Are You Dumb Enough to Be Rich?: The Amazingly Simple Way to Make Millions in Real Estateby G. William Barnett
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No investment strategy has created more millionaires than real estate. Even in less-than-stellar economies, real estate offers a ""safe harbor"" to people wishing to make smart, low-risk investments. And now there’s a foolproof, step-by-step system even financial novices can use to achieve wealth and financial freedom. Are You Dumb Enough to Be Rich? gives people the resources and information they need to make serious amounts of money from buying and selling real estate. This essential book walks readers through the entire process, providing them with a 120-day plan for starting down the road to building real estate wealth. Too many real estate books focus on stories and unlikely examples about how other people became rich. Are You Dumb Enough to Be Rich? offers real strategies on finding the best opportunities, avoiding the common pitfalls of real estate investment, and building personal and professional credibility. Straightforward and easy-to-follow, the book empowers readers to take their first tentative steps toward real estate investing with confidence. Are You Dumb Enough to Be Rich? demonstrates that it doesn’t take a genius to make money -- lots of it -- in real estate.
The Real Estate Professional
"Whether you are a new or an experienced real estate investor, the fresh approach of G. William Barnett II in Are You Dumb Enough to Be Rich? provides insight about how to get started in 120 days with smart realty investment methods." Robert J. Bruss, syndicated real estate columnist
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Read an Excerpt
THE FIRST THING you must do on your quest to financial freedom
is to decide what you want your business to provide and what you
are willing to do to accomplish that.
This type of thinking I refer to as “3M” thinking, that’s “The
Multi-Millionaire Mindset,” because you won’t find a multimillionaire
who made his or her money alone who didn’t have a
strong sense of financial direction. Underline this and make it part
of who you are: “Multi-Millionaires are Money-DECISIVE!”
Remember, know the objective and the path will reveal itself. For
the sake of this book, I am going to assume that you want to
become a multi-millionaire and you want to do it through real
estate investing. As real estate markets across the country have
stalled, topped out, softened, or even dropped in some cases as
much as 25 to 30 percent,NOW IS THE TIME TO GET STARTED!
There is no other investment that comes close to producing the
sheer number of multi-millionaires as real estate. There is no other
investment that can introduce you to multi-millionaire rates of
return easier than real estate. It is the safest and fastest way to multimillionaire
status I know of if you do it the right way. Doing it the
right way is what this book is all about.
So, how do you become one of America’s multi-millionaire
households? How do we attain the Multi-Millionaire Mindset? In my
success training course, “The One Hour Destiny,” (see http://www.
dumbenough.com) I show attendees how to brainstorm their success
for twenty minutes a day. All of these success tips amount to one
thing—you have to write it down.
Of all of the aforementioned success giants, the one that hammered
this message home for me is someone you most likely have
never heard of. Her instruction to me was to write “I will not talk in
class” 101 times on the board after school. You see, repetition is the
secret to success. The words kept ringing in my head as I wrote it on
the board in Ms. Simpson’s eighth-grade English class at West Point
Junior High School in West Point,Mississippi. This was my punishment
for not being attentive in class and distracting others from
doing their work. Of course, I probably spent as much time counting
the number of sentences I had written as I did writing. This
seemed like a never-ending task, but I became resolved never to do
this again, which means, I will not talk in class in the future either.
This principle, I will not talk in class, is a major key to success. It
distills the essence of several key ingredients to successful goal setting
and goal achieving.
First, it is a written affirmation. Certainly in the quest for success,
your studies have revealed that you must write down your goals. The
simple act of writing cements the goals in your subconscious. All of
the great trainers and speakers preach that you have to write it down.
P I T FA L L : I D O N ’ T H AV E TO
W R I T E T H E M DOWN
It is right here that most people fail to move forward.
You’re probably thinking, “I don’t really have to write
them down, I know what they are. I think about them
all the time.” It is these little things that make the difference
between success and failure, moderate success
or roaring success. Commit—right now—to yourself
and to me: I will do whatever it takes to reach my goals
as long as it is legal, moral and ethical. I will not stop
even if it means I have to write them down.
For me it was Ms. Simpson who drove home this vital point with
her instruction to write “I will not talk in class” 101 times on the
board. The thought began to permeate my being. Not only did I not
want to be punished this way again, but for the rest of the school year
and throughout the remainder of my formalized education, whenever
I caught myself talking to my friends in class, I would immediately
stop. To this day when I am in church, in a seminar, or even at
the movies, and the urge to talk comes over me, my hands start to
cramp as I remember “I will not talk in class,” and I refocus on the
sermon, speaker, or movie. Sometimes I wish the pastor, speaker, or
theater owner would react directly to those who feel free to disrupt
the concentration of others and roll a chalk board down the aisle,
hand the offender a new piece of chalk, and say, “When this is over,
you owe us, ‘I will not talk in class.’ 101 times.”
