The Author of ‘Rich Dad, Poor Dad’ Says … This is The #1 Skill of the Entrepreneur
Can you guess what it is?
It’s a skill that people like Richard Branson … Donald Trump … Warren Buffet … Phil Knight (founder of Nike) … Bill Gates … and most of the world’s wealthiest people all have in common.
Now of course, they share lots of skills and character traits for sure, but from a business-building standpoint … they all have the amazing ability to raise money and capital.
Warren Buffett got started with $9,800 and today … investors continue to pour BILLIONS into Berkshire Hathaway, his primary holding company.
Donald Trump gets 50% or more ownership in a hotel … just by agreeing to put his name on it.
Bill Gates got Warren Buffett to pledge nearly his entire fortune to his Foundation. (That’s a lot of money … last time I checked his personal net worth was close to $40 Billion!)
So what do you think … is there some kind of secret to the art of raising money?
Personally, I really don’t think so.
In a nutshell, here are the 3 simple steps I think you have to focus on to raise private money for your real estate investing business:
- Tell everyone you know you’re a real estate investor.
Tell your neighbors, your doctor, your dentist, your lawyer, your hair dresser, your mailman (hmmm … you can also turn him/her into a paid bird-dog), basically everyone you meet.
Just by letting people know it’ll spark curiosity and many will want to know more about what you do.
Once you have a few deals under your belt, you can eventually start a full-fledged marketing campaign targeted towards private investors interested in earning higher returns on a passive basis. But that’s a whole big, separate topic we’ll save for another time.
- Have deals to show people.
What if you don’t have any current deals to show? Show them some of your past deals as examples.
Don’t have any past deals even? Well … maybe you can team up with someone with a proven track record and use that person’s examples.
You can also find a mentor and leverage THAT person’s track record and history.
- Turn on your marketing machine.
This really relates to #2 above. So how do you ensure having deals all the time? By marketing, marketing, marketing!
If you get really good at finding, analyzing, and securing good deals … money will flow to you. Automatically.
This is hands down, the ultimate secret to raising private money. And the true power position.
So anyway, I do think the ability to raise money is one of the most important skills you can develop as a real estate investor.
And according to Robert Kiyosaki, the author of ‘Rich Dad, Poor Dad’, it’s the ultimate, #1 skill of the successful Entrepreneur.