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ADVANCE PRAISE FOR MILLIONAIRE REAL ESTATE MENTOR

“We all need a ‘millionaire mentor’ and Russ Whitney is the man. I’ve read more than a
dozen real estate wealth-building books, and this is the book I’m putting to practical use in
my life. For the first time, Russ Whitney exposes the secrets that make real estate investors
thrive and prosper. Read this book, then read it again as you follow the step-by-step road to
wealth. You’ll have fun while you’re making money, and that is the key to ultimate success.”

—Steve Crowley, Former Money Editor, Good Morning America, and Author of Money for Life

“After interviewing hundreds of the top entrepreneurs in the world, I’ve isolated one pro-
found secret! They’ve all had a mentor! If you want to make money in real estate, there’s
no mentor better then Russ Whitney. In Millionaire Real Estate Mentor, he proves why.”

—Mike Litman, Coauthor of Conversations with Millionaires: What Millionaires Do to Get Rich,
That You’ve Never Learned About in School!

“How often has a mentor made a difference in your life? Turning points can often be
traced to the guidance provided by a trusted friend. Consider Russ Whitney, and his bril-
liant work, Millionaire Real Estate Mentor, as your personal real estate mentor who will take
you by the hand and teach you practical, easy-to-understand ways to profit from real estate.
Russ and his proven methods for success are with you every step. Read and apply what you
find in this book, and I am sure you will Make it Big!”

—Frank McKinney, Author of Make It BIG! 49 Secrets for Building a Life of Extreme Success

“Russ Whitney unquestionably knows more ways to help individuals create wealth in real
estate from a standing start (with or without any beginning capital) than any other expert
in the field. I’ve personally watched him transform 250 people in a day from absolute real
estate greenhorns to creative real estate Green Berets. His ideas are ABSOLUTELY worth
learning.”

—Jay Abraham, Marketing Expert, Strategic Growth Advisor

This publication is designed to provide accurate and authoritative information in
regard to the subject matter covered. It is sold with the understanding that the pub-
lisher is not engaged in rendering legal, accounting, or other professional service.
If legal advice or other expert assistance is required, the services of a competent
professional person should be sought.

Vice President and Publisher: Cynthia A. Zigmund

Editorial Director: Donald J. Hull
Acquisitions Editor: Mary B. Good
Senior Managing Editor: Jack Kiburz
Interior Design: Lucy Jenkins
Cover Design: Design Solutions
Typesetting: the dotted i

© 2003 by Whitney Leadership Group, Inc.TM

Published by Dearborn Trade Publishing

A Kaplan Professional Company

All rights reserved. The text of this publication, or any part thereof, may not be re-
produced in any manner whatsoever without written permission from the publisher.

Printed in the United States of America

03 04 05 06 07 08 10 9 8 7 6 5 4 3 2 1

Library of Congress Cataloging-in-Publication Data

Whitney, Russ.
Millionaire real estate mentor : the secrets to financial freedom
through real estate investing / Russ Whitney and his wealth team.
p. cm.
Includes index.
ISBN 0-7931-6686-1 (pbk.)
1. Real estate investment. 2. Real estate investment—United States.
I. Title.
HD1382.5 .W45 2003
332.63′24—dc21 2002154242

Dearborn Trade books are available at special quantity discounts to use for sales
promotions, employee premiums, or educational purposes. Please call our Special
Sales Department to order, or for more information, at 800-621-9621, ext. 4455, or
e-mail Robin Bermel at [email protected].
■ DEDICATION
In Memory of Richard Brevoort, 1937–2002

Richard was a man of extraordinary brilliance, dedication, and loyalty. His

contributions and commitment to our students, trainers, and staff are a very
small part of his wonderful legacy. The wisdom, inspiration, and compassion
he shared so unselfishly will be a living monument to a man whose priori-
ties were teaching, helping, and serving. I am both proud and humbled that
he called me his friend.
■ ACKNOWLEDGMENTS