Here are some of the finer points of this lesson:
First, the fact that you are doing the physical act of writing causes
whatever you’re writing to become part of you. It is written across
your heart and emblazoned upon your spirit. It is important to
understand you cannot do this on your computer for it to reach your
Second, I will not talk in class is specific, clear, and to the point.
This is the objective for any goal. This type of short, precise goal is
exactly what we must set for ourselves in our real estate investing
business. We must know exactly the amount of money we want to
make.We must know exactly the time frame we are going to make it
in. And we must know exactly the number of deals it is going to take
to reach our goal.We both know that the exact number will change
as we start buying properties because we will make more money on
some deals and less on others, but we must have a specific number
for the purpose of creating our goal. After thirty days we will revisit
the goal and make any adjustments needed.
Third, I will not talk in class was written repeatedly. This is a very
important aspect of goal setting. You should repeatedly write your
goals down to reinforce your resolve.
Do not misunderstand: This is not your daily planner or your “To
Do” list. You need to repeatedly rewrite your most important longterm
goals. This rewriting process has the same effect as I will not talk
in class. The rewriting ingrains the goals in your conscious and subconscious
mind. It makes them part of your living spirit. For me
writing this book was one of those goals.Whenever I found myself
getting off track, the small inner voice of my subconscious mind
would remind me that I wasn’t moving in the direction of my goals.
Just as Ms. Simpson’s lesson came back to me through the years
whenever I was talking inappropriately, continually rewriting your
most important long-term goals will keep you on track. As you start
to wander off into meaningless time wasters, you’ll find the goals
magically popping into your head to remind you of things that are
Faithfully, prayerfully, you have accepted the importance of
writing down specific goals for your real estate business: the
amount of money you want to make and the time frame you want
to make it in. Don’t forget to add the magic by rewriting these
long-term goals regularly. Next we will discuss how we translate
the amount of money we want to make and our time frame into
the number of houses we have to sell or deals we have to do to
reach our goal.
P I T FA L L : D O I H AV E TO
CREAT E A P L A N?
The creation of a simple plan is the second area that
most people fail in. Even if you have your goals written
down, if you don’t create a plan for their implementation,
you are wasting your time.Tell yourself now, “This
is something I can do and I will not fail by overlooking
these two simple exercises.”We are in a simple business,
not an easy business, but a simple business.
Don’t Dismiss the Simple Stuff
This reminds me of the camping trip the legendary detective
Sherlock Holmes and his sidekick, Dr.Watson, took in the English
countryside. As darkness approached on the first evening, Holmes
and Watson settled into their respective sleeping bags. Holmes
asked Watson, “Tell me, Watson, what do you see?” “Ah,” replied
Watson, “I see a black velvet sky covered with bright stars and a full
moon.” Holmes inquired further, “So what does that say to you
Watson?”“Well,Holmes, meteorologically speaking, it tells me that
we are going to have a gorgeous day tomorrow.”“Good observation,
what else does it tell you?” “Holmes, astrologically it tells me that
there are millions and millions of stars and therefore, millions and
millions of universes.” “Good work, Watson, what else does it say
to you?”“Now wait a minute.Holmes, as we lie here gazing at these
countless stars on this beautiful night, what does it say to you?”
Holmes replied, “Someone stole our tent.” So, please do not overlook
Determine Your Real Estate Financial Goals
First, we need to determine the price of the average starter home in
your area. For the sake of this book we’ll use $100,000; you will need
to adjust for your area. Suppose you want to acquire a million dollars
worth of property over the next 120 days. The math is pretty
basic: $1,000,000 worth of property divided by the cost of the average
starter home of $100,000 means you must purchase ten homes
in the next four months.
For those of you who are novice investors or inactive investors,
this may seem like a daunting task. For those of us who are actively
in the business, this is a snap. It is only two-and-a-half homes per
month or one house every twelve days. Now if—as some gurus
teach—you had to go to the classified section of your local newspaper
to find sellers who might be offering an attractive price, this
would be a very arduous task. I’m not going to ask you to call the
numbers in the ads in the newspaper. I’ve done that and it’s the
quickest way for your self-image to take a severe beating. Not to
worry—in Chapter 3 we will cover nine Surefire Methods to have
motivated sellers calling you. Until you start your business, you’ll
have to take my word for some of the numbers I’m sharing with you
now. Even as a beginner you will learn how to close one deal for every
thirty to thirty-five callers to your business. Please note that I said
callers to you.More on this later.
