How to Survive and Even Prosper in a Down Market Seminar by Mike Cantu
Who
is Southern California’s best wholesale buyer in today’s market? I
called Mike Cantu to get more insight on his seminar. Mike Cantu
believes that in the next five years we will see the largest transfer
of wealth ever. The good news is many of the weak will be abandoning
the industry and others will become stronger. Distress does breed
success.
Attitude
Mike states that attitude is everything, so start developing one. One
way is to read at least one hour per day on subjects related to
business, real estate and attitude. Mike believes investing in real
estate is a math game, so he
has calculators available at every turn—in his truck, on the coffee table and even at his nightstand.
Read about changing your attitude. At the top of Mike’s recommended
reading list is Scott Alexander‘s "Rhinoceros Success," "Rhinocerotic
Relativity" and "Advanced Rhinocerology."
Mike emphasizes the importance of cash flow in this market and says,
“When your outgo exceeds your income, your overhead will be your
downfall.”
Five Tips
Here are Mike’s top five buy-and-sell, and buy-and-hold disciplines for staying in the game.
1. You make the profit during the purchase. Stay out of dead zones
where nothing sells. Ask yourself, “Would I buy in that neighborhood?”
2. Mike emphasizes the value of the proper attitude. To him, the
“A” word is everything. Leave your ego at home, don’t bring it to
work. Listen carefully. Use good posture. Be friendly and
interested. Learn to handle rejection, frustration and financial
pressure.
3. Learn creative financing skills. Study paper. Design your own
notes with no late fees, no due on sale, and incorporate first right of
refusal. Study marketing.
4. Learn your audience. What comes out of your mouth determines
what goes into your bank account. Always leave the door open for
further conversation. Use effective word choices, such as ‘margin’
instead of ‘profit.’
How to Survive and Even Prosper in a Down Market Seminar by Mike Cantu