T hough there may be just one name on the cover, no book can be writ-
ten by only one person. From conception to organization and research
through the actual process of writing to editing, production, and finally pub-
lication, books are a collective effort. And I would like to thank the people
who assisted me in this one.
Of course, tremendous appreciation goes to the Wealth Team: Jim
Aviza, Don Burnham, Shawn Casey, Robert Demes, David Gilmore, Kevin
Haag, Jean Lapoint, Glenn Purdy, David Shamy, Jim Shead, Larry Simons,
Gary Tharp, Pete Youngs, and Tony Youngs. My personal friendship with
each of them is enhanced by their willingness to share the knowledge that
has made them millionaires.
There are no words to express my gratitude to my students, for they are
the purpose of Whitney Education Group. I feel an immense amount of re-
sponsibility for each of them, and I am humbled that God has given me the
chance to serve in such a meaningful way. In particular, I would like to rec-
ognize the students who shared their stories for this book: Steve Bias, Carlos
and Melissa Budet, Dan Davis, Joe Fucheck, Debbra Greig, Chuck and
Sherri Hastings, Karen Herrera, Glenn and Michelle Kuperus, Jay and Kasey
London, Beverly Martin, Anthony and Joan Peters, Steve and Carolyn
Rawlings, Rosanna and Michael Reilly, Con Reynolds, Lorne and Angie
Saltsman, Rita Swanson, Lester Theiss, Bobby Threlkeld, Ron Watke, and
Carroll and Melisa Wimett.
By virtue of their contribution to the company, every member of the
Whitney Education Group staff has helped with this book, but some deserve
special recognition: Marian VanDyke, who coordinated the initial planning
and information gathering; Susan Carrillo, my ever-patient assistant; Valerie
Gaines; Melody Babineau; Lisa Marino; Morsa Spidle; Joe Gnapp; Teresa
Sells; John Kane; Ron Simon; and Marie Code. Though not an actual em-
ployee of Whitney Education Group, Don Abbott of Abbott Productions,
who oversees all of the video products we offer, plays an important role both

vii
viii Acknowledgments

in marketing our company and in creating the high-quality products our

students expect and deserve.
Thanks also go to my agent, Michael Baybak, who found the right pub-
lisher to showcase this work.
Special thanks go to Jacquelyn Lynn, who assisted me in writing this
book. I appreciate her tireless efforts and, in particular, the time she took to
learn the techniques, strategies, and mindsets of all the people who con-
tributed to this project. It was her special talent that made this more than
“just another book.”
Finally, I want to acknowledge Richard Brevoort, to whom this book is
dedicated. Officially, he served as the president of Whitney Information
Network, Inc.TM, and Whitney Education Group, Inc.TM More important, he
was a dear friend and trusted advisor. He had been instrumental in the
growth of the companies as well as in helping thousands of our students and
staff realize their potential and achieve their dreams. Richard’s generosity
and compassion extended deep into the community, and he believed we all
have a responsibility to public service. The lives that benefited from the gen-
tle but firm guidance provided by Richard Brevoort, a consummate teacher
and mentor, are too numerous to count. He was a major contributor to this
book and was involved throughout its research and writing, making sub-
stantial contributions to the content and presentation. Just a few weeks after
the manuscript was completed in 2002, Richard lost his hard-fought battle
with cancer. Though we are deeply saddened by his death, we are all richer
for having known and worked with him.
■ CONTENTS

Preface xi

1. Planting Your Own Money Tree 1

2. Creating a Power Team 13
3. An Overview of the Real Estate Business 31
4. Wholesale Real Estate
Buying for Quick Profits 51
5. Purchase Options
Controlling Property with or without Ownership, Minimal Cash,
and No Credit 71
6. Preforeclosures and Foreclosures
Fresh Approaches to Familiar Problems 87
7. Auctions
Fast Buying Means Fast (and Big) Profits 109
8. Mobile Homes
A Quick Way to Build Cash Flow and Achieve Financial Independence 125
9. Government Grants and Loans
Resources for Business Owners and Real Estate Investors 139
10. Rehabbing
Quick Fixes for Cosmetically Distressed Properties 149
11. Property Management
Profit from Managing for Yourself and Others 165
12. Commercial Real Estate
Different Zoning, New Opportunities 191
13. Real Estate Notes
Secrets of the Discount Buy 207

ix
x Contents

14. Tax Certificates

High Yield, Low Risk, No Sweat 221
15. Credit
A Powerful Wealth-Building Weapon 233
16. Asset Protection
Got It? Keep It! 247
17. Communication and Negotiation
The People Side of the Business 269
18. The End
For You, the Beginning 285

