Rehabbers Must have a System that Creates Money!
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Solutions to question you'll find here
Questions from: Rehabber Answers to Questions.
The Question Submitted:
If you're such a Great Rehabber, why are you spending your time on a website?
Answer from Joe-the-Rehabber
Reply to, "Why Spend Time on a Website?"
Simple: I'm taking the advice of my Coach to Create Money First and then invest those profits into real estate rehabbing which is what I love to do! So I started a web business that creates money.
I have a new Pet Peeve...
I REFUSE to be a Steward of the Lender any longer!
Leverage is Great, However...
Borrowing money to invest in real estate for the Buy and Hold strategy is great for the Lender! They collect at least 80% of the profits until the property is paid for. That creates money for the Lender!
Since my Business Plan includes holding properties; a free and clear property creates money, and that is Positive Cash Flow!
Sure, I flip properties on occasion, but that is a constant Start-Over.
After the flip, I have to start from scratch to find the next property, a new seller, a new buyer, not to mention paying short term capitol gains! Not every deal is easily rolled into a like kind exchange, especially the with the small home flipping strategy.
You may want to argue that house flipping creates money... Well, I agree.
The strategy of building a web business that creates money doesn't have to be rebuilt every time a sale is made or an advertisement fee is collected.
If you've ever purchased a real estate investing program, the real estate guru's often talk about multiple streams of income. Robert Kiyosaki from RichDad PoorDad is one of few who talk about Creating Money first, then invest in real property.
So what does Robert Kiyosaki recommend for something that Creates Money? 4 choices that I recall:
We know Capitol gains and passive income are created from Stock Growth, Real Estate Growth, and Rental Income. If your cash is tied up, you may be hard pressed to invest in Stocks and Real Estate for the next 12 months.
That leaves the first 3 choices to consider if your ambitious and persistent.
Have you heard of the Phenomenon?
Getting more done in the next 12 months than you have in the last 12 years!
If you want to make money like Robert Kiyosaki, do what he did:
If you haven't read Kiyosaki's books, by all means buy them and read them. Warning, he has many books, tapes, CD's, seminars, and coaching programs that can take you the next several years to study and 10's of $1,000 to pay for it all.
He has a great business going for himself!
I've invested nearly $10,000 on RichDad Products hoping to achieve the bigger real estate investor dream, but in reality, that isn't for me!
His programs do work! I did enjoy better than a 500% ROI, but I found a better way! for my desired outcome.
I have been formulating from trial and error, by gaining experience over 3 decades and constant learning, to focus on the work that I love to do, and created the "The Lifestyle I Enjoy"
My goal is to find the money to do what I love to do!
That is, build a web business that creates money to buy more rehabbing projects.
I think it would be fair to say: anyone who really wants to do what they love to do, that if it requires money...
They would set out on a mission, to find that money, from the various sources:
For me, I am on a Quest that creates money, so I can buy properties for cash, remodel them and maintain them, and hold them for as long as I am physically able to manage them.
That's my Plan and I'm sticking to it!
This is not a unique plan. I'm not taking credit for inventing this strategy.
- I formulated my plan,
- from my lifetime of experience,
- to do what I love to do,
- by any means I'm willing to take on,
- to achieve my goal,
- legally, ethically, and morally.
I need 100's of 1000's of dollars to enjoy the daily experiences of work that I love to do!
And I'm sick and tired of jumping through hoops,
paying outrageous fees,
risking unfavorable terms (because terms are favorable to the Lender),
taking the back seat to any Lender,
to convince them to loan me money,
for a property other than a personal residence,
to improve the value of that property,
in the very town that the Lender has a place of business.
SORRY ABOUT THAT, I didn't intend to get on a RANT!
That's one of my examples of my burning desire to achieve my desired outcome.
Sometimes I just have to get ticked off to be motivated to go for the Gold!
All that from my research and experience,
lead me to a new challenge I'm excited about,
to pursue a method that creates money instead of borrowing money,
to enjoy the rehabbing skills I possess.
I'm pretty happy about that!
You see, it took me about 5 years to figure this out for myself.
I did not just jump into a get rich quick scheme - been there done that!
I researched it,
consulted with successful operators,
and found the best method on the market to implement my plan.
I'm successful at what I do because I'm willing to do the work for the long haul.
I am a Rehabber and proud of it. See photos of me working and read about My Passion for Work.
More photos of me working and all the tools I have and use will be posted as I continue to build the Ask-The-Rehabber® site.
That doesn't mean that I'm limited to one skill or interest. It is not only good, it makes fantastic business sense to have a web business to compliment your primary business.
In fact, I have learned to enjoy building a website almost as much as I enjoy the skilled trades. In reality, building a web business is a skilled trade and at this time, I'm at the apprenticeship level working towards the journeyman level.
I have a plan to build second site about another passion I have with playing the piano.
I flipped one property to buy a Boston Grand Piano designed by Steinway nearly 10 years ago.
That about fits the multiple streams of income plan!
So How Does A Website Make Money?
I hope that explains the question you've asked.
By the way, I never said, "I am a Great Rehabber". My claim is that I love Rehabbing homes and buildings,
working with my hands in the skilled trades,
and taking on a personal projects that I own and making them new again.
Did you see my mission statement on the Home Page?
If you think you would like to build a web business to fund your rehabbing projects I would highly recommend it, however...
Let Me Be Blunt! It's a lot of work and it will take at least a year or longer if you don't have the time or persistence to build it.
I'll let you decide, click either of the 2 links below.
1.) The first link is an article about how anyone can take their Passions or Hobbies and turn it into a profitable web business. It doesn't have to be about real estate.
2.) The second link is a short video that explains the web business process.
The total cost is $299 per year for a full and complete video training course equivalent to about a Bachelors Degree. All inclusive; your domain name, hosing fees, newsletter, email hosting, blog, RSS feeds, etc... Everything is included!
If you happen to be internet savvy, already have a product to sell, or have an email list of customers, clients, friends and family; you could be making money in just a few months.
You would be way ahead of me, I started my website with a computer and a Nail Gun.
Besides, how hard is it to recoup $299.00?
My Biggest Take-Away from this Question...
Building a web business that creates money to invest in real estate makes more sense now than when I first started out. Thanks to this questions I have complete clarity.
If you should decide to start your own web business that creates money, and I recommend all entrepreneurs do, It doesn't mean we are quitting our professions.
We are building up and onto our businesses with today's internet technology. That makes sense to me. What do you think?
Click on the links below and see how I figured out that building a website was a smart move for my business.
Click the links below for an intro to the Web Business:
Their Reply to my Answer.
There was no response.
That's it for this question. As you can see, a short question can require a very long explanation.
That's why I founded this Ask-The-Rehabber® website; to finally publish these lengthy explanations to short yet complicated questions.
See if you have a similar question that someone may have already asked by going back to the Answers to Questions page.
Or if you have a question, click on Contact Joe and send in your question.
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You can go back to the Home Page click here, or maybe some Tools to help you work your plan can be found at the Rehabber Links Page for State specific legal contracts, a mortgage calculator, real estate news, and more.
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