Michael Jake’s Real Estate Investing Commandments

I got this in an email from our local real estate guru, and I just thought it was worth a re-posting, even for those not involved in real-estate investing. BTW - last week I just completed 21 (I'm not saying that I've completed the 20 previous), at least I've completed the first half of that commandment. We'll see if I ever go read it again. Anyway, it was a good book, with some good lessons. It was a surprisingly simple book, and I don't expect that historical accuracy was the focus, but the parables/fables were good. It is a compilation of various pamphlets written by George S. Clason for banks, insurance companies, etc. It was published in 1926, and according to Mike Jake, has not been out of print since. I'm wondering if the copyright will expire anytime soon, and I might be able to post a link from Guttenberg Project? Well, on with the commandments...

Michael Jake's Real Estate Investing Commandments

Over the years our business has adopted a few principles that we run our business by and live by. These are lessons we have adopted from mentors and experience. Here is a basic list we hope you will find very helpful in developing and growing your business:

1. You can get everything you want out of life is you just help enough other people get what they want- Zig Ziglar

2. Great Attitude= Great Results

3. Poor Attitude= Poor Results

4. Don't Wait- You will never have everything lined up or prepared enough to get started.

5. Cutting Costs is rarely the answer- Increasing revenue by increasing sales often is the answer.

6. Outsource as much as you can- do not waste time on doing the small or unpleasant things yourself. The Less You Do the More You Make. (Ron LeGrande told me that at dinner once and it has rang true)

7. Your Business should meet your Lifestyle Goals

8. Do Something! Be Somebody you are proud of.

9. Massive Action! You cannot expect great results by doing something halfway.

10. Take All You can Get. There is No Fair Share. There is Plenty for all willing to get in the game.

11. Income is Not Wealth- How much do you make vs How much do you keep?

12. 80/20 Rule Applies- 80% of your profits come from 20% of your effort. Put your efforts into the profitable activities.

13. 1% Rule- You only have to be 1% better than your competition

14. Have many tools in your tool box- a hammer is not the only tool you will need. If you only had a hammer you would be looking at everything like it was a nail. Be able to solve many seller problems and situations- You always need to be creating Value.

15. Rule 1 in investing; Don't Lose money- Warren Buffet

16. Rule 2 in investing: Don't Forget Rule 1 – Warren Buffet

17. I am a Marketer- Houses are my widget. Reinforced at every Dan Kennedy seminar.

18. To Make Things Happen You need to Take Action. You do not just Think and Grow Rich (Napolean Hill) You Act and Grow Rich (Dan Kennedy & Bill Glazer)

19. Our Favorite Holding period is Warren Buffet's- forever! But we always go in with an open mind have have multiple exit strategies

20. Don't be Afraid of Money or Wealth

21. Read "The Richest Man in Babylon" by George S. Clason …then read it again.

22. Its not about "Timing "in the Market". It's " Time IN the Market"

23. Try=Fail, Commit= Success

May you find these principles helpful in your Quest for a Successful and Lucrative Business!

Michael Jake,

LocalMentor.com