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Are You Dumb Enough to Be Rich?: The Amazingly Simple Way to Make Millions in Real Estate
     

Are You Dumb Enough to Be Rich?: The Amazingly Simple Way to Make Millions in Real Estate

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by 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

Overview

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.

Editorial Reviews

Robert J. Bruss
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.
syndicated columnist
The Real Estate Professional
One of the best books I've read on this specific topic. The real strength of the book is that it takes the reader by the hand and provides practical, possible to follow guidance on how to get started on a path toward successful real estate investment in 120 days by following innovative methods.—July/August 2003
Naples Daily News
This is an excellent book with a unique approach, which every new and experienced real estate investor should read. On my scale of one to 10, this outstanding book rates a solid 10.—Robert J. Bruss, Inman News Features
The Washington Post
...should make you so confident of success that you won't delay getting started for another minute.—Robert J. Bruss Real Estate Mailbag
From the Publisher
"...it’s one of the best [books] I’ve read on this specific topic. The real strength of the book is that it takes the reader by the hand and provides practical, possible to follow guidance on how to get started on a path toward successful real estate investment in 120 days by following innovative methods….I would list this book as ‘must read.’"

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

Product Details

ISBN-13:
9780814409510
Publisher:
AMACOM
Publication date:
01/31/2008
Sold by:
Barnes & Noble
Format:
NOOK Book
File size:
4 MB

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

subconscious.

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

more important.

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

the obvious.

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.

Equipment Checklist

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

FIGURE 2-1

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

starting now.

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

sales.

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.

Chapter Summary

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.”

Pitfalls Recap

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

The Real Estate Professional
I would list this book as a must read!
July/August 2003
From the Publisher
"The Real Estate Professional: "It’s one of the best [books] I’ve read on this specific topic. The real strength of the book is that it takes the reader by the hand and provides practical, possible to follow guidance on how to get started on a path toward successful real estate investment in 120 days by following innovative methods..I would list this book as ‘must read.’"

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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Are You Dumb Enough to Be Rich?: The Amazingly Simple Way to Make Millions in Real Estate 1 out of 5 based on 0 ratings. 1 reviews.
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