On today’s podcast episode I talk about how to make more money. 

I talk to some students at my real estate training events who are looking for ways to increase their income. Not everyone is interested in waiting years to build wealth and equity with rental properties. Some people are looking to make more money now. And that is what today’s podcast episode is about. 

Many new real estate investors are attracted to real estate investing and specifically wholesaling and flipping houses, because they are looking for an easy way to make more money. But I have noticed that these people who are looking to make more money usually have either a spending issue or an income issue.  

People that are looking for more income usually have a few things in common. They have too much credit card debt, may have student loans, have too many expenses, and not enough income to cover all of those expenses.  The net result is a struggle to pay the bills every month. What we call the “rat race”. How do you get out of that struggle of living paycheck to paycheck? 

For some it’s a spending issue where they simply spend too much money relative to their income. For other’s it’s an income issue where they simply need to learn how to make more money. For most people it’s a combination of both too much spending and not enough income. 

And what is surprising is that I see this even with people who have relatively high incomes of $150,000 or more. People tend to increase their expenses as they increase their income. And that is what keeps them stuck in the rat race. Keeping up with the Joneses, buying new cars and nicer houses to impress your neighbors is a poverty cycle that will keep you broke forever.

So how does one learn how to make more money? Is the answer to get a better job? Or is it to switch jobs or even get a second job? 

The answer lies with none of these. Instead what is needed in order to make more income is to gain specialized knowledge. A person working at a fast food restaurant does not have specialized knowledge and that is why they make $13 an hour. Anyone could do their job. Few want to. They have no specialized knowledge.

The more specialized knowledge you have, the more money you will make. You need to learn specialized skills. A good example of a specialized skill is learning how to be a property scout or deal locator. We call these people “real estate bird dogs” in the industry. If I paid you $5,000 or $10,000 for every house that you found for me, then how many houses would you need to find per month to exceed the income from your job? The answer is not many at all. If you knew how to find houses you would have a specialized skill that could make you a lot more money than what you are currently making.  

If you become good at locating wholesale real estate deals at discounted prices, then getting paid to find these deals by an investor like me will make you a lot of money. Learning how to flip these deals to other investors for a profit is a specialized skill called “wholesaling” which can make you a lot more money than what you are getting paid at your job. It’s a specialized skill. And it’s a skill that you can learn. I teach this skill at the Wholesaling Real Estate Boot Camp. Learning how to buy foreclosures and bank owned properties is a specialized skill too. I teach this at the Foreclosures and Bank Owned Properties Boot Camp.

Even learning how to buy rental properties at a discount and how to employ the Buy, Repair, Rent and Refinance Method is a specialized skill. I teach my students how to do this at the Buying Rentals and Building Wealth Boot Camp. These specialized skills will make you a lot of money because most people do not possess this knowledge. 

Regardless of your real estate investing strategy, whether you want to buy and rent, fix and flip, or wholesale and flip you need to know how to find deals. The more deals you can find, the more money you will make. And that skill set of knowing how to find deals is very valuable. 

Doctors and dentists, and other busy professionals that want to buy rental properties don’t have time to search for and locate deals. They want someone to bring deals to them. That is why wholesalers get paid so much to locate deals. The skill set of learning how to locate deals is a skill set that you can learn. I have taught over 7,000 students these skill sets at my real estate training events. 

Learn how to buy foreclosures and bank owned properties at the Foreclosures and Bank Owned Properties Boot Camp. Learn how to be a deal finder and get paid to find deals with my Real Estate Bird Dog and Partnership Program. Learn how to find wholesale deals at the Wholesaling Real Estate Boot Camp. Learn how to fix and flip houses at the Fixing and Flipping Houses Boot Camp. Learn how to buy rental properties and build wealth at the Buying Rentals and Building Wealth Boot Camp. These are all specialized skills that can be learned. 

If you learn these specialized skills you will have specialized knowledge, and you will make more money, increase your income and increase your net worth. 

If you want to learn more about my real estate training programs, boot camps and coaching call my office at (561) 948-2127 and speak to one of my Student Support Managers.