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Donald J. Trump & Robert Kiyosaki | Real Estate Investing 101 + Find It, Fix It, Flip It with Best-Selling Author Michael Corbett + Join Eric Trump & Robert Kiyosaki At Clay Clark's March 6-7 Workshop In Tulsa, Oklahoma

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January 02, 2025

TLDR: Attend a free business workshop with Clay Clark and Tim Tebow on December 5th & 6th, 2024 for branding, marketing, SEO, sales teaching. Request tickets at www.ThrivetimeShow.com or (918) 851-0102.

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In a recent episode of The Thrivetime Show, hosts Clay Clark and Dr. Robert Zooner welcome real estate expert Michael Corbett alongside notable guests Donald Trump and Robert Kiyosaki. They dive into the essential elements of real estate investing and the principles that can lead to financial success. Below is a comprehensive summary of the key insights discussed during the episode.

Key Concepts in Real Estate Investing

1. Understanding Assets and Liabilities

  • Kiyosaki's Controversial View: Kiyosaki asserts that a house is not necessarily an asset, but often a liability, especially if the owner struggles to make payments. This challenges conventional beliefs and encourages deeper financial education.
  • Smart Real Estate Investment: Both Kiyosaki and Trump underscore the importance of being smart in real estate investing, comparing it to handling a loaded gun: it can either protect or harm you, depending on how you use it.

2. The Role of Debt in Wealth Building

  • Debt as a Tool: The conversation highlights the dual nature of debt in real estate. Effective use of debt can lead to wealth accumulation if one is educated on the risks and rewards.
  • Financial Education: There is a consensus that financial literacy is crucial. Rather than simply advising people to get out of debt, Kiyosaki emphasizes the need for individuals to understand how to utilize debt wisely to enhance financial growth.

Living Beyond Your Means: A Shift in Mindset

1. Challenging Conventional Wisdom

  • Living Below Your Means: Kiyosaki argues that telling someone to live below their means can diminish their spirit and ambition. He advocates for striving to improve one’s financial situation instead.
  • Mental Approach to Success: Both Kiyosaki and Trump stress the significance of a positive mindset and ambition, sharing stories of personal experiences that illustrate the power of self-belief in achieving greater things.

Mastering Home Flipping with Michael Corbett

1. Practical Strategies for House Flipping

  • Find, Fix, Flip: Michael Corbett discusses his bestselling book, Find It, Fix It, Flip It, which outlines a systematic approach to flipping houses. He emphasizes the importance of understanding the market, using checklists, and knowing what to look for in potential properties.
  • Avoiding Pitfalls: Corbett warns against emotional investments in properties. It's critical to analyze and assess costs thoroughly to avoid potential losses when flipping homes.

2. Financial Calculations and Forecasting

  • 20% Down Rule: He advises putting at least 20% down on properties, which safeguards against fluctuations in the housing market and ensures financial stability.
  • Market Awareness: Understanding market trends and property values is fundamental. Corbett shares how miscalculations can result in significant losses, further stressing the need for due diligence.

The Importance of Expert Guidance

1. Assembling the Right Team

  • Key Professionals: Corbett outlines that successful investing in real estate necessitates a strong team including realtors, mortgage brokers, and accountants. Relying on experts can help minimize risk and optimize financial outcomes.
  • Seek Wise Counsel: Valuing and seeking guidance from experienced professionals is a recurring theme, reflecting the need for mentorship in navigating the complexities of real estate investment.

2. Real Life Success Stories

  • Empowering Others: Throughout the episode, there are anecdotes of individuals who have successfully used Corbett's strategies to transform their financial situations, demonstrating the effectiveness of his guidelines and the positive impact of financial education.

Conclusion: Take Away Wisdom

This episode encapsulates the collaborative wisdom of business titans regarding real estate investing. Key takeaways include:

  • Financial education is critical for successful investing.
  • Utilize debt wisely as a tool for building wealth rather than a burden.
  • Embrace a positive mindset, focusing on growth rather than restrictions.
  • Assemble a knowledgeable team for real estate investments and value expert advice.

In conclusion, aspiring investors and seasoned professionals alike can glean valuable insights from the experiences of Kiyosaki, Trump, and Corbett as shared in this enlightening episode. The importance of financial education cannot be overstated when embarking on the journey of wealth creation through real estate.

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