Why Most Wannabe Investors Never Buy a Single Property (& How to Be Different!)
Many people want to be real estate investors, but only very few become one. Why is that?
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As a coach, it’s frustrating to me when I meet someone who tells me about the classes and seminars they’ve attended. When I ask them, “So, what kind of deals have you done,” they tell me that they haven’t… yet. But they’re signed up for the multi-family boot camp next month.
It’s not that the system we buy doesn’t work (most do); it’s that when we come home or finish the course, we don’t translate that into action to affect lasting transformation.
On the other hand, I see people who follow Nike’s advice and “just do it.” Yes, they may purchase the course, but they start doing things even before they finish. Yes, they ask questions, but the lack of answers doesn’t stop them from making offers. They don’t have the money raised from investors yet, but they send out the letters to out of state apartment building owners.
What differentiates the doers from the non-doers?
I’ve heard it said that “direction, not intention, determines your destination.”
It doesn’t matter what we WANT, it matters what we DO.
However, before we can DO, we must first DECIDE. This is a step that we often skip, and it’s at the root of why we can’t seem to take action to change in our lives.
Before You Can Take Action, You Must First DECIDE
What this means practically is that we must decide, right now, that we want to achieve a certain goal or live a certain life. We simply declare it as fact. We accept no failure or alternative. We might not have a clue how to achieve it, but we commit to a certain outcome. We convince ourselves that the pain of NOT changing is so great that we can’t bear it another day. We visualize what our lives are like once we achieve our goal.
It doesn’t “work” if we want something or wish for something. “I’d like a million dollars” or “Yes, I want to retire early.” The universe does not grant lukewarm wishes; it grants only that which you already decided to be true.
You might have little or no real estate investing experience at all, but you make this decision TODAY: “I’m thankful for the $5,000 of passive income per month I’m getting from my multifamily portfolio. I’ve been able to quit my job to focus full-time on real estate investing. I’m spending more time with my family. I’ve built a financial legacy that I can pass on to my family. I will do whatever it takes and will let nothing stop me. I am completely committed to achieving this life in the next 3 years. Once I achieve this milestone, I will take my family scuba diving in Belize.”
Now read this out loud when you get up in the morning and before you go to bed at night. Can you see how over time this will become a belief that will become so strong that it becomes a reality for you?
Decision and belief alone will not get us there. While it’s at the heart of change, it is worthless without ACTION.
Decide First, Then Take Action!
Tony Robbins said, “Never leave the scene of a decision without first taking a specific action towards its realization.” I think this is such actionable advice. As soon as you decide, immediately take one action, any action, that brings you one step closer to your goal.
Some people are natural action-takers. Others are not. But if I instruct someone who is not a natural action taker with specific tasks (like “analyze one deal today ” or “make one offer today, even if it’s immediately rejected”), after a while these non-action-takers begin taking action on their own.
Is it possible that taking action is like a muscle that you can develop? I think the answer is yes.
Try this: if you find yourself not taking action, write down 3 things you should do next. Just 3 things. Not 101 or even a dozen things, just 3 things. They can be small or even insignificant. It doesn’t matter. Write them down so that you can easily complete them in one week. Then do them and cross them off your list.
When you’re done, repeat the process, and write down the next 3 things you should do.
After several weeks, you’ll be amazed at what you’ve accomplished. Blown away. Try it.
The other thing you’ve done is exercised your action muscle, and you’ve developed a habit of taking action.
Aren’t the implications of this mind-boggling? If you combine DECISION with small but consistent ACTION, you are on the path to achieving anything you want in life.
What are the next 3 things you feel you need to do next? What’s holding you back?
Let me know your real estate goals in the comments section below!