Glossary 295
Resources 305
The Wealth Team 313
Index 319
■ PREFACE

Y ou can become wealthy. You can build a fortune that will allow you to
enjoy the lifestyle you’ve always dreamed about without ever worrying
about the future. It doesn’t matter where you are in life or what you’ve done
so far. You may be fresh out of school and trying to decide what to do. You may
be a baby boomer fed up with your job or even facing a layoff. Or you may be
a senior citizen who is either not ready, or can’t afford, to retire. Whatever your
particular circumstances, you can change your life for the better.
I know, because I’ve done it. I was a high school dropout working in a
slaughterhouse when I started looking for my ticket out. I found a start in a
$10 how-to book about investing in real estate. The information it con-
tained allowed me to make $11,000 in just three weeks—pretty good money
for a kid whose job killing hogs started at $5 an hour (although I was up to
$6 an hour when I made that investment). And that was just the start. I im-
mediately reinvested that money and began building my portfolio. By the
time I was 23, I was financially independent, and my wife and I were able to
quit our jobs. At the age of 27, I had become one of America’s youngest self-
made millionaires.
I was so excited about what I was doing that I started telling my friends
about it, and soon I was helping them do the same thing. Sure, some were
skeptical and not all of them took my advice, but the truth was clearly in
front of them. And of course I made some mistakes, but that didn’t stop me
from working toward my goals.
Today, my wife and I live in our 16,000-square-foot dream home on
Florida’s Gulf Coast near the headquarters of our worldwide business oper-
ations. One of the businesses I started years ago is now a publicly traded cor-
poration and the parent company of a wide range of other businesses.
Through those operations, we have helped thousands of people become
wealthy—people who started out just as I did, people like you who had the
drive and the courage to change their life for the better.

xi
xii Preface

How did I do it? I started with real estate and then diversified into a num-
ber of other businesses, including, among others, construction, mortgage ser-
vices, publishing, business consulting, software development, education, and
even a chain of resort recreation equipment rental shops. Were all of those
ventures successful? No. Most were, but even the things I tried that failed
taught me valuable lessons that made my other businesses even more prof-
itable. I think you learn as much, if not more, by studying what didn’t work so
you know what not to do as you learn by studying what works so you know what
to do. And I’m going to share many of those lessons with you in this book.
Even though I have an interest in many companies, the foundation of
my wealth is still real estate, which is not unique. Many major corporations
have substantial real estate holdings. Celebrities better known for enter-
tainment wisely invest in real estate—such as Robert Redford’s Sundance
and Oprah Winfrey’s holdings that include residential and commercial real
estate. Ted Turner is more than a media mogul; he’s one of the largest
landowners in the United States. At the opposite end of the spectrum are
individual working people whose biggest chunk of their net worth will likely
be found in their home—real estate.
Investing in real estate is not a get-rich-quick scheme. Yes, you can make
a considerable amount of money in a very short time if you know what
you’re doing. Yes, you can become rich if you are willing to put forth the ef-
fort to develop the skills necessary to build a real estate business.
Think about this: By making real estate your business, you can provide
safe, clean housing to young families, senior citizens, and others who might
not otherwise be able to afford a decent place to live. You can help people
avoid foreclosure. You can help others buy their first homes or recover from
economic difficulties. You can contribute to the revival of distressed areas in
your community by increasing the value of properties and getting them
back on the tax rolls. You’ll create jobs and assist the overall economy. And
in the process, you can make millions of dollars.
No other business I know of lets you do so much for so many while mak-
ing money for yourself and your family and creating freedom for you to
enjoy life on your own terms. Think of the legacy you can build. Your chil-
dren will see what you’re doing and will understand that the financial secu-
rity you have created for them has been built on helping people. They can
 Preface xiii

