12/20/09: Using Creativity to Get Deals Done with Wayne Palmer
If you are one of the many investors who jumped on the real estate bandwagon at the peak, then you might be feeling a little beat up entering 2010. But as famous broadcaster Paul Harvey said, “In times like these, it helps to recall that there have always been times like these.” In other words, you’re not alone. Even better, there are people who have not just survived similar difficulties, but have come out huge winners! Wouldn’t it be great to have one of these successful veterans of past real estate wars take time to explain to you how they did it – and how you can do it, too?
What a great idea! That’s why we invited one of biggest brains we know back to The Real Estate Guys Radio Show for a special session on creativity. This is one show you don’t want to miss!
The braintrust behind the microphones for today’s show are:
- Your right-brained host, Robert Helms
- The recovering left-brained co-host, Russell Gray
- The always-in-his-right-mind (when we remembers where he left it), The Godfather of Real Estate, Bob Helms
- Creative genius, the man Robert Kiyosaki calls the “Wayniac” – Wayne Palmer
We kick off the show dissecting the “I can’t” mindset that is all too common when times are tough. How do you see past the doom and gloom and unleash your inner creative genius?
Wayne Palmer joins in the conversation and shares his personal rags to riches story – and how creativity saved his financial life. After hearing his story, you’ll understand why phrases like “necessity is the mother of invention” and “when the student is ready, the teacher appears” got to be cliches. They’re true!
Wayne explains why No Money doesn’t mean No Deal; and how to use underutilized assets as down payments. There’s a lot more to doing a deal than cash and a loan!
The gang also talks about the crucial difference between Dollars and Benefits when it comes to real estate deal making. This is where creativity really shines!
Wayne goes on to highlight the concept of “creating” your way out of debt as a far more effective and preferable alternative to “earning” your way out. One can wipe out debt and create wealth very quickly. The other is painfully slow.
The show wraps up with a discussion of the amazing power of real estate “paper” both as a tool and as an investment vehicle.
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The Rich Dad Real Estate Summit
9/13/09 Scottsdale, AZ – Nearly 150 enthusiastic people gathered in Scottsdale for the 2 day Rich Dad Real Estate Summit hosted by best selling author Robert Kiyosaki and conducted by Rich Dad Advisor and real estate entrepreneur Ken McElroy. The Real Estate Guys were on hand to not only observe, but participate in this inaugural boot camp which is dedicated to teaching active and aspiring real estate investors how to succeed in the “new” real estate economy.
The event featured a host of highly qualified experts in various aspects of real estate investment including property management, financing, deal sourcing and analysis, and taxation. The event started at 9 am on Saturday morning and ran well into the evening. We didn’t get back to our hotel room (at the very nice Scottsdale Plaza Resort) until close to 9 pm, but even then we weren’t done! We had 5 different real life investment deals to review in preparation for the next day when we would divide into team and prepare and present offer letters to the panel.
Though it sounds intense, the Rich Dad team did a great job keeping the energy up with lively music, regular breaks with refreshments provided, and the trademark conversational breaks where we would discuss the topic at hand with other students sitting at our table. Not only did this break up the monotony of lecture, but it really helped reinforce our understanding of the material. Teaching is a very effective learning tool. In fact, when we were talking with Robert Kiyosaki during a recording session on Monday, he said one of the reasons he works so hard teaching is because he learns so much!
In the afternoon of the 2nd day, the crowd was divided into teams and each team was assigned one of the case study properties on which to write a Letter of Intent (LOI). It was like being on The Apprentice! The pressure was mounting to finish the analysis and craft an offer that would be strong enough to win, but without overpaying for the property. As the announcer counted down the time, the tension mounted. People were running to the front of the room to submit their offer before the time ran out!
A representative from each team was called up to sit with their competitors in front of the panel of judges. One by one, each had just 2 minutes to present the offer. Then the panel would begin to question and negotiate. Having been through this process many times ourselves, we can tell you is that very realistic!
There were far more lessons than could ever be contained in this short report, but even with all of the experience we have in the real world of real estate, The Real Estate Guys definitely discovered some new things. Plus, we made lots of new friends!
Overall, we thought it was a great event – well organized, well produced and lots of fun. We can’t wait to go to the next one!
