Become Better at Your Niche by Learning From Pros in Other Areas
Issue #2079
- WEALTHY: Cross-training in real estate (Justin Ford)
- HEALTHY: Say goodbye to fat-loss programs that leave you hungry (Craig Ballantyne)
- WISE: V.S. Naipaul on freedom
ALSO IN THIS ISSUE:
- Are we putting Alexis’s "baby" in danger? (Jason Holland)
- The best "girlfriends’ getaway" for the summer of 2007 (Suzanne Richardson)
- It’s Good to Know… about sake (Michael Masterson)
- Add "celerity" to your vocabulary
"I lost my fear, opened my mind and listened and I cannot believe the result."
Hello Bob,
I finished The Billionaire Way about 10 days ago. Now I promise you I did not cheat on this so hear me out.
I started the first two or three days I think and there was a transaction I was involved in that I was not comfortable with but had an emotional attachment to. I sat down one night and crunched the numbers and made some tough decisions, all emotion aside.
Then about two weeks into the program there was the day when we had to exclude our emotions and cut off dead baggage. Wow, I felt like yeah, OK I’m getting this because I just did that.
OK so now I’m tearing along the program, accepting things that I am already doing and working on the things I am not comfortable with. Vigilantly everyday, watching the DVD after the kids were in bed and working my work book.
Two days after I finished the program I saw an opportunity which I could assess very well given my clarity of vision, my assessments of my talents and the work I had accomplished.
It is my joy to tell you that I am founding executive of a new international network marketing company, the likes of which have never been seen and I have already built my team Australia wide within 10 days, using the billionaire way techniques.
I lost my fear, opened my mind and listened and I cannot believe the result. Thank you so much…
Regards,
Kathy
Learn more about The Billionaire Way program today…
"Most people are not really free. They are confined by the niche in the world that they carve out for themselves. They limit themselves to fewer possibilities by the narrowness of their vision."
V. S. Naipaul
Become Better at Your Niche by Learning From Pros in Other Areas
By Justin Ford
There are 33 real estate billionaires in the U.S. today. The one thing most have in common – besides 10-digit net worths – is that they’ve developed massive portfolios in more than one kind of real estate.
Quite a few of these entrepreneurs started with a few rentals or by flipping homes. But you can bet they expanded from there. They succeeded by specializing and focusing, but also by branching out when the time was right.
If you want to accelerate the growth of your real estate portfolio, you have to excel in your niche. But you should also make it a habit to educate yourself in areas outside your niche.
You don’t want to try to become an expert on everything. But you do want to be ready to expand your average transaction size and seize opportunities when they arise.
A few cases in point…
- Donald Bren is a former marine who built his first house in 1958 with a $10,000 loan. Today, he owns 25,000 residential units, but also 30 million square feet of commercial space and 90,000 acres of land near Los Angeles that he is selling in lots.
- Sam Zell began buying and renting out fixer-uppers while he was a student at Ann Arbor in the early 1960s. Since then, he has become one of the country’s largest landlords in three market segments: apartments, office space, and retirement community housing.
- Steven Ross is a former tax lawyer who went from building low-income housing to luxury homes. He eventually branched out to lending on low-income housing. Today, he also owns some prime pieces of commercial real estate in Manhattan (including the Time Warner Center), and he is involved in the $7 billion redevelopment of Madison Square Garden and Penn Station.
- George Akyros is the son of Greek immigrants. He started out buying lots at busy intersections and selling them to gas station owners. Today, his diversified portfolio includes 5,200 apartments and 2 million square feet of commercial property.
- Theodore Lerner’s specialty has been single-family homes. To date, this former lawyer has built 22,000 private homes. But he has also built up a portfolio of 6,000 apartments and 20 million square feet of commercial and retail space, including the massive Washington D.C.-area malls Tysons Corner Center, Tysons II, and White Flint.
And that’s just some of the billionaires. There are thousands of centi-millionaires ($100 million or more) and multi-millionaires who have likewise grown their fortunes by becoming very good at what they do best… but strategically branching out to related areas of real estate as well.
For instance, you may have read articles by Dave Lindahl in Early to Rise. Dave, a former landscaper, started out with small properties, moved up to apartments, and today controls over 3,000 units. Yet he still buys and flips small multi-families and even single-family homes for "chunks of cash" to use for larger purchases (as part of his "chunker strategy"). At the same time, he has branched out to condo conversions.
And speaking of condos, there are, of course, office and warehouse condos in addition to apartment condos. In fact, if you were a condo converter in Florida the last few years, a perfect strategy would have been to learn how to branch into doing commercial condo conversions. That’s because while apartment condos hyper-inflated and are now deflating faster than a hot air balloon without the hot air, warehouse condos in South Florida are in the midst of a very strong market.
Broaden Your Knowledge Without Diluting Your Power
The great running back and baseball player Bo Jackson was a big advocate of cross-training in sports. And if mixed martial artists want to compete at the top these days, they have to step into the ring with a well-rounded game in striking, submission, and grappling.
