Month: October 2010

by Tim Herriage Tim Herriage No Comments

Talent is never enough!

I must give credit to John Maxwell for the subject line.  His book, Talent is Never Enough, came to my mind last night as I watched a “talented”, “athletic”, “superstar” Dallas Cowboys team deflate, and fall flat on their faces.  The talent on the Cowboys roster produces hope.  With every fumble, every interception, and every spectacular touchdown, Cowboys fans world wide clung to the hope that “America's Team” would find a way to pull through.

Inevitably, the talent, couldn't produce a win.  You see, football is a team sport in which 11 players must all hold up their end of the deal for the greater good.  It takes discipline and selflessness to make the talent achieve the goal.  You can liken it to the New York Yankees.  Their payroll (and history) is 400% greater than the Texas Rangers, yet, the Rangers beat them convincingly in a six game series.  The Rangers are a team with talent, but more importantly, a sense of team.

Real Estate investing is a lot like baseball.  If you have ever listened to me teach my Baseball for Real Estate concept, then you know why.  If not, allow me to explain.

I have never met a successful real estate investor that didn't have a team.  Not necessarily a full time staff, but more a collection of advisers and providers that were available to the investor when needed.  As with the Texas Rangers, the supporting team doesn't have to be the highest paid “players” available.  What you are looking for is a supporting cast that has the same goal as you, success.

Step one to this, is knowing your position, and accepting your limits.  In life, and business, you should not stretch to do more than you can.  What happens as a result of stretching too far is you find yourself out of position.  To use baseball terms, if you are the center fielder, stay in center field.  Sure, you can go to right center, or left center (just make sure you communicate) but you cant leave center field.  If you try to play right field, because you don't have a teammate to help with that position, you leave a large hole in the middle of your defense.  Some examples:

1.  If you are great at accounting, don't try to be in charge of lead generation.  You should outsource it to a “team member”.  This team member could be a host of different providers.

2.  If your are a great “buyer”, don't try to be the sales manager too.  You'll find that you end up not doing either of them well!

That's it for today!

Have a great day investing!

 

Tim

Tim Herriage
DFWInvestors.com
tim@new2020rei.wpengine.com
214.607.1227

by Tim Herriage Tim Herriage No Comments

The storm is coming

After watching some of the crazy weather this weekend, I thought the subject of a storm was a nice way to go!  For the last three years, real estate in DFW has been a lot like the storms this weekend.  One minute it is sunny and nice, the next minute the tornado sirens are going off!

After ten years buying, wholesaling, rehabbing, and holding single family properties in the DFW area, there really isn't much that will surprise me.  I continually find my way back to what works for me.  I would encourage that to all of you.  In the words of Bobby Roan (one of my mentors), “Stick with what you know”.

I am not telling you to not learn something different.  It is the learning of new techniques, markets, and strategies that will teach you what you do or don't know.  One of my favorite quotes is “you don't know what you don't know”.  It really rings true to so many things.

I highly recommend that you consider attending the 2011 DFW REI Expo in Dallas.  We will have dozens of instructors, trainers, and mentors there all weekend.  The cheap ticket ($99 till the end of October) will get you in to EVERY class.  The instructors will be teaching, not selling.  As with everything I do, there is a 100% money back guarantee.

For those of you that want to learn to wholesale, the wholesale classes I will be teaching will be like none you have ever seen.

I believe the storm is coming.  I believe it will be a storm of wealth and prosperity for anyone in real estate in the DFW area.  Make sure you are ready.

Tim Herriage
DFWInvestors.com
tim@new2020rei.wpengine.com
214.607.1227

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