Why You’re Poised to Build Generational Wealth – #TomFerryShow

February 19, 2019

Do you have a 20-year plan?
Me, personally, I’m all about the long game.
I love refreshing my 20-year plan every few years.
Why? Because when you have a long-term perspective on things, if things don’t go your way, you don’t take it personally. It doesn’t completely derail you. You understand there’s a bigger plan, goal and picture.
If, on the other hand, you’re always living in the moment… When things go sideways, everything tends to fall apart really quickly.
This topic provides an ideal introduction to my guest on today’s #TomFerryShow, Andy Dane Carter.
As a real estate professional, investor and author, Andy believes many agents are missing out on their greatest long-term wealth-building opportunity.
They might be selling lots of houses…
…but how many are they buying?

Your Future Will Be Determined by the Investments You Make Today

Andy’s story is fascinating because he came from a family who had solely been renters for three generations.
Like many people, he once assumed there were huge barriers to get into investing…
…Until one day when he heard about an FHA financing program to purchase three- and four-unit buildings for just 3.5 percent down.
He started investing in these properties and realized the huge untapped potential that exists for real estate professionals.
“If you’re a real estate agent, you need to start thinking like an investor,” he says.
You often have the first shot at properties coming on the market, which gives you a giant opportunity to build generational wealth.

“That Sounds Great, But It’s Not Possible in My Market”

If you’ve ever felt your area is too expensive to find these underperforming assets, Andy says you’re wrong.
Or you’re telling yourself a story.
He’s not saying it’s easy. But he says they do exist in nearly every MLS across the nation.
He looks for properties where rents are low and can be raised. He also seeks out second- and third-generation property owners who may be ready to cash out.
The key is putting in the work and doing the research.
Andy says it sometimes takes looking at hundreds of deals to find the right one.
But it’s worth the effort.

Work for It Now. Enjoy It Later.

Look… I know you work hard all day, every day on your clients’ behalf.
I would challenge you to ask yourself if you’re working as hard for your own future as you do for your clients.
The effort you put into your own real estate investments will pay huge dividends if you’re playing the long game. Find the time, do the research, talk to others who can guide you and take that first step toward positioning yourself – and future generations of your family – to truly prosper!
I’d love to know your thoughts from this episode and blog. What has your experience been with personal real estate investments? Or if you haven’t started yet, what’s preventing you from dipping your toe in that water?