Here’s the thing. If you do everything else right—you have a strong “why” (a strong reason for doing this), you have a plan in place, you’ve got good deal flow coming in, you’ve got your process in place, you’re analyzing deals, you’ve got a source of financing—and everything works, you still may not end up buying anything because of your lack of persistence or motivation.
And that’s not a dig on you. I’m the same way.
How many times have you started a diet and then failed at it? How many times have you started a new fitness thing and failed or a new business venture and failed at it?
Not failed in a crash and burn way, but failed simply because it just slowly died out because you lacked the motivation to continue.
In real estate, you may have to work a long time before you land your first deal. And so you can’t just rely on landing deals to build motivation. You’ve got to rely on something else.
So, let me give you three ways to build motivation and stay persistent.
How to Maintain Motivation as a Real Estate Investor
How are you going to stay persistent for the long haul, especially between now and when you land your first deal? I mean, once you land a couple of deals, you’re going to have some momentum and some motivation.
How do you keep it going ’til then? Well, I recommend these three things.
1. Mastermind Groups
First of all, mastermind groups are a great way to build momentum and motivation.
What do I mean by mastermind groups?
I’m not talking about, “Join my private group for $20,000!” I’m talking about a mastermind group like, “Hey, let’s grab five people together, and let’s meet every other week on a Zoom call and hold each other accountable.”
A mastermind group has been super influential in my life. I’ve been a part of a number of them. Some have been wildly successful because we’re consistent with it. Others have fallen apart because we were not consistent with it.
And so you want to get into a good group of people, who are consistent and persistent about meeting together and holding each other accountable.
2. Practice Journaling
The second thing that I do to maintain persistence long-term is to journal every single day to track what I’m doing. I’m not talking about like, “Dear diary, today was a horrible day.” I’m talking about tracking in a journal.
For example, there’s a lot of people who have journals out there. I have one. We launched a BiggerPockets version called The Intention Journal.
I don’t care if you use mine or somebody else’s, but journaling—or tracking your actions—is something that’s important. In it, I write my goals.
What is goal number one? What is goal number two? What is goal number three?
And then for each goal, what is my weekly objective for that goal? What’s going to keep me on track on that goal? And then, what’s your most important next step?
I call that “MINS,” my most important next step. In other words, what do I have to do today, right now, to get me closer to my week, which is going to get me closer to my goal.
What’s your schedule look like? Did you drink water today? Did you work out today? Did you read today? What are you grateful for?
I also track my habits on a regular basis. I track all of my habits.
Did you read 10 pages today? Did you exercise today? Did you meet with your team today?
So, in my journal, there’s a habit-tracker in here, as well. And again, I don’t care if you use mine or somebody else’s journal or if you create your own. But having a regular journal to track your progress is huge.
3. Performance Coach
And finally, the third thing that’s been really influential in my life is having a performance coach. Again, I don’t mean $20,000, $30,000, $40,000 coaching. I’m talking about a performance coach.
Now, they are not cheap. They might cost you several hundred dollars a month. I’ve heard of coaches costing several thousand a month.
And maybe you’re not at that level yet. That’s fine.
The first two options on this list are super cheap or free. This third one, I pay for performance coaching, because now it’s just like the mastermind. Somebody is holding me accountable.
But instead of a group, it’s one person every other week saying, “Brandon, last time we talked, you said you’re going to do A, B, and C. Did you do it? Why not? Let’s go deep. What happened in your childhood that made that not possible?”
Like, they go really deep. A performance coach helps you identify your goals and your “why” and keeps you accountable to that on a regular basis.
My coach’s name is Jason Drees. Shout out to you, Jason!
But there are a million coaches out there. He’s been super helpful for me in identifying goals and then accomplishing those goals—and then establishing new goals, bigger goals, and then conquering those.
So, if you want something amazing in life, all the pieces have to be there. You have to work the right journey. But then you also have to stay consistent and persistent with it.
That’s why I recommend those three options. They work pretty well—at least in my life—in terms of being able to stay persistent for the long haul.
What’s worked for you in terms of staying consistent and persistent? What roadblocks are you hitting?
Let’s talk in the comment section below.