Making Others Rich First by Barry Wilmeth offers a new take on real estate investing for both new and seasoned investors. Wilmeth, who has been investing in real estate in the United States for many years, knows that investing in real estate is not just about getting rich. It’s also about helping others get rich by providing them with a quality home or helping them buy their first homes, and for those who want even more, it’s about helping new investors pursue their own financial dreams for success. I love Wilmeth’s attitude in this book. While some people may view real estate investing as competitive, Wilmeth believes that there is a lot for everyone and we all get more when we help each other. As he states at the beginning of the book, “We have an existential sense that our happiness depends on the happiness of others and that there is more happiness in giving than in receiving.”
Make Others Rich First is designed to help the real estate investor get started with the basics of how to invest, but is also designed to encourage more experienced investors to mentor others in the real estate investment business. Each chapter has a wealth of information for both the mentor and the mentee, and while the overall structure benefits the mentee, I think mentors will find a lot here to give them new ideas about investing.
The book is divided into five sections, each of which has three or four chapters. Those sections are: Getting on the Road to Wealth; Establish the business framework; Preparation, education and application; Stay motivated; and get a return on your investment. Throughout the sections, Wilmeth shares personal stories of investments he’s made, shows how to calculate the numbers to determine potential returns and whether an investment is worth it, and continually encourages readers to take action.
Taking action is especially key. Wilmeth knew that no matter how many books he read or how many seminars he took, he would never really learn about real estate investing until he took action by buying a property. That first action paid off thanks to the knowledge he gained from owning it, and today he owns rental properties throughout the United States, and he also buys and sells properties on a regular basis.
Wilmeth understands that investing in real estate can initially be scary, but states:
“The fear will lessen the more similar deals are made. I tell new investors over and over again, ‘Don’t wait to buy real estate. Buy real estate and wait.’ Get down to business by making a real estate purchase and renting it from a reputable property manager. This is not a field trip. It is an internship. It is an on-the-job training (OJT). Learning from a book or a seminar will make you think. Learning by doing will make you experiment. “
Additionally, Wilmeth talks about finding money to invest, from private investors and other sources. Once the investment money is available, Wilmeth guides readers on how to do their due diligence when buying a property so they can avoid mistreatment, and also talks about how to recover if a bad deal is made. A bad deal is not a reason to give up, but an opportunity to learn from your mistakes.
Wilmeth also takes readers through all the details of business and tax planning. He introduces them to what he calls the MBA Formula, which consists of: Monitoring your Debts and Credits, Balancing the Books and Analyzing the Numbers.
It also talks about the importance of following up with others. You need to respond quickly, be on the phone instead of waiting for an email response, and constantly put yourself in front of others to help you find deals and make sales. Even if you don’t know the answers to someone’s question, just answering can lead to forming a relationship that can benefit you in the long run. All of these points are explained in detail on these pages, along with tips on networking, volunteering, marketing, and much more.
But beyond all the details of real estate investing is the book’s central message: the importance of mentoring, which Wilmeth sums up in two main points: 1) “If you’re new to investing, you really should have a mentor. What if decide not to, there will come a day when you will hear me whisper: ‘I told you so’ “and 2)” If you are already a sophisticated investor, you can get more offers and expand your business if you are a good mentor to others. “
Ultimately, mentoring can only be to the advantage of a real estate investor. As Wilmeth says:
“Your first-hand testimony is much more powerful than a seminar, a book, or attending an investment club meeting. It will seem credible to others and as a role model for ‘If I can do it, you can too. ‘I think the best way to be authentic is to take steps to increase your wealth, share your story, and then help others get rich without charging a fee. “
Yes, you read that right: “without charging a fee”. Wilmeth describes the difference between fee-paying coaches and true mentors, and as a result, her insight into mentoring is refreshing.
Many successful entrepreneurs will try to tell you how to get rich by sharing with you what they have done, but it is rare to find someone who does it for the purpose of giving back rather than to benefit themselves. It’s not that Wilmeth denies the personal benefits of helping others, but his sincere desire to help others get rich first is what makes this book stand out from all the other real estate books out there. Whether you are new to real estate investing or want more information through pay, this book will open you up with new opportunities.