecture on Short Sales by United Capital Group a real estate
firm located in Milpitas. The hall was packed. As soon as I was done people
lined up to talk to me.