Right now we are in a real estate market that is priced for perfection.

That means everything has to go perfectly at the prices you are paying. All the indicators have to continue and they can’t. People have asked me to write a book on real estate and I will. I was supposed to have one done by the first of the year. I’m actually glad I didn’t finish it because it was going to be too optimistically encouraging people to buy apartments.

Every day when I drive to work I pass apartments here in Miami that I should have bought three years ago. Now they have so many people chasing them, so many people spending money on them. I’ve looked at 62 deals in the last 60 days.I have two people on staff full-time helping me on this. Half of them I said, “no way, that deal makes no sense.” The other half, after I underwrote them and sent them to my guy at Fanny Mae who I’ve done $300 million of debt with for review, I found only 4 out of 60 deals I could pursue. From those there is no way I’m going to pay their price. They will have to come in lower.

The point I’m making is that you don’t rush into real estate. I’m a guy who is always saying commit first and figure it out later, move fast, patience is not a virtue—but when you are going to buy real estate, patience is required. You have to look at a lot of product. When it comes to apartments, don’t just grab the first girl you see in a bar. You need to shop a lot of property. Once you do find the one that is a deal, that’s when you move with speed and ferocity and close that deal. There ARE deals out there.

The problem is there are too many people chasing the apartment deals right now. They are over-paying for deals. It’s priced for perfection. Beware when there are cranes in the air. When there is too much product in the market place, when there’s too many bananas on the produce stand, just go tomorrow bro, because the next day there are going to be some bad bananas. There are going to be too many apartments.

Don’t take this next sentence literal. Poor people are always poor people. A man told me this who was buying apartments in a run-down area in the San Diego area—ghetto stuff. I knew there was some truth in his statement. In good economies or bad economies, poor people have the same economy. Poor people don’t know about a recession. Their whole life is a recession. Their condition stays the same.

There are different levels of poor. I’ve bought apartments for the middle class, which is just another level of poor. The guy who is making 60K a year, I’m sorry, but the reality is middle class is poor. The truth is the millionaire is the new middle class. Look, if you need to wait, wait. You’ve heard me say urgency is the new virtue. Today, I’m saying be patient.

If you don’t even have enough income to save for any real estate, get on Cardone University today. Your financial future depends on your ability to take a risk, to make a commitment to improving yourself. If you won’t invest in yourself and spend $1,000 you’ll never make enough money to invest in real estate.

Be great,