Greetings from Annapolis
The leaves are just starting to fall here - it's not hot yet you still don't need a jacket at night.
Today is the final day we are editing our latest book:
Investing in Commercial Real Estate for Dummies - to be released in January 2008
Here's quick sneak peek from Chapter 1
My name is Emily and I’ve used the information in this book to go from being a 22 year old college student and in less than 5 years reach a level of wealth and lifestyle that is.. well… I guess you’d call me a multi-millionairess. In my senior year of college I went to some real estate investing clubs and I discovered creative investing. I knew it was possible because they said you don't need cash, and you don't need credit, and I knew I qualified for that.
But I didn't know the step by step the details of what needed to happen next. When I joined the Residential Mentorship Program, I was actually shaking and sweating because it was the biggest check I had ever written but I said, “Please God; if this just helps me get my first deal, I know that it will all be worthwhile.”
It seemed like I had it make when I signed up my first creative purchase of a single family home just 23 days after getting started. Well, this and a few other deals ended up falling apart over the next six months mainly because I didn’t quite have all the confidence that I needed yet. When people asked me why I didn’t give up I told them that I knew real estate worked. I had seen it work for other students in the Mentorship Program and I wanted to prove to myself that it could work for me.
I’m glad I stuck with it because the next month I bought the first of many homes using Peter and Peter’s system. Then after buying houses for a number of years I went to their Commercial Training. I met several people who partnered up with me to buy a commercial property for $560,000. We used the Instant Offer System to get the owner to carry back 95% of the financing. To make it even better we used Peter’s Money Principles to get an investor to provide the 5% down payment.
Most people would die to have a commercial property like this that creates a cash flow of over $8,000 a year right from day one. I found that people in the Mentor Family have continued to encourage me to grow. In one of our recent deals we raised over $4 million dollars in outside funds so we had the money to purchase a property that is worth $20 million. After we split this property up and change the zoning it will be worth over $40 million.
Looking back, it is hard to believe. When I started I was making $10 an hour at a part time job. One year later I would have been thrilled to make $50,000 on a duplex. Now I own over $80 Million of real estate in my various partnerships. The key to escaping the rat race was to start small and then hang around with other investors who think big.
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