Making the Most of OPM
Doing business in the real estate industry is not an easy task. It requires a lot of dedication, focus and self-confidence. Years of entrepreneurial experience will not guarantee your safety from stuck-ups every now and then. Eventually you’ll get stuck where other investors usually get stuck. Yes, it’s fixing and flipping. Investors want that life changing progress where there’s no loopholes, no more worrying on where to get money to pay the bills, and how is this venture going to benefit us, our children and grandchildren in the long run.
If you’re looking for a way out of fixing and flipping, one thing that you have to immediately learn is how to transcend into the Multi-family Investments. Corey Peterson, owner and founder of the Big Kahuna Investments, shares with us the importance of thinking a little bit bigger and focus on multifamily apartment buildings. Understanding and practicing his knowledge of Other People’s Money or OPM will help you mold your mindset into something more spectacular and something greater than fixing and flipping.
When it comes to utilizing Corey Peterson’s concept of OPM, one thing an investor should possess is self-confidence. It’s not enough that you know that this strategy works, you have to be willing enough to do it on your own. Do not let an ounce of self-doubt get through your business goals. According to Robert Kiyosaki, “OPM is a fundamental concept of Rich Dad and a sign of high financial intelligence. By using both good debt and OPM, you can dramatically increase your Return on Investment (ROI)—and you can even achieve infinite returns.” Most think that people would be very reluctant and disagree to invest their money on something or someone that their not truly familiar with. The hard truth is they’re just not that knowledgeable of the full particulars of the business and rely on professionals. The deals that we bring to these people will help us strengthen our backbone in the Multifamily Investments.
One important key is how you mold your mindset. You have to believe that if it was possible for others, then it will for you too. It’s really a win-win situation: you convince someone to invest money for you, you return the money plus their profit from the deal! You’ll learn to see how OPM leaves satisfied clients. If you were able to do it with one person, just imagine how large the amount would be if you do it with 10 people or more. By actually doing it, seeing how it works firsthand, you will definitely start to develop your mindset and build a higher self confidence inside the industry.
Transitioning from single family house fixing and flipping to multifamily has a lot of advantages. There’s also a lot of strategies that may help boost profit. There is a more steady cash flow from the rents from multiple units or clients compared to single family houses. Cash flow is more predictable with multiple units paying rent, not to mention a small rent raise here and there will increase and upgrade the cash flow. By learning about the long term gains and the long term benefits of it will help you translate your lessons to your investors as to why they should be looking into multi-family. Look for specific locations where rental demand is high and more importantly, be persistent and educate yourself more on financial education and multifamily apartments. Learn from your fellow real estate investors and see how they made big deals and became wealthy. Work hard and never, ever doubt yourself that you can do it.
In Corey Peterson’s Kahuna Investments, not only do they teach you how to raise private money. They will diligently guide you how to transcend from single family houses to multifamily houses. For people who are just starting out in this kind of business, one thing that Corey Peterson would tell you is not to sell yourself short. A lot of times the reason why most people go from wholesaling to flipping houses and then eventually want to get into multifamily is because they sell their self short in their mind. Find a way to get into multifamily as quick as possible, even if you have to wholesale, even if you have to flip, just get money rolling in, find a way to transition to multi-family as quick as possible. You could literally go from nothing to something without having any money of your own, and without even having any prior experience with this.
Putting aside the financial success that we can gain from multifamily investments, this journey will definitely help you grow as a person. It will help you release a lot of stress and anxiety that normally comes with the fixing and flipping ventures, especially if you’re fixing and flipping multiple properties. It will give you a bright outlook on your future while earning passively more and more in the years to come. That is the beauty of multifamily. That is the power of cash flow. It’s sunsets and palms trees on your terms and there’s no words to describe that feeling.
If you want to learn more on how to raise your own private money, and unlock the cash flow life, Download The Kahuna “Quick Start Workshop” now at Kahuna Wealth Builders and subscribe and check out his podcast here and here.