As you gain a little experience, your closing ratio will go up. You
need to buy one $100,000 property every twelve days to meet your
goal. You also need to have about thirty to thirty-five conversations
with sellers and a least ten written contractural offers to close one
deal. To be on the safe side, let’s push the number of callers to fifty.
To talk to fifty sellers over a twelve-day period, we need to talk
to a whopping 4.17 sellers per day. Using the nine Surefire Methods
in Chapter 3, it’s easy to have motivated sellers calling you, and 4.17
is a very attainable number. Don’t worry, you’re not going to have
to quit your job to take these calls. I’ll teach you how to have your
business put on autopilot. You’ll still have plenty to do, but much of
the busywork that eats up your time can be farmed out.
Now that you have your financial goals established and written
down—the amount of money you want to make, the number of
houses you have to sell in the next 120 days to make that happen, the
number of calls from motivated sellers you need to receive (see
Figure 2–1 for a sample)—you can get started with your business.
Before you begin, you should make sure that you have the necessary
equipment. There are a few things you are going to need:
u A phone. I bet you already own more than one.
u A fax.Most homes in America today have a fax.Don’t sweat
it if you don’t; most local office supply stores sell them for
MINDSET OF A MILLIONAIRE
In order to be successful, you must make the commitment.You must
write down specific, measurable, time-based goals. Commit to your
Real Estate Investment Goals now. Write them down every day
I will make $_______
in the next 120 days
through my real estate investments.
I will need to sell ___________ houses at an estimated
_____________ profit to make this goal.
I will need to talk to ____________ callers a day to make my
less than $200 or you can go to http://www.dumbenough.
com and click on the menu button marked PBNext for an
excellent business tool that I use every day in my business—
and it’s cheap!
u Business cards. I’m not talking about the kind of cards you
see the local real estate agent use, cards with their picture
and basic contact information. I’m talking about a card
that creates business by telling the benefits you can offer
to a seller. Appendix C is a copy of the card I use. It’s doublesided
and folds over. It came to me from a very savvy
marketer and successful real estate investor in Colorado,
Richard Roop. Most American businesses miss an excellent
opportunity to sell their company—using business
cards as a sales brochure. You can make a photocopy of
this card and take it to your local Kinko’s and have yours
ready in less than forty-eight hours. The key to these cards
(and believe me, it was the hardest thing for me to get used
to) is the color. They must be an obnoxious neon green.
You’ll hate these cards; in fact they may even be an embarrassment
to you until you buy a house because of your
cards and turn a profit of $20,000 or more. Then you’ll love
these cards as much as I do, and you will be giving them to
everyone you meet.
1. The secret behind “I will not talk in class”: Write it down.
2. You’ve committed to creating your goals and writing them
down. You have committed to writing them down, right?
3. You have agreed to add the “magic” to your goals process by
rewriting them regularly.
4. You’ve learned not to let someone steal your tent by overlooking
the obvious. (Please reread items 1 through 3.)
5. Set up your office by purchasing the proper equipment:
phone, fax (or do as I do and get a PBNext account) and
neon green business cards.
You now know the formula for breaking into the first phase of
being a multi-millionaire. There is much more later on about the
three phases of becoming a multi-millionaire,what they are and how
to break through each level.
In the next chapter we will cover the “Nine Surefire Methods to
Get Motivated Sellers Calling You.”
I DON’T HAVE TO WRITE THEM DOWN. Written goals are a must for
you to reach your maximum level of success. Take the time to create
a “Top 10 Goals” sheet for your life and your business. Model
your goals on those shown in Figure 2–1, making each goal as clear
as possible: Be concise and be specific.
DO I HAVE TO CREATE A WRITTEN PLAN? Plan for your success by
knowing exactly how many houses you must buy and how much
profit you need per transaction to fulfill your plan. Keep your plan
handy as you will refine the techniques used for its attainment daily.
Don’t let someone steal your tent by overlooking the obvious.
What People are Saying About This
Robert J. Bruss, syndicated columnist: "Whether you are a new or an experienced real estate investor, the fresh approach of G. William Barnett II in Are You Dumb Enough to Be Rich? provides insight about how to get started in 120 days with smart realty investment methods."
Meet the Author
G. William Barnett II (Fort Worth, TX) is Director of Acquisitions at CAPSTONE Properties Group. He was a nationally syndicated television producer before becoming a millionaire through real estate investing. The first edition of Are You Dumb Enough to Be Rich? was chosen by nationally syndicated real estate columnist Robert Bruss as one of the 10 best real estate books of the year when it was published.
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