On a loftier level, Charles Darwin reported that economist Thomas Malthus’s writings on population growth (a discipline completely different from Darwin’s own field) inspired him to fully develop his key concept of natural selection.
And who would have told da Vinci to "stick to his knitting?" (Leo, stop fooling with those drawings of flying machines and two-wheeled vehicles! You can’t possibly have an interest in sculpting, painting, science, architecture, music, and math and expect to excel at anything!)
Now, don’t get me wrong. Focus is indispensable. Those who focus develop knowledge, experience, confidence and expertise much more quickly than those who dabble. And there will be crunch times when you have to focus on certain narrow areas of your real estate business to the exclusion of all else.
But educating yourself on an ongoing basis outside your niche but in related fields can actually make you better at your core business. It can also give you opportunities to diversify and expand when your particular market sector goes into a down cycle.
Good Places to Look for More Education and Inspiration
Even if you plan to do nothing but single-family homes, you might want to pick up some books and courses on real estate investing outside of your specialty, such as…
- Mobile-home king Jim Clayton’s book First a Dream. How good is it? Well, Warren Buffett said it was partly on the strength of this book that his Berkshire Hathaway bought into Clayton Homes.
- Donald Trump’s book The Art of the Deal – a good read that’s full of good stories. Trump’s writing is engaging (not obnoxious like his TV persona), and he includes valuable principles you can apply to any area of real estate.
- Frank McKinney’s Make It Big: 49 Secrets for Building a Life of Extreme Success – about his journey from buying $30,000 fixer-uppers to developing $100 million oceanfront homes on spec. His concept of "exercising your risk threshold like a muscle every day" is worth the price of the book many times over.
- Steve Bergsman has written two excellent books: Maverick Real Estate Investing and Maverick Real Estate Financing. He interviews and profiles some of the largest self-made real estate moguls in the country – on both the buying and financing sides – from Sam Zell to Stephen Ross. You’ll not only be inspired, you’ll learn a ton of very specific, useful information in areas of real estate ranging from residential to office, retail, warehouse, industrial, and land development.
- Dave Lindahl is putting the finishing touches on a book to be published this fall by John Wiley & Sons, and he was good enough to send me a copy of the manuscript. It’s called Emerging Real Estate Markets: How to Find and Profit From Up and Coming Areas. I’ve always admired Dave’s ideas and teaching ability, and in this book he doesn’t hold back. It’s a comprehensive look at what you need to do to build a successful career in real estate… and how to keep your business growing through all market cycles by consistently rotating your capital into the best markets.
These are just a few of the books on my shelves. Various seminars and home-study programs on different real estate topics have also been a big part of my diet for a long time..
The idea isn’t to try to become a master of all trades. It’s to see what you can learn from masters in other fields to become better at what you do… and to be prepared to diversify and expand when the time is right.
[Ed. Note: Now, through the week of July 4th, Early to Rise is having a Financial Independence Day Sale. Every real estate home-study program ETR offers - by experts on private money, apartment buildings, deep-value residential investing, commercial property, foreclosures, flipping homes, 1031 Exchanges, buying real estate with a self-directed IRA, and more - is available at 40% off! Follow this link for the details.]
The Early to Rise Fourth of July Real Estate Celebration
It’s that time of the year again to celebrate the nation’s independence… It’s also the time to take that big step towards your own financial independence!
With everyone focusing on the real estate bubble bursting, there has never been a better time to find highly undervalued properties that will give you 6 figure passive income year after year…
Income that will help you retire early, travel the world, buy a fancy sports car…
Whatever your dreams, hopes and aspirations may be… ETR is here to help!
To celebrate July 4th, we’ve compiled our best real estate success programs into a blowout sale with our lowest prices ever… so there’s no better time for you to start making your dreams come true in 2007 than right now.
This huge sale ends July 5th, so don’t put it off and risk paying more a few days from now. Act today and you’ll get the best deal we’ve ever offered, guaranteed.
Stop by our ETR 4th of July Real Estate Celebration NOW…!
- Justin Ford
ETR Insider Report: Michael Masterson Is Moving!
By Jason Holland, ETR’s Research/Editorial Assistant
"WHAT?!" Panic flashed across the face of Alexis Siemon, ETR’s Search Engine Marketing Specialist. She’d just gotten wind of the "rumor" that we are going to make "a few changes" to Michael Masterson’s blog.
You see, Michael’s blog is Alexis’s baby. She’s worked super-hard to keep it updated regularly and free of bugs so that readers have quick and easy access to Michael’s latest off-the-cuff musings on business and life. Thanks to Michael’s actionable tips and Alexis’s search engine marketing expertise, a lot of new readers have found the site and become regular visitors. In fact, if you type "Michael Masterson" into Google, the blog shows up as the first result.
Alexis calmed down when we explained that we’re not going to do anything to hamper those accomplishments. The blog will still be around… but soon it will be joined by even more useful content for readers. Because what we’re doing is creating a website that will serve as the online home of "everything Michael Masterson."
