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Landlording on AutoPilot, 2nd Edition by Mike Butler

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CHAPTER 3Before You Turn on Your SmartphoneReal Estate Investing Is NOT FIRE, Ready, Aim!

Just like any investment opportunity or business, you MUST do your homework before you pull the trigger or you could end up poorer.

One of my one-on-one mentoring students, who wants to keep his name private, had attended a Saturday morning pep rally in a big hotel ballroom hosted by a guru. He drank their Kool-Aid, hook, line, and sinker and enrolled in $30,000-plus coaching program. He found a big old house, similar to the Herman Munster house that had been chopped up into seven apartments. Before buying this money pit, he ran it by his coaching expert. Together, he and his coach “ran the numbers,” and his high-dollar coach told him to do it. His coach said it was a killer deal.

This investor ending up buying this huge monster and it turned his life upside down. Trying to run down tenants to pay rent, repairs, fights, unauthorized occupants, and so much more. In fact, it was eating up so much of his time, he almost decided to throw in the towel and say piss on real estate.

It was at this time when he discovered me. He had purchased my book, liked what he read, and scheduled a one-on-one coaching session with me. Today, he vividly remembers what he was told at our very first meeting. Not only did he waste over $30,000 on this B.S. coaching program, he had also lost tens of thousands on a P.O.S. property. I told him to sell this time-eating and money-eating monster yesterday, even if it ...

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