(This blog post is for the newbies, but for those who have crossed the line into actual real estate investor, I believe there’s something in here for us all!)
As someone who was an inexperienced real estate investor only two years ago, I can completely relate to the challenge of moving from an aspiring real estate investor to an actual real estate investor. It’s a daunting process for many.
You may be feeling overwhelmed by any number of obstacles…
- No money and/or bad credit
- Information and sales pitch overload (typically leading to analysis paralysis)
- Fears of losing money, doing something wrong, ticking off a spouse, or accidentally doing something illegal
I’m currently reading a book by author and multi-millionaire entrepreneur Dan Kennedy, titled No B.S. Time Management for Entrepreneurs and there’s one specific thing he said that inspired this post:
“When you focus your self-discipline on a single purpose, like sunlight through a magnifying glass on a single object, look out! The whole world will scramble to get out of your way, hold the doors open for you, and salute as you walk by.”
A key to your success in moving from “aspiring to actual” real estate investor is within that quote – self-discipline on a single purpose. In other words, laser focus.
If you’re feeling stuck in a seemingly unending “aspiring” spiral, I want to urge you to take the next 7 days and immediately do the following things to help you practice self-discipline on the purpose of being a successful real estate investor:
- Today, Day 1: Determine your “why”. Why are you looking to do real estate? What’s the end goal? What is it that you’re seeking to achieve that makes you so excited and gives you the drive to keep at it and crush any obstacles you may face? You have to start with the end in mind. Don’t move forward unless you’ve done this.
- Day 2: You know that there are a ton of ways to get started in real estate…you’ve already spent days, weeks, or maybe years consuming information on these various ways. Pick one! The options are limitless…you can focus on absentee owners, short sales, free & clear properties, subject2 deals, lease options, wholesaling or doing rehab flips with distressed properties, probate and estate deals, I can go on and on (and on and on). All of these ways have worked successfully for hundreds, even thousands of investors so just pick one that feels right for you. [Word of caution: If you’re looking to start off with buying & holding for passive cashflow, please make sure you have reserves to deal with vacancies, termites, other maintenance issues that will come up.]
- Day 3: Evaluate the Real Estate Investing related e-mail lists that you’re on – pick your favorite 1 (no more than 2) that is directly focused on your area of real estate investing interest and unsubscribe from all the rest. You simply cannot afford to be listening to every new webinar, compelling story, and sales pitch. Almost all of it sounds good…in fact, quite a bit of it is good and working well for people! But you can’t do it all. Not right now. Laser focus…remember?Once you’ve moved to actual investor, feel free to add some of these back on if you’re looking to branch out into other areas to diversify your investing experience and increase your profits…the lists will still be there (and if not, thank goodness you unsubscribed!).
- Days 4-6: You’ve picked a real estate investing focus. Now put a plan in place. What are you going to do in the next 30-60-90 days to make progress? What will you accomplish in that time and what resources do you need to get it done?
People may disagree with me, but I strongly believe that you should have at least a little operating capital if you’re going to do real estate investing. Depending on your strategy, it can take anything from a small investment to a pretty significant one. Even if you’re low on cash and need to focus on a very low budget strategy, that’s fine. Just know that even the littlest things cost money – paper, stamps, gas to drive around looking at houses, signs, a domain name for a website, etc. This stuff is not free. Don’t let that be a discouragement. You have a plan…so figure out what you need financially to support that plan and hustle and make the necessary sacrifices to ensure you have what you need.
- Day 7: Commit to do something every single day for at least 30 minutes that will help you move forward on your real estate investing goals. If you’re taking massive action and have some rather aggressive goals, you’ll need to spend more than 30 minutes daily on this, but hey, you have to start somewhere. Just be careful to spend more of that focused time doing, rather than talking about it (or socializing with others who may or may not be doing).
Bottom line, this is an excellent time to be involved with real estate investing, so I urge you to get off the sidelines and play – just stay focused, be willing to keep learning, don’t let obstacles trip you up, and keep taking massive action!
Here’s to your success!
Image: Photographer: Gregory Szarkiewicz via FreeDigitalPhotos.net