The project came out of Michael’s desire to (1) give his fans regular updates on his best-selling books, Seven Years to Seven Figures and Automatic Wealth for Grads, and (2) give readers a chance to take a peek at his upcoming book, Ready Fire Aim, and get a taste of some of its business-building secrets before it comes out next year.
After getting my marching orders from Michael, I took the basic premise of the new website to ETR’s Publisher, MaryEllen Tribby. She got the ETR creative team involved, and now things are moving quickly.
Updates on Michael’s books will be prominently featured on the site, along with the blog. Plus, the site will collect information about Michael’s past books, news on upcoming ETR events, and info on the man himself. There will even be room for readers to send in comments and questions for Michael. (You can send your comments or questions right now to ReaderFeedback@gmail.com.)
Alexis is no longer worried about the fate of her "baby." In fact, she’s been brimming with ideas about even more goodies we can add to the new site for blog-reading regulars.
I’ll keep you updated, and let you know exactly when and how you can access Michael’s new site. Meanwhile, continue to check out his blog here.
Replace This Food in Your Diet and Watch the Fat Come Off
I’m not a "low-carb guy" by any means, but back in December, I started to substitute more fruits and vegetables for the whole grains in my diet, and I became as lean as I’ve been in years. If you’re trying to lose fat and look better than ever this summer, here are some easy changes you can make:
- Instead of toast for breakfast, have an apple.
- Usually have a side of rice at lunch? Have a cup of broccoli instead.
- Typically have a bowl of cereal at night? Replace it with an orange and handful of pecans (or walnuts or almonds).
A recent study agrees with this approach. After one year, the LF-FV group (women on a low-fat diet who also ate more fruits and vegetables) were not only less hungry than the LF group (women on the low-fat diet only), they also lost more weight.
And isn’t summer a great time to implement this program? With fresh produce, berries, apples, and cherries in abundance, you can satisfy your sweet tooth naturally while burning fat with your workouts.
[Ed. Note: Craig Ballantyne is an expert consultant for Men's Health magazine. If you're looking to burn fat, build muscle, and quickly step into the body you have always wanted with just three workouts each week, check out Craig's fat-loss system, Turbulence Training for Fat Loss.]
The Best "Girlfriends’ Getaway" for the Summer of 2007
You love your husband/boyfriend/significant other. But every once in a while, it’s nice to spend some "ladies-only" time. So here are ShermansTravel.com’s top 10 ideas for "girl getaways" this summer:
10. Art-Viewing in Florence
9. Club-Hopping in South Beach
8. Cooking in Provence
7. Going Wild in Las Vegas
6. Shopping in New York City
5. Spirituality in Sedona
4. Surfing in Bali
3. Theater in London
2. Wine-Sipping in Sonoma
1. Yoga in Costa Rica
They’re all tempting to me!
But here’s a different idea… an idea that can make you richer. An idea that could end up providing you with enough money to take all the vacations you like in the near future. Why not spend five days with Early to Rise in beautiful Denver next month – and start your own online business at the same time? What could be better than that?
If you’re anything like me, you’re excited about all the travel and adventure that life has to offer, but disappointed that you’re always a little short on time and money to enjoy them. ETR’s 5 Days in July conference is the perfect way to almost instantly build a second income stream NOW… and start subsidizing a richer, more exciting future.
And, oh yes, if you want to make it a "ladies-only" getaway, come with your best friend… so you can both start your dream businesses together!
It’s Good to Know: About Sake
My recent ETR article, "A Start-Up Collection for New Wine Collectors," generated a lot of e-mails, including one from Griffith Frost in Hawaii, a fan of sake who is also involved in the sake industry.
Here are a few interesting sake facts from Griffith:
- Sake is popularly known in the West as Japanese rice wine, even though it is brewed more like a beer.
- Most countries that grow rice brew some sort of alcoholic beverage from the grain, many very different from sake.
- Worldwide, glass by glass consumption of "rice wine" equals that of grape wine.
- In Japan, there are more than 14,000 sake labels.
- Sake is usually best enjoyed after one year of bottling.
Griffith recommends that you enjoy sake in a wine glass to maximize your appreciation of its aroma and taste.
I enjoy sake occasionally. I know it has its advocates, including very passionate ones like Griffith, but as a beverage to enhance a meal it doesn’t compare with wine made from grapes.
Turn YOUR Brain into an Idea-Generating Cash Machine
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It’s the most valuable money-making secret on the planet and the easiest to convert to cold, hard cash…
Take advantage of this unique method, made easy by a million-dollar idea superstar today!
Word to the Wise: Celerity
"Celerity" (suh-LARE-uh-tee) – from the Latin for "swift" – is rapidity of motion or action. It is related to "accelerate."
Example (as used by Malachy McCourt in A Monk Swimming: A Memoir): "Though not in the best of physical form, he was capable of moving with celerity."
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Michael Masterson
Copyright ETR, LLC, 2007
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