carry on your work and pass it along to their own children. Can you think
of a better way to be remembered?
Look around your community. Who are the real movers and shakers?
It’s the wealthy businesspeople who make things happen. When they speak,
people listen. When they command, people act. They may come from var-
ied backgrounds, but I can guarantee you that, with few exceptions, they
own real estate. If it works for the wealthy, it can work for you.
There are so many ways to make money in real estate that regardless of
what you like to do, you can find a way to do it in this book. Beyond basic
real estate—buying, selling, renting, managing your own properties—is a
wide range of related businesses that are easy to start, require little or no
capital, and can quickly grow to generate hundreds of thousands of dollars
a year in revenue.
You’ll learn about those businesses and much more in this book. You’ll
see how, as a wealth-building vehicle, real estate has created more fortunes
than any other investment. But it’s more than just buying, selling, and rent-
ing houses. You’ll learn how to build a business, negotiate deals, cultivate re-
lationships, manage your finances—all the elements that are critical to
success in any endeavor.
When I first started my real estate business, my only guide was that one
$10 how-to book. Even though it contained some valuable information, I
quickly realized I needed to know more. I read more books, I asked ques-
tions, and then I had to sift through all the information I had gathered to
figure out what was useful and what wasn’t.
As I figured things out, I began to teach my friends how they could do
what I was doing. I realized that this information wasn’t being taught in
schools, but it’s important for people to know. So I wrote my first book in
an effort to reach a wider audience than I could have by just helping peo-
ple one-on-one.
I wrote more books and began conducting training camps but still faced
the same challenge: There was only one of me but thousands of people who
wanted and needed to hear what I had to share. So I created the Whitney
Education Group and assembled a teaching team of self-made millionaires
with tremendous knowledge and expertise in all areas of real estate, busi-
ness, and wealth building. These are down-to-earth people who, as I did,
xiv Preface

built their own fortunes after starting with little or nothing, and they have
the ability to explain in simple, easy-to-follow language how they did it and
how you can do it, too. Across the country every weekend, one or more of
them teach an intensive training program for Whitney Education Group
that focuses on their particular area of expertise.
I’ve asked these friends of mine, who are all self-made millionaires, to
work with me on this project to give you all the information you need to un-
derstand these techniques, be able to apply them immediately, and see prof-
itable results right away.
The structure of this book is simple and easy to understand. We begin
with an overview of real estate as an industry and how it serves as the foun-
dation for wealth. Then I’ll discuss what you need to know to set up your
own business. After that, I’ll go through specific wealth-building techniques
that you can use either separately or collectively to build your own personal
fortune.
If real estate were taught in college, this book could be the model for a
four-year degree except that it is fun and exciting and can change your life.
Even better, the only tests are the ones you give yourself when you put the
techniques to work—and you can start using each technique as soon as you
learn it. College students don’t remain ignorant for four years and then sud-
denly become smart the day they receive their degree. They learn as they go
along, and so will you.
Many of the techniques here can be applied to various situations—thus,
you might learn something in the chapter on foreclosures that you can use in
doing lease-option deals. So be sure to read the entire book, even if you don’t
read each chapter in order. Also, each chapter contains real-life examples of
how our instructors and students have successfully used the techniques to be-
come wealthy. I know you’ll find their stories inspiring and motivating.
One final point before we begin: I wrote this book to be your own per-
sonal millionaire mentor. It tells you how to use real estate and other busi-
nesses to build your own personal fortune, but it isn’t just about making
money—it’s about changing your life. You bought this book because you
want more out of life than you’re getting now. I understand, because I’ve
been there. And I’m going to show you how to get where you want to be. So
let’s get started.
■ CHAPTER
1

