It isn't true. Rich people just can't become a success by themselves. They often need help from other people. So, as you should know, if you try to do things alone, your chances of success are much less. If you rely on the help of others, you'll succeed.
Most people who want to get into investment property are often the do-it-yourself type. They try to tackle everything related to the property and to making into a rental income.
They attempt to learn all they can about property investment - landscaping, zoning, marketing, financing, and even tenant and landlord responsibilities. They think they can learn all and everything related to their new venture.
But how does a real wealth creator take on the task?
Most wealth creators make time and assess the priorities in their property investment. Instead of going the DIY way, they are more likely to build up a team of workers who are experts in their area. The wealth creator will seek out a real architect, a qualified financier, an experienced builder and the other right people needed to complete the job.
People who end up successful are often the creative thinkers. This person is in charge of the background examination, finding the right market and making sure that their creative idea will actually take charge in the outside business world. Would the idea really succeed? Is it practical?
In order to actually develop the idea, you are in charge of grouping together a team who will help you succeed and make your thoughts a reality.
A business often doesn't work because of one person who want to hold all the power. Often, new entrepreneurs, the DIY's, try to control the project and don't see the benefit of allocating tasks to others.
Don't be turned off about self-employment though. In the business world, there are some very successful individual workers. Unfortunately, sole-proprietor businesses often hid their plateau sooner than others.
They have a different time expanding elsewhere, unlike those business that sought the help of other people. Robert Shemin once quoted, "The rich idiot makes the spark; other people make the blaze."
This is the perfect spot to discuss who to speed up your rate of success using these three ways:
1. Use other people's' time
If you can find people who willing to give you their time than take advantage of it. They use their talents and lave you with time to do the things you are actually best at.
My property business definitely includes field experts, especially in tenant-related matters. This includes things such as tenant-tenant relations, bills, problems, etc. Since they do that for me, I have time myself to really grow my property buying resume. I effectively use their time so I can use my time for other important business aspects.
2. Use other people's' money
The fastest way to make one million dollars is to borrow it from someone. It is not the easiest to set aside some pride and as for money but it will help you build wealth in the long run by allowing you to buy assets.
You must remember two things:
- You need to put out a lot to gain a lot. Make sure your business return has a greater rate of interest than your loan.
- If you lose someone else's money it will cost you a lot more than losing your own money. It can also be costly if you would ever like to borrow money from an institution again. Take care when dealing with the borrowed money.
There usually isn't a problem for a bank to give out mortgages for property purchases. Since the economic downturn in 2008, it has become increasingly more difficult to persuade a bank to loan the money.
You need to make sure you are always professional when approaching a financial institution for money. Ask to speak to whoever is in charge and make sure you bring along your business plan and research to show them that this is a good investment for them as well. This is an approach I have had achievements with.
Don't forget to use other options. There is a wide spectrum of other people who could also be a financing option. Individuals who are already established business owners, other investors and even your own family are the solution to your financing issues. Just seek them out and you will find something for you.
3. Use other people's' experience
An advisor is so crucial for some people. This person is usually some who has already achieved what you are striving for and can mentor you throughout the process.
They not only can tell you about their own past and the experiences they went through to get where they are now but also can motivate you and keep you going. Entrepreneurs often experience a number of set backs so a motivating influence is just what people need to keep them lifted high and boost their spirits.
Seek them out yourself. Go to meetings for business people in your field and find someone you click with. Don't be afraid to face them and ask them to go for coffee so you can pick their minds. They are often more than happy to help other on their journey.
To gain help from other people you need have to contact with other people. You need to make friendships and build relationships. Don't misuse people, but confidently set up a team of people that can surround you and you will greatly profit from what they can bring - experience, finances and their precious time.