I get this question every single day. This question and also the question about how sophisticated someone’s corporate structure should be. Or they want to know the ROI we get in the investment club. All of these are the wrong question. They are the wrong question because they are results oriented and not process oriented.
Success does not follow “setting up your LLC in Delaware”. Success does not follow the end result of an ROI. Success follows you getting in the mud and doing the work. Engaging in the process of being an investor not a passive somebody on the sidelines looking for who can give you the most ROI. Get your own damn ROI.
I am here to tell you that your parents didn’t do everything right and then fail to pass down generational wealth because they didn’t create their LLC in Delaware. Your grandparents didn’t spend all their money buying the wrong assets with an ROI that was too low and then fail you because the made 10% when they could have made 12%. You didn’t have any wealth because they didn’t do business and they didn’t invest. They didn’t engage in the process.
My favorite Gary V quote is “get started and get fancy later”. Why? Because peoples’ biggest hurdle is the fear of getting started. We use fancy (and planning) to procrastinate. We use fancy to jump over the doing, the promoting, the cold calls, the driving for dollars the sleepless nights. We use fancy things like auto dialers and virtual assistants to get us to the result without the actual process. This is a problem. Because people who avoid the process often don’t get the prize. And even if they do get the prize they don’t have the skills to keep it!
I was thinking about the book the 10X rule recently and about how you have to take on so much action. You have to blog and podcast and YouTube and etc. Everything to build your personal brand. You must become omnipresent. The reason why I like it is because it keeps you from thinking that there is one silver bullet that is the key to success. You have to do it all and you have to do a lot of it. A lot of people emailing me or texting or calling or @ing me are looking for the silver bullet that lets them skip over the work. Welp, no sir, you get to do the work and you get to do a lot of if.
This morning I came across someone asking where they can find $900 rents in Detroit, as if $900 is some magic number that makes the deal work. Again, results oriented not process oriented. Just crazy. Another fake barrier. This is why people who come to me asking my investment criteria also piss me off. Like bro, my criteria is that it makes money. If it makes a buck that is a buck more than I had before. Certain peoples’ investment criteria is just another fake barrier.
So with that said, I want to encourage you to take action, any action, and stop putting up fake fancy barriers in front of you. A property that cashflows $50 is better than a property that doesn’t cashflow. An LLC in TX can do the same thing an LLC in Florida can do. A 10% ROI is damn near the same as an 8% ROI. What matters is not what we do in the moment but what we do in perpetuity. What matters is not that we get the result as much as we engage in the process. Get started. Get fancy later.
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Thanks for reading!
Be great, invest well,