Planting Your
Own Money Tree

Money may not grow on trees, but it does grow out of the ground. Just look
around at all the houses, apartment complexes, office buildings, retail cen-
ters, and industrial facilities that are making their owners very rich. Think
about being able to pick your share of “fruit” from those brick-and-mortar
“trees.”
Most millionaires have a significant portion—if not the majority—of
their wealth in real estate. Why? It just makes sense. The supply of real es-
tate is limited—what we have on the earth is all we’re ever going to have; no
one is making more of it. Real estate will always be in demand because no
matter what happens to the world in terms of politics or economics, people
will need places to live, businesses will need places to operate, and govern-
ments will need places to function. And the value of real estate has been
consistently rising for more than 200 years. Of course, we have seen both up
cycles and down cycles in the real estate market, but the down cycles don’t
last long and real estate always comes out a winner.
As an investment, real estate puts you totally in the driver’s seat. When
you buy stocks, you don’t have control—you’re investing your money in a
company, but it’s the officers and directors who decide how the company
will operate. When you invest in precious metals, gems, or collectibles,
you’re at the mercy of the market. But when you invest in real estate, you
have control. You make the decisions. And you make the money.
1
2 MILLIONAIRE REAL ESTATE MENTOR

What it boils down to is this: Real estate is one of the best vehicles we have
for building wealth and creating financial security. It’s a tool that has been
used successfully by people who have virtually no resources, by average
Americans who have some money to work with, by highly educated profes-
sionals looking to diversify, and by businesses ranging from very small to
multinational corporations. What category do you fit into?
Maybe you’re having trouble picturing yourself as a real estate investor.
Believe me, not all real estate investors are high-profile, flashy celebrities
like the ones who so often appear in the gossip tabloids. Of course, if that’s
what you want, real estate can get you there. It can also provide you and
your family financial security and a higher standard of living, no matter
where you live or what you’re starting with. Even better, you don’t have to
quit whatever you’re doing now to start learning about and making big
money in real estate. You can start part-time—that’s how I did it, and that’s
how most of the successful investors I know did it.
The advantage that you’ll have is the knowledge I’m sharing in this
book. You’ll have learned clear and specific strategies that will allow you to
generate cash and build wealth. This book is modeled after the training
programs my company offers: It’s easy to understand and apply; it’s reality
based; it’s as close to hands-on learning as a book can possibly be; and it is
absolutely “doable” by anyone who really wants to learn.
Most of the math skills you’ll need are no more difficult than eighth-
grade arithmetic. The techniques and strategies are no more complicated
than middle school history or science memorization. You don’t have to
memorize dates, but you will have to understand how to find the right in-
vestment properties and what to do with them. These aren’t complicated
theories; they are basic, real-world techniques that work and that you can
use over and over to generate profits and build wealth.

Words of Wisdom
All distractions and excuses are equal. It doesn’t matter what’s keeping
you from achieving your dreams—you just need to ignore your
distractions, tear up your excuses, and get to work making success
and security a part of your life.
 1 / Planting Your Own Money Tree 3

■ The Difference between Income and Wealth

Having a large income doesn’t necessary mean you are wealthy. I know
doctors and lawyers who make $300,000 a year but can’t afford to go to dinner
with my wife and me because they don’t have two nickels to rub together at the
end of the month. Why? Because they make a decent income, but they don’t
understand the financial strategies that wealthy people use. They buy cars that
are too expensive and houses with payments beyond their means; their kids
are in expensive private schools; and they’re busy trying to keep up with the
Joneses. They may have income, but they don’t have wealth. When you live pay-
check to paycheck, it’s not the amount that matters; it’s the lifestyle.
It’s not how much you make but what you do with it that counts. If you
earn $1 million and spend $1.2 million, you don’t have wealth. And if
you’re using credit to buy depreciating assets—that is, clothes, jewelry, elec-
tronics, or anything else that goes down in value—you’re digging yourself
into a hole that’s going to be very hard to climb out of. Based on advice
from his father, who was a financial failure, Charles Dickens wrote in David
Copperfield: “Annual income, twenty pounds; annual expenditure, nineteen
pounds; result, happiness. Annual income, twenty pounds; annual expen-
diture, twenty-one pounds; result, misery.”
The challenge most people face is that consumers are programmed to
buy depreciating assets. Everywhere you turn, you see advertising messages
urging you to buy such things as cars, furniture, and clothes that will only
go down in value—and it doesn’t matter if you don’t have the cash, because
the sellers are happy to either extend you credit or accept your credit cards.
You’re left with too much debt and a pile of useless goods that you couldn’t
sell for pennies on the dollar if you had to.
I’m not saying that debt is always bad—it isn’t. When you use debt to buy
things that increase in value and generate profits, you are thinking and oper-
ating like a wealthy person. The idea is to spend as much of your money as
possible (after you pay for your necessities) on appreciating assets, such as real
estate or any business that will go up in value and generate profits. That will
start you on your way to true wealth, and then you can enjoy the luxury of buy-
ing depreciating assets because you know you can afford to pay for them.
4 MILLIONAIRE REAL ESTATE MENTOR

