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NOW IT’S TIME TO MAKE REAL MONEY

Success can come from using any one of the five “magic” techniques,
or a combination of several. The idea is not to jump from one technique
to another indiscriminately, but to begin by focusing on one, to
specialize in that area, and then add to your growing expertise by undertaking
one of the other methods. However, too many good opportunities
can come up at a moment’s notice not to be able to take
advantage of them. Therefore, you may need to be versatile enough
to shift gears at any time into another mode. It certainly would not
be unusual to have a lease/purchase in process when the chance
comes up to buy a distressed single-family.
Now that we’ve said it’s best to begin with one technique, we will
also say that while it’s true that specializing in one niche improves
your expertise in that area, the opportunities available in any given
property market may not be in your area. Besides, if openings in any
one niche area were in abundance the competition would be fierce,
driving up prices beyond reason. It’s best to stay flexible and be prepared
to learn another method—again, one method at a time—so
that you can take advantage of varying opportunities.
If you work only in a narrow area, like buying and holding
single-family houses, you will miss much of the picture because
you are concentrating on a small part of real estate investing. Perhaps
you should consider buying and selling without holding over
a period of time, or becoming a landlord of a building designed for
long-term use, such as an apartment building. Specifically, buy low
and resell a few properties to build up some cash before holding a
few, or sell with owner financing for a cash flow. Unless you have
lots of money in the bank, don’t think just of holding, but of buying
and selling.
The bottom line is that while you will be learning and gaining experience,
you will also be making money and building a financial
base that will make you wealthy. And, yes, it may seem easier to
hone your skills in a single area and develop such expertise there, but
you want to be able to take advantage of whatever the case is in your

market. It’s a lot of work, particularly when you must anticipate several
avenues of investment techniques, but it is rewarding.