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Do you want to know why I’m such a successful real estate investor? Do you want to know why others are so successful also?
Well, I’m about to tell you. So, over the weekend I had one of my REIA meetings (on Saturday). At the meeting I had the usual number of new investors who came up to me asking me questions and picking my brain. Of course, I had several people come up to me who were complaining about how tough this market is and how difficult this business is. I let these people “whine” to me and once they were finished, I asked them a few questions.
In less than two minutes I was able to determine why these investors weren’t successful and why they thought this business was hard.
Then I got to thinking. I have this same conversation every month with investors at the REIA meeting–this is my “ground hog day” conversation. And I decided to create a simple test that anyone can take to determine why they’re struggling with their business, or if they’re brand new, what they need to be doing to make a lot of money.
So, below is the simple 10 question test. Take the test honestly (nobody will see it, be truthful with yourself).
If you answer “No” to any of the questions then you need to get your butt in gear if you’re truly committed to living life on your own terms.
I still do, and have done every single item on the test. I’ve sent out tens of thousands of letters. I’ve put up thousands of signs. I’ve had multiple mentors. I’ve emailed hundreds of landlords on craigslist.com
The “secret” to real estate success is doing the items listed on this test. If you aren’t already kicking butt and taking names, then use this test as a “blueprint to success”.
There’s absolutely no reason why you can’t be successful and do what I’ve done. The only reason I’m where I’m at, is because I took action (and other lazy people didn’t).
- Have you identified your target market (the zip codes you invest in).. Y N
- Do you send out at least 1,000 pieces of direct mail per month to
absentee owners, or expired listings…………………………………Y N - Do you put up 50 bandit signs every other weekend……………..Y N
- Do you have a mentor………………………………………………… Y N
- Do you attend at least one networking function per month…… ..Y N
- Do you get on craigslist.com every day and send 5 emails to landlords… .Y N
- Do you spend at least 4 hours per month driving for dollars……Y N
- Do you read at least one book on real estate or marketing per month……..Y N
- Do you get on BiggerPockets.com daily and network with other investors, and search out the answers to your most pressing questions………………………..Y N
- Do you make a “to do” list every night before you go to bed …….Y N
Take a good look at your answers. If you have even just one “No” you’re hurting your chances for success. Please use the above questions to take action and if you do, I promise you that you’ll have more money than you ever dreamed possible.
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Article Author:
Jason HansonJason has written 73 articles for us.
Visit Jason's Website: http://www.PrimoCoach.com
Jason R. Hanson is the founder of National Real Estate Investor Month and the author of “How to Build a Real Estate Empire”. Jason specializes in purchasing properties “subject-to” and has purchased millions of dollars worth of property using none of his own cash or credit.
Joshua Dorkin
Charles Feldman
Ted Karsch.
{ 14 comments… read them below or add one }
Another awesome, motivating post, Jason. It’s no wonder you’re a success.
Awesome Post Jason. I can’t agree with you more on each and every topic. How often do we hear the people who do the least whine the most.
If every student sent out the 1000 TARGETED mailers each month with the right message along with the other points you made, they would have so many leads, they couldnt help but succeed!
Great information… Thank you!
Josh-Thank you so much for the kind words.
Richard-You’re 100% correct. This business becomes “easy” once you start marketing consistently and never stop. I follow up with my absentee owner leads a total of 8 times. I know that 99% of investors don’t do this, which is why those of us who send out mail 24/7/365 never have to worry about our next deal.
Is it effective for even those who are a new comers?
Man that’s good!
How many are marketing? I count 7.
Then Networking.
Then Organizational.
Then Self-Improvement.
It is a Marketing Mad Business.
Best Post on REI Start ups or Growth Ive seen this month.
Brian at REISkills.com
“In less than two minutes I was able to determine why these investors weren’t successful and why they thought this business was hard.” Wow !! in 2 minutes you been able to judge the investors ? That was pretty fast. Can please give me some advice on how to achieve this kind of judging power.
Great post Jason. I’m a Cincinnati Realtor active with REIA and a couple other local investment groups. My entry to real estate sales was through real estate investing, dating back to 2001.
I couldn’t begin to count the number of people who have asked for mentoring and support – which I’m happy to offer, if the newbie seems serious. I can provide information all day long, but when it comes to making that first investment, they back down.
Your post gives me a nice little test to prequalify those who I choose to work with in the future. Maybe I can save myself some time, and actually increase my income!
Cincinnati’s real estate market is one of the most stable in the country. If anyone is looking to buy a Cincinnati home, I’d be glad to help them. You can check out the Cincinnati MLS through my website.
I assume this list you created is for FULL TIME+ investors. I think the majority of us lead multi-faceted lives which include either another job, or family. Your list is extraordinarily aggressive and I have no doubt if somebody can find the time to do what you suggest in that list, they will be successful. I do wonder how many hours you have in your day though? =)
Jason Hanson,
The post you have written is a good one. it tell the way you analysis the business.The 10 questions you have asked would help under performances to improve.
What kind of RE Coach do you want?
I like how Jason is, but I like BLUNT! I was a NCAA athlete in lacrosse, and I had an ex Marine coach in high school. If it was not for that hard nosed coach, I would not have done well at NCAA.
And I got out of Boot Camp Parris Island SC alive too!
In the REI business, you have to tell the seller how life is. Agents – Realtors want the sales LOW to make a living. We REIs give Sellers another way – Sub2, Land Contract, Wrap – AITD, Lease Option, or even Cooperative Assignment (You lease option as principal then assign the deal to a Tenant Buyer with a 3% fee, no license needed).
I can’t write as well as Jason, but I coach REI 1 on 1. Being a REI Coach is DRAINING, cuz you dont know the truth of what the student trully feels, even if you ask, and as a coach can not inspect the activity (calls, objection handling, closing, etc). But you do your best.
Jason, keep up the great work, as I am a fan.
All the best to you,
Best Wishes,
Brian Gibbons, REI Coach since 1986
Hi Jason… {seesmic_video:{”url_thumbnail”:{”value”:”http://t.seesmic.com/thumbnail/fgbnuiLZF0_th1.jpg”}”title”:{”value”:”Hi Jason… ”}”videoUri”:{”value”:”http://www.seesmic.com/video/Qva3kqbBia”}}}
I think the list can also be tweaked to apply to realtors as well.
this was simply a brilliant post, those 10 rules should keep people on the right track.
Real estate investment like any other investment you need to buy low and sell high, and right now in Southwest Florida ( Cape Coral, Florida ) the time to buy is now, short sales, foreclosures and houses listed on the MLS are priced right for the investor. waterfront property, gulf access homes, sailboat access homes. Cape Coral has long been considered the “little Venice” with all its wonderful canals.
I specialize in this market.
Great post you ten points are exactly right, real estate like any business needs targetted hard work in the right places otherwise you suffer in the hard times