Nowadays Frank, Latin Dad, is sitting pretty, as they say. He's happy and content with life, always eager to talk about his success, but even more excited to tell you how well his children have done in life, such as where they went to school and how he taught them the value of hard work.
This is Frank's nature. Always thinking ahead, moving forward, and putting others ahead of himself. Naturally, I wanted to know more about Frank's success.
When I ran into him in the parking lot of one his buildings, he was cleaning out the gutters. Eager to talk about his achievements, but more enthusiastic just to talk to me, he emphatically repeated the secret to his success, "Ringing bells, ringing bells." He told me that he would simply walk up to a house or apartment complex that he liked, and asked the owners if they wanted to sell. Sometimes the sale could be made easily. For instance, a disorganized office piled with paper work can be a good indicator of a distressed owner who desperately wants to sell. This is not always the case, of course, but it's definitively a good sign to look for.
I'm sure Frank knocked on a lot of doors, looking for sales, or at least securing contacts and potential deals for the future. This is what we call "hitting the pavement." But in today's modern age, you can hit the Internet to achieve results. If you want my honest opinion, though, nothing is better than a face-to-face meeting because this really shows the seller you have motivation and ambition.
In addition to having both of these qualities, Frank is also knowledgeable when it comes to repairing and upgrading houses. Because of this, he saw great value in several locations where people were overwhelmed with just the management and regular maintenance side of ownership. This type of knowledge is priceless, especially if you see a rundown building but no "For Sale" sign in the front yard. You can restore the building and make a huge profit in no time. Sometimes the sale is already there, but you just have to get your hands dirty to earn it! Remember, "The early bird gets the worm."
Frank also revealed the following pointer, probably because he learned it from experience: It's a brilliant advantage if you can work as a property manager and simultaneously learn from experts such as plumbers and electricians. You can gain so much valuable information from these people, and eventually save a lot of money by doing your own repairs and general upkeep. Talk about killing two birds with one stone!
Read more: Latin Dad's Strategies and then Latin Dad's Real Estate Tips