An Open Letter to the Struggling Wannabe Real Estate Investor
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It’s been a little while since we talked, and I have some good news and some bad news.
The good news is this: You are still interested in real estate investing. You are still looking to increase your cash flow, grow your wealth, and experience the kind of life that you create, rather than the kind of life created by someone else.
But here’s the bad news: You still haven’t made any progress toward achieving those goals. You are no better off than you were a year ago when you first got “the bug.” You’ve been reading articles here on BiggerPockets, watching videos, attending webinars, and maybe even venturing into the scary land we call “The BiggerPockets Forums.” But you still haven’t made the plunge.
So I wanted to write this quick note to you today to encourage you on your journey and give you a few simple pieces of advice that will make a difference in the next year of your life
Level Up Your Friends
First, who are you spending the most time with? I think we both know.
As we’ve talked about before, you are the average of the five people you associate with the most. Now, I’m not saying you should abandon all your friends who don’t invest in real estate — because there is more to life than getting rich through real estate.
But you have some “friends” who are doing nothing but dragging you down, causing you stress and drama that you don’t need.
And then there are people you know you should be spending more time with but haven’t.
Are you too afraid to ask them out to coffee?
To ask if you can tour their latest house flip?
To ask them if you can see their latest rental property?
These people are going to help you SO much, so try to make time each week to meet with those who are where you want to be.
Stop Jumping From Idea to Idea
Next, stop jumping around from idea to idea. Just pick something and stick with it!
Last month, you told me you wanted to flip houses, but now you say you think BRRRR investing sounds more fun so you are working toward that. Yes, it’s good to be knowledgable in a lot of areas, but I’d encourage you to go all-in on the strategy that is going to get you to your goals the fastest.
And stop reading all those blog posts on internet marketing, franchises, selling on Amazon, and other money-making systems. I’m sure they work fine — but you’ve chosen real estate, so focus on it!
Get Some Accountability
On that note, I also want to recommend that you form an accountability group with a few others who are trying to grow their real estate business. Because it’s rarely lack of knowledge that is holding people back from achieving their goals.
Instead, it’s lack of execution.
For example, we talked last month about sending direct mail letters to absentee landlords in your area to find a great real estate deal. Yet you still haven’t sent them out!
You’re killing me, Smalls!
So form a “mastermind group” with three or four others. You can find them on the BiggerPockets Forums or at a local unofficial BiggerPockets meetup.
Then, meet once every week over Skype, identify your next steps together, then set some goals for yourself on what you’ll get accomplished over the coming week.
The results will blow your mind.
Remember, success is never a single event, but a series of small actions taken consistently. (Tweet this quote!)
Your mastermind group will help you continually accomplish those small actions.
Read These Books
Did you read Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! yet, like I asked you to? If not, be sure to do that today.
Also pick up a copy of my first book, The Book on Investing in Real Estate with No (and Low) Money Down, since I know you don’t have a ton of money to start investing, and that book will give you all the different ways that I’ve been able to invest without using my own money.
I know you don’t have a ton of time to read, but you sit in the car for 5 hours every week, so listen to those books in the car by getting an Audible membership. It’s like $15 a month — well worth the price.
Final Advice I Wish I Had Known Earlier
Finally, let me leave you with some advice I wish I had known when I got into this game:
Real estate success does not happen overnight, but it does happen.
In fact, sometimes it’s hard to even see that you are making progress. You’ll put in years of work and look around and say, “Is this all worth it?”
Trust me, I’ve been there.
But the beautiful thing about success is that it grows exponentially. You’ll start seeing some momentum. You’ll find that getting deals is getting easier. Managing tenants and rehabs is just a process you need to follow. You are able to take more vacations, spend more time with your family, enjoy life to the fullest.
That’s the power of “The Compound Effect,” which, now that I think of it, is another great book to add to your list. It’s about doing the right steps daily, watching the results compound over time into something spectacular.
And trust me, it works. But it only works if you work.
So don’t give up.
Keep moving forward.
And know that I and the rest of the 600,000+ members of the BiggerPockets community are there for you every step of the way. You are part of the BiggerPockets family, and family doesn’t leave anyone behind.
I hope this letter didn’t come across too intrusive. I just see amazing things for you and your future, but I know you are struggling. I hope this gives you some hope and encouragement to go out and live your dreams.
P.S. If you are free on Wednesday, I’d love to hang out. I’m hosting an online webinar that I think you’ll get a lot out of. Sign up at www.BiggerPockets.com/webinar!
What’s holding YOU back from taking action? What steps will you take this week?
Let’s talk in the comments section below!