So, how do you leverage your connections and your relationships? Well, it’s not for the shy of heart, and it’s not for you, who just want to sit and binge watch Netflix and Hulu. It’s not for someone who’s just casual and letting their life happen. You’ve got to make this happen. You’ve got to get committed beyond the secret of manifesting. I’m talking commitment to action, in the right action.
If you don’t have a mentor, you better get one. And I would love to help support you in this journey on how to become a millionaire with no money. But you have to do exactly what I say. You have to get in the right mindset, in the right action, the right behavior.
So, what can you broker? Can you broker vehicles? Can you broker real estate? Can you arbitrage the middle, where you’re looking for a buyer and seller, you take money. That’s called an arbitrage. You can do that all day long if you know to cut a deal.
A lot of you are just doing connections, but you don’t know how to make the money. The deal is the paperwork in between the problem and the solution that you’re going to solve, and if you don’t know how to do operating agreements, and you just know how to do paperwork, you got big problems. You need a mentor, and I was highly mentored on how to cut deals and fair deals. I call them 360 deals, which means, you sit in everyone’s seat, and if it’s not fair, it’s going to fall apart.
How do you use other people’s money (OPM)? There is so much money on the sidelines right now, because the market is horrible, crypto’s had its rock and roll time. So, it’s been rough. What most people are, including myself, I mean we’re in a cash on the sidelines, watching this interesting recession play itself out.
Here’s the benefit of a recession, high interest rates, and inflation. The opportunities are everywhere. Small and medium-sized businesses who don’t know how to operate in these environments are going to fall hard, and there’s going to be all sorts of small businesses you could buy.
Using other people’s money, the main thing, most of you don’t have is a resume, which is why a lot of people hire me and our expert team. Because we can be the expert team, and you’ll have a management team of experience. So, think of us, not just mentoring, but also being a management team of helping you get that deal done right.
So, other people’s money comes to people who know how to run deals and run money. Unless you get a little bit of a resume’, no one should give you money, because you don’t know what you’re doing. If you don’t know how to run cash flow, and investor relation statements, and all of what it’s going to take to cut a deal, and if you want to raise more than a million, it’s a security new to PPM. You need a security lawyer. All this structure legalizes your use of other people’s money.
But I can promise you, there is trillions of dollars in 401K money, that could be put to work to make your deal. You just have to get a resume’ and a team. The best books of mine that would teach you is, The Millionaire Maker and Wealth Cycle Investing, available on www.amazon.com or https://lorallangemeier.com
Where do you put the money once you’ve made it, or get the deal? Well, so, once you get the deal and the opportunity, one of the biggest mistakes is, you just keep spending the money, or you do bad deals. You put too much back into the same asset. You want to have uncorrelated assets. Meaning, if you have gas and oil, you can have real estate. There’s no correlation to those assets blending. So, where do you put it? Do the simple stuff. If once you get your first 30, 40, 50, 100,000 dollars, that you can invest, use iFlip https://askloral.com/iflipapp. It’s just a software. It will take you in and out of the market safely. There’s cryptos you can do over there, too.
I love hard money lending. Partner up with a bunch of people in a real estate deal. I became a millionaire with hardly any money. I leveraged my relationships. I had sold the cash flow game, so I had 15, 18,000 people in a database. We leveraged that database to do other people’s money. To put the deal together, to buy 16 million dollars of real estate.
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