‘Real estate has served me well for the last 36 years. I've been buying real estate, selling real estate, and teaching others how to do the same.’ -Ron LeGrand Click To Tweet
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Real estate is one of the fastest paths to becoming a millionaire. My friend and mentor Ron LeGrand is here today to talk about how to get started investing in real estate and why it is such a great investment.
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Ron also shares his outlook on the market. It’s possible to mitigate risk and even make money on a downturn. There will always be people who want to buy houses and people who want to sell houses. Ron has been a successful real estate investor for 36 years, and he teaches other people to do the same.
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You can find Ron here:
Ask Loral
Ron’s Website
Ron on YouTube
Ron on Twitter
Ron on Facebook
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Show Notes
- [01:39] Ron started out with nothing and knowing nothing. All of a sudden, things clicked. He was a mechanic at a service station and decided he didn’t want to do that anymore.
- [01:58] He started looking for an alternative, and what he found was real estate.
- [02:24] Ron is a firm believer in multiple income streams. Real estate is just one vehicle to create income.
- [02:31] Ron has multiple businesses and has learned how to get out of the way and let people do what they do best.
- [02:47] Real estate today is more systematized and automated than it ever has been. We have built step-by-step systems for people. We even have a whole team of virtual assistance.
- [03:12] We have virtual assistance that call sellers and do all the things that entrepreneurs don’t want to do, so that we can sit back and do what we are supposed to do and that is make decisions.
- [03:16] Ron buys three or four houses a month and it hardly takes any of his time.
- [03:40] Real estate has been very good to Ron, but like any other business, you have to learn how to do it correctly.
- [04:16] Ron shares his outlook on today’s real estate market. He has seen five real estate cycles of ups and downs in the last 36 years.
- [04:40] There has never been a year when you couldn’t buy and sell houses.
- [04:55] There will be a correction, because there always is one. We just don’t know when it will happen.
- [05:16] Guaranteeing debt is the number one biggest mistake that you can make.
- [05:31] The worst that can happen in a downturn is you lose assets that you got for free anyway.
- [06:43] Real estate is just a mutual fund with a house on it. Too many people are in a hurry to sell the property, which is really the golden goose that is bringing them money.
- [07:28] You can free up capital by letting real estate generate money.
- [08:36] The five steps to business. Locate prospects. Prescreen those prospects. Construct and present offers. Follow-up and get it in writing. Get it into cash quickly.
- [10:09] The entire process is now automated. All I have to do is decide who I want to buy from and then agree upon the terms.
- [10:41] The Gold Club can help you find prospects.
- [13:08] The ugly house side is about price. The pretty house side is about terms.
- [14:19] Look for people who will give you great terms like nothing down and a low monthly payment.
- [15:30] IRA money as a source of funding. You can use IRA money to pay cash for houses that you get at a deep discount. You can then flip them right away or after a rehab. Your profit goes back into the IRA tax-free.
- [17:14] There is no limit with how much profit your IRA can make.
- [17:33] You don’t need money to buy a house with nothing down.
- [18:37] You can also borrow money from a private lender. A lot of this money comes from people’s IRAs.
- [20:12] It’s hard for some people to stop doing everything and let other team members help them. But it really is the way to be successful with a real estate system.
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Links and Resources:
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