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Copyright
Diversion Books
A Division of Diversion Publishing Corp.
443 Park Avenue South, Suite 1008
New York, NY 10016
www.DiversionBooks.com
Copyright 2017 by The Heart Of The Deal Media LLC
The Heart Of The Deal is a trademark of The Heart Of The Deal Media LLC.
All rights reserved, including the right to reproduce this book or portions thereof in any form whatsoever.
All photos from the authors personal collection.
This book is sold or distributed with the understanding that neither the author nor the publisher is rendering business, legal, or investment advice to any specific person or business. The author and publisher hereby disclaim any and all responsibility and liability for the use of any information contained or referenced in this book.
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First Diversion Books edition June 2017
ISBN: 978-1-68230-079-4
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Introduction
First things first.
If youre looking for a way to get rich overnight, you may as well put this book down and go buy another. Then throw that book in the trash, because its selling you a lie. I only know of two ways to get rich fast: win the lottery, or have a rich relative die and leave you their fortune. And if you need a book to tell you how to do either of those, you might have bigger problems to worry about.
If, however, youre interested in the unlimited earning potential of the real estate industry, and youre ready to put in the hard work to achieve your financial dreams, then this book is for you.
Real estate is a business where you get out of it what you put into it. You can turn it into passive income that can last you the rest of your life; you can do it as a part-time job. But those things come later. First, you have to put in the work. If youre ready and willing to do it, the rewards are out there waiting for you.
Lets Talk About Real Estate
Ive been in the real estate business since I was nineteen years old. In that time, Ive been an agent, a broker, a manager, a CEO, an investor, a landlord, and a consultant. Ive rented apartments, Ive bought and sold houses, Ive renovated investment properties, and Ive negotiated more deals than I can count. In other words, real estate has been at the center of every single day of my adult life.
Real estate is a unique industry. It revolves around one of humanitys most basic and essential needsshelterbut unlike, for example, the food service industry, which also satisfies an essential need, you can look at any single real estate transaction and know that youre taking part in one of the most important moments of that persons life.
Simply in terms of price, a real estate transaction is one of the biggest purchases a person can make. And Im not just talking about buying a house. Lets just look at what it takes to lease an apartment. These days in New York City, its tough to find an apartment for less than $2,000 a month. Your typical lease will require the tenant to pay their first and last months rent up front, as well as a one-month security deposit (if not more). So were already up to $6,000. If there was a broker involved in the deal, you can add in a brokers fee, which is now often 15 percent of the annual rentin this case $3,600. Add it all together, and youve got a total of nearly $10,000. Thats not even including application fees, pet deposits, renters insurance, or the very real possibility that the landlord could ask for more than one months security.
Ten thousand dollars is a lot of money to drop in one sitting, and not something most people do every day. The only other common experience that compares is buying a car, and thats just if were talking about renting an apartment. If were talking about buying a house, then we could be looking at hundreds of thousands of dollars, plus taking on a mortgage, often the biggest and longest-lasting financial obligation of a persons life.
If the financial impact of a real estate transaction is huge, then what you get in return for that purchase is even bigger. Ive had clients over the years who liked to say that they thought of their apartment as nothing more than four walls and a place to sleep, or as just a place to store their stuff. (And Ive used those same arguments to convince clients to be realistic about their budget and take something they can afford, rather than holding out for an apartment like the ones they see on TVits a common salesmans refrain in cities where apartments are often tiny and expensive, but theres a lot to do just outside the door.)
But the truth is, whether its an apartment or a house, its much more than four walls and a bed. Its where you start and end your day. Its where you go to relax, where you go to get away from it all, where you go to be alone, and where you go to be with the people who mean the most to you. Its where youll find comfort when youre sick, or sad, or just cant deal with the world. And its also where youll celebrate all kinds of firsts, triumphs, and personal milestones. In other words, its home. Of all the millions of things you can possibly buy in this world, whats more important than that?
Helping someone find a homewhether as their real estate agent or as a landlord who welcomes them to your propertyis an incredibly important, meaningful, and even intimate thing. Youre helping them with one of the biggest decisions theyll ever face. Thats why its so important to approach working in this industry with the respect it deserves.
The real estate business gets a bad rap sometimes. At least according to pop culture and the court of popular opinion, the archetypal characters in real estate are the sleazy, backstabbing agent and the scummy, money-hungry landlord. Ive met people who fit both of those descriptions. You can make a lot of money in real estate if all you care about is landing a fat commission or getting that rent check every month. But its even more rewardingboth financially and personallyto keep the human element in mind.