3 Words of Advice for New Real Estate Investors

2 min read
Shae Bynes Read More

As a Guest you have free article(s) left

Join BiggerPockets (for free!) and get access to real estate investing tips, market updates, and exclusive email content.

Sign in Already a member?

Last week I had the pleasure of speaking with a work at home mother of 2 young children who is brand new to the real estate investing game.  Within 10 minutes of speaking with her, I learned that she had completed 4 wholesale deals over the past few months….and while that is impressive, what is even more awesome is that it was just recently in November 2009 when she first heard about wholesaling as a way to get started in real estate.  Talk about a woman of action!

I won’t elaborate on our entire conversation, but she seemed unaware of how significant this accomplishment is.

She’s clearly a high-achiever who is just focused on doing her best and forward relentless motion, but I think we all have to agree that she has accomplished something special.  How many people research and research and read a course and another one and another one before ever taking any steps forward — much less completing 4 deals within the first few months?!?

All of this brings me to my 3 words of advice for new real estate investors.

Acknowledge Your Successes

If you don’t acknowledge your successes the same way you acknowledge your mistakes, you’re sure to have a memory full of blunders. ~Jack Canfield

It’s so important to train your brain to acknowledge your successes, both large ones and small ones. Why?  Because it reinforces your goals, helps you stay focused on the prize and persevere despite obstacles, plus it gives you hope that you’ll actually reach your desired destination (which you will if you persist!).

This is actually one of the main reasons I started a blog a couple years ago.  I wanted to openly share as I took steps forward…and some backwards…and then forward again!  You don’t need to start a blog as a new investor, but you should definitely keep a written daily log that acknowledges each success.  Take a few minutes to reflect on it. Don’t always keep it to yourself either!  Share those successes with others around you when you have an opportunity.  Not only does this help you, but you’ll inspire someone else.  Whenever you’re facing a setback and can’t seem to remember all the positive momentum you’ve gained, you can always go back to that log as a reminder to persist.

There’s another side to this as well which I learned this from Og Mandino’s book The Greatest Salesman in the World.  It said:

Never allow yesterday’s success to lull you into today’s complacency — forget the happenings of the day that is gone (whether good or bad) and greet the new sun with confidence that this will be the best day of your life.

So yes, acknowledge your success at the end of the day but be careful not to get comfortable and ride on that success for the next few days. You put out some bandit signs.  You put an offer on a property. Great!  When the sun rises again the next day, go do another 2 or 3 things key things to move your business along.

….and don’t forget to enjoy the ride!

Image: csitscenter