Personal Development

An Open Letter to the Struggling Wannabe Real Estate Investor

Expertise: Landlording & Rental Properties, Personal Development, Real Estate News & Commentary, Real Estate Investing Basics, Business Management, Flipping Houses, Mortgages & Creative Financing, Real Estate Deal Analysis & Advice, Real Estate Wholesaling, Personal Finance, Real Estate Marketing, AskBP
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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.

Why?

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.

partnership

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.

Related: The Ultimate 60-Day Action Plan for the Paralyzed Newbie Longing for a First Deal

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!

via GIPHY

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.

Related: 5 Steps That Took Me From Scared Newbie to Accomplished Investor

And if you’ve decided that you are going to get into rental properties, read The Book on Rental Property Investing this week as well. Or if you are going to flip, read The Book on Flipping Houses.

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.

business-plan

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.

Be persistent.

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.

Your friend,

Brandon

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!

Brandon Turner is an active real estate investor, entrepreneur, writer, and co-host of the BiggerPockets Podcast. He began buying rental properties and flipping houses at age 21, discovering he didn’t need to work 40 years at a corporate job to have “the good life.” Today, with nearly 100 rental units and dozens of rehabs under his belt, he continues to invest in real estate while also showing others the power, and impact, of financial freedom. His writings have been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media. He is the author of The Book on Investing in Real Estate with No (and Low) Money Down, The Book on Rental Property Investing, and co-author of The Book on Managing Rental Properties, which he wrote alongside his wife, Heather, and How to Invest in Real Estate, which he wrote alongside Joshua Dorkin. A life-long adventurer, Brandon (along with Heather and daughter Rosie) splits his time between his home in Washington State and various destinations around the globe.

    Eric C. Investor from Denver, Colorado
    Replied almost 3 years ago
    Nice encouraging article with A LOT of reminders of what we need to keep doing if we want this to work. Thanks!
    Brandon Turner Investor from Maui, HI
    Replied almost 3 years ago
    Thanks Eric! Appreciate you reading and commenting. Go crush it! 🙂
    Joel Schilperoort Real Estate Agent from San Francisco, California
    Replied almost 3 years ago
    This is exactly what I needed today Brandon. I’m going to start by getting an Audible account and listening to as many books as I can and going to meetups here in the Bay Area. I think it’s imperative we focus on a few tasks at a time and do them well instead of continuing to feel overwhelmed by the immensity of the overall goal at hand.
    Frank Lagace Engineer from East Taunton, Massachusetts
    Replied almost 3 years ago
    Think of me as this. A young street urchin just thrown out of his home. I’m petrified because of my situation, I have absolutely nothing, no friends to go to for help and death is imminent. I NEED to get into investing NOW. (This is the only way I can explain myself. I’m in a rush, hungry, so independent that I want no partners, but recognize that I do have partners involuntarily. The stakeholders who’s services I require. I am your worst student, tool wise and because I want to “do” quickly.
    Frank Lagace Engineer from East Taunton, Massachusetts
    Replied almost 3 years ago
    Think of me as this. A young street urchin just thrown out of his home. I’m petrified because of my situation, I have absolutely nothing, no friends to go to for help and death is imminent. I NEED to get into investing NOW. (This is the only way I can explain myself. I’m in a rush, hungry, so independent that I want no partners, but recognize that I do have partners involuntarily. The stakeholders who’s services I require. I am your worst student, tool wise and because I want to “do” quickly. Reply Report comment
    Frank Lagace Engineer from East Taunton, Massachusetts
    Replied almost 3 years ago
    Think of me as this. A young street urchin just thrown out of his home. I’m petrified because of my situation, I have absolutely nothing, no friends to go to for help and death is imminent. I NEED to get into investing NOW. (This is the only way I can explain myself. I’m in a rush, hungry, so independent that I want no partners, but recognize that I do have partners involuntarily. The stakeholders who’s services I require. I am your worst student, tool wise and because I want to “do” quickly.
    Dmitriy Fomichenko Solo 401k Expert from Anaheim Hills, CA
    Replied almost 3 years ago
    Excellent post, Brandon! Encouraging and includes simple advice that new investors might unknowingly miss/ignore. Thanks for sharing!