Wealth isn’t necessarily a number. Wealth is living within your means with
most of your money coming from passive sources so you don’t have to work if
you don’t want to. Wealth begins with financial independence—and financial
independence is freedom and the first step to achieving true wealth.

■ Who Should You Listen To?

Too many people have been programmed to believe they can never become
rich. How is this programming acquired? From people who are not rich.
Think about it. Who is best qualified to give you financial advice? Is it
someone who is struggling along from paycheck to paycheck, or is it some-
one who has worked smart, built a business, and achieved the status of
millionaire?
You will hear from your parents, your siblings, other relatives, the peo-
ple you work with, your neighbors—and they’ll all tell you that your goals
are just pipe dreams and you’ll never become wealthy. I often hear this from
the students in my training programs. Some don’t tell anyone they’re invest-
ing in their education because they’re afraid they’ll be laughed at. Some
don’t even tell people that they’re buying their first few investment proper-
ties for the same reason.
I understand that, and if you’re afraid of being laughed at, you’re not
alone. My advice for how to deal with this is simple: Don’t take financial ad-
vice from poor people. Instead, take your advice from people who have
started from nothing and built substantial fortunes. That’s the kind of mate-
rial you’ll get in this book.

■ Your First Goal: Financial Independence

Dreams of wealth, a luxurious lifestyle, and multimillionaire status may

be driving you now, but if you’re going to make them come true, you need
to establish a few simple goals. And your first goal should be financial
independence.
 1 / Planting Your Own Money Tree 5

The definition of financial independence is having enough money com-

ing in every month to make your mortgage and car payments, put food on
the table, have a little luxury money left, and not need a full-time job. For
me, financial independence came at the age of 23, when I had properties
generating a net income of $1,400 a month. That may not sound like much
today, but remember that at the time I was making $6 an hour working in a
slaughterhouse—$240 a week—so $1,400 a month was nearly double my
take-home wages. That’s when I was able to quit my job and concentrate on
building my real estate business.
That’s what you want: Have enough passive income coming in every
month so you can pay your mortgage and car loan, handle your other ex-
penses, and have a little bit left over for pleasure without a full-time job. For
most people today, that means $3,000 to $5,000 a month. Basically, you want
to replace your salary with revenue from your investments, which is not hard
to do; in Chapter 4, for example, you’ll learn several strategies for doing this
within a very short time frame. That’s financial independence, and it’s the
first step to becoming a millionaire. Once you achieve this step, where you
go from there is entirely up to you.

Wealth Secrets
Use credit (borrowed money) to invest in things that go up in value and
will generate positive cash flow so you can service your debt and
increase your net worth.

■ But Is It Safe?

Can you lose money in real estate? If you tried really hard to do every-
thing wrong, I’m sure you could. But as an investment and a business, real
estate is the simplest, easiest, most stable vehicle available. Consider this:
When the stock market drops, investors pull their money out and put it in
real estate. Why? Because when you buy real estate, using the sound busi-
ness principles you’ll learn in this book, it’s the safest place to invest. The
key is to buy smart and manage your holdings wisely, and I’m going to show
you exactly how to do that.
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