My past few posts have been all about great pieces of advice that I have come across in my studies. But this post is about one that impacted me personally and had a lot to do with me choosing the path of real estate investment.
As you likely know, I came from Germany to the US, and when it was when I took stock of my life and realized that I had nothing but about $3,500 to my name, tons of debt and payments up to my eyeballs when I realized that a change had to be made.
I had a job where I had to work tons of hours to make ends meet, and after a few years I realized that I needed to break out and start something on my own.
But I didn’t have a clue as to what to do or where to start building wealth.
Enter a very good friend of mine, who at the time was really the only successful guy I knew personally. That friend gave me a set of 4 criteria that I could use to separate good money-making ideas from bad ones.
Want to know what those 4 criteria were?
- Can the idea be made very profitable?
- Does the idea require a lot of maintenance?
- Can it create PASSIVE and ONGOING income
- Can it be done PART time AND remotely
My friend told me that when I had satisfied those 4 criteria then I would start to experience massive profits that come in passively month after month.
So using those 4 criteria, I researched at all kinds of money making opportunities, including opening up a bakery, getting a second job, importing stuff from Europe, and even setting up an eBay store. I analyzed over 20 business ideas using those 4 criteria but most failed to give me what I wanted. In the end, only ONE opportunity that I researched qualified and fulfilled all 4 criteria – and that was Real Estate!
Good advice = life-changing decision.