Making Others Rich First by Barry Wilmeth offers a fresh take on real estate investing for new and seasoned investors alike. 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 quality homes 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 to achieve success. I love Wilmeth’s attitude in this book. While some people may find real estate investing competitive, Wilmeth believes there is plenty for everyone and that 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.”
Making Others Rich First is designed to help the real estate investor get started with the basics of investing, but it is also designed to encourage more experienced investors to mentor others in the real estate investing business. Each chapter has nuggets of information for both the mentor and the mentee, and while the overall structure benefits the mentee, I think mentors will find plenty here to give them new investing ideas.
The book is divided into five sections, each of which has three or four chapters. Those sections are: Getting on the Road to Riches; establishment of 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 crunch the numbers to determine potential returns and whether an investment is worth it, and continually provides motivation for 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 and bought a property. That first action paid off in the knowledge he gained from owning it, and today, he owns rental properties all over the United States, as well as buying and selling property on a regular basis.
Wilmeth understands that investing in real estate can initially be scary, but he says:
“Fear will subsidize the more you do similar businesses. I tell new investors over and over again: ‘Don’t wait to buy real estate. Buy real estate and wait.’ Put your feet on the ground by making a real estate purchase and renting it through a reputable property manager. This is not a tour. It’s an internship. It is on-the-job training (OJT). Learning from a book or a seminar will make you think. Learning by doing will give you experience.”
Additionally, Wilmeth talks about finding money to invest, from private investors and other sources. Once the investment money is available, Wilmeth walks readers through how to do their due diligence when buying a property so they can avoid bad deals, and also talks about how to recover if you do make a bad deal. A bad business is not a reason to give up, but an opportunity to learn from mistakes.
Wilmeth also takes readers through all the ins and outs of business and tax planning. He introduces them to what he calls the MBA Formula, which consists of: Monitoring your debits and credits, balancing the books, and analyzing the numbers.
He 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 advice 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. And if you choose 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 business and expand your business by being 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 so much more powerful than a seminar, a book, or attending an investor club meeting. Others will find it credible and a role model of ‘if I can do it, so can you.’ I think the best way to be the real deal is to take action 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-based coaches and true mentors, and as a result, his take on mentoring is refreshing.
Many successful entrepreneurs will try to tell you how to get rich by sharing what they’ve done with you, but it’s rare to find someone who does it for the purpose of giving back rather than benefiting 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 to learn more through giving back, this book will open up new opportunities for you.