Page 111

Chapter Three seminar, I heard exactly what I wanted to hear and paid $385 for a threeday course to be held in a few weeks. At the time, $385 was a fortune for a Marine Corps pilot whose flight pay was less than $900 gross a month. Like most people, I had a mortgage, car payment, and other expenses. My mind went crazy as I wondered if I was being smart or foolish. I wondered if I was being taken and if I would walk away with nothing. That $385 turned out to be one of the best investments I have ever made. That course has made me multimillions of dollars, over and over again, much of it tax-free. More important than the money is the impact that course has had on our lives. Investing in our education, through that course, is one of the reasons Kim and I were able to become financially free, Kim at 37 and me at 47. In 1973, I did exactly what the instructor of the real estate course taught us to do. I spent weeks looking at different investments. At every real estate office, the real estate agents told me the same thing, “You cannot find those deals in Hawaii. Hawaii is too expensive.” I was prepared for this closed-minded chatter from real estate agents because the course instructor had warned us, saying, “That is why they are real estate agents and not real estate investors. If they were investors, they would not need to be sales people.” After weeks of searching and hearing over and over, “You can’t do that here. What you want does not exist,” I finally found a tiny real estate office on a back street of Waikiki and found the answers I had been searching for. When I said to the broker, “I’m looking for an investment property in a great area, low priced, very little to zero down, and something that has positive cash flow,” he smiled and said, “I have what you’re looking for. In fact, I have nearly 35 of them.” Three days later, I flew to the island of Maui, rented a car and drove 45 minutes to the property. Once there, I could not believe my eyes. The project was spectacular. It was across the street from a beautiful, isolated sandy beach, just like in the post cards of old Hawaii. The reason the prices were so good is because the entire property was in foreclosure. Everything was for sale. Like a kid in a candy store, I went from unit to unit, looking for the one I wanted. Finally, I chose one. The price for any 102

Profile for Jamiel Cotman

Unfair advantage ebook  

by Rich Dad, Robert Kiyosaki

Unfair advantage ebook  

by Rich Dad, Robert Kiyosaki

Profile for jfcotman
Advertisement