Business Management

4 Fundamental Choices That Helped Me 10x My Real Estate Investing This Year

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
523 Articles Written
Back view of strong motivated woman celebrating workout goals towards the sun. Morning healthy training success.

2015 was a pretty slow year for real estate investing for me.

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I flipped a house and bought a primary residence for myself, but other than that, I was so busy with a hundred other things—like managing the properties I already own, taking a road trip around the entire USA, and writing The Book on Rental Property Investingthat buying new properties got pushed to the back.

However, a year later, I decided things were going to be different.

I wanted to go big. So I purchased seven units, flipped two houses, and had four other properties under contract within nine months!

Best of all, these properties added around hundreds of thousands to my net worth and significantly increased my monthly passive income.

So how did I 10x my results this year compared to last?

Well, today I want to share with you the four fundamental choices I made in my life that helped me 10x my real estate investing in a year.

4 Fundamental Choices That Helped Me 10x My Real Estate Investing

1. Set a Big Goal

On New Year’s Day, my wife and I sat down at one of our favorite restaurants for our annual review of our goals. Over gourmet burgers and fries, we discussed how we did on our previous year’s goals and what we wanted to get out of the coming year.

And one of the specific goals we made was to buy a dozen units this year.

Why 12?

Well, I knew 12 would be a stretch goal, especially with the 40+ hours I was spending working on content for BiggerPockets, our first baby due in a few months, and the upheaval that would cause.

But I also saw 12 as something I could achieve if I put my heart into it.

But goal setting is fairly worthless if you don’t also plan a strategy for how you are going to get to that goal. It’s great that you want to become a millionaire, win a Grammy, go to the moon— but do you have a plan to achieve it?

So our conversation on that New Year’s day led us toward another fundamental change that helped me 10x my goals this year:

wholesaling-tools

2. Get Help

So, as you know, I wanted to buy a dozen units that year, but I also knew it would likely be the most crazy year of my life so far.

Related: There is a Major Problem With Your Goals

I knew I needed help. After putting out a call on Facebook for an assistant, I found Tracey.

While Tracey helps me with a variety of tasks in my life, primarily she is my acquisitions manager. In other words, I placed her in charge of finding real estate deals for me.

Tracey came on board, and within seven days—with no prior real estate experience—she had our first property under contract.

How?

For that, we need to move on to step number three.

But before we get there, I wanted to say this:

A lot of you right now are thinking, “I can’t afford an assistant.” And that might be true.

However, understand that assistants come in all different forms. Maybe you can’t hire someone full time, but could you hire a family or friend to help you for five hours per week? Or five hours per month?

Or could you hire someone purely on commission, so you only need to pay after they find a deal? Or maybe instead of an assistant, you find a partner who has the time and you work together to split the tasks.

The bottom line is this: If you don’t have time to do the work needed to achieve your goals, you have three options—abandon your goals, free up more time for yourself, or get someone to help. I chose to invest in my future and hired an assistant.

Now, let’s talk about how Tracey, my assistant, was so successful in getting that first deal under contract in under a week.

find-a-mentor

3. Follow a Daily Process

As I said earlier, goals are mostly worthless unless you have a plan for making them a reality. I believe success for real estate investors comes down to a few specific actions done over and over and over and over.

So I simply taught my process to Tracey and she started doing these tasks every single day.

What are these tasks?

Simply:

  • Attract leads
  • Analyze leads
  • Offer on leads
  • Close deals

In other words, I knew that if we wanted to buy more properties, we’d have to make more offers. And if we wanted to make more offers, we’d have to analyze more deals and find out how much we could pay. And if we wanted to analyze more deals, we’d have to get more leads to come across our desk.

So that’s what Tracey did. Every day she’d work a few different lead sources, such as direct mail, driving for dollars, searching the MLS, scanning Zillow, and a few more strategies to get leads coming in. If you want to know more about the strategies we used, be sure to check out “The Five Lead Sources for My Latest Five Deals.

Then we started analyzing deals every day. To do this in just a few minutes every day and to keep all these analyses organized, we used The BiggerPockets Property Analysis Tools found at BiggerPockets.com/analysis.

Here, my assistant or I could run the numbers in under five minutes to get a ballpark estimate on what we should offer. Then, we’d offer that! Of course, we experienced a lot of rejections, but we also received some “yeses”—and that’s the whole point.

Related: Why I Set Highly Ambitious Goals for My Real Estate Business (& Why You Should, Too)

That, my friends, is the real estate funnel. If you want to buy more deals, you’ve got to make more offers, analyze more deals, and get more leads.

So to 10x my investing, I simply made sure we were working this funnel every single day as part of our process. As long as we stick the process, the results will take care of themselves.

And they have.

real-estate-networking

4. Accountability

It’s one thing to make a goal and have steps, but it’s another to actually have the motivation to continually push forward on those goals. Who’s going to hold me accountable to what I promise myself I’m going to do?

So to help with that, I made a choice to form a small mastermind group with some real estate friends for twice-monthly calls. This mastermind group has been tremendously meaningful in a couple ways.

First, the guys in the group are just crushing it, and it’s an inspiration to see their success. It motivates me to keep going.

Secondly, these guys are able to help me figure out tactical solutions to problems or bottlenecks I’m facing.

And third, every call we establish one or two specific actions that we’re all going to take, and we hold each other accountable to taking those steps.

I would encourage anyone who is looking to expand their business and reach their goals to join a mastermind group and choose accountability. It truly can change your life.

So What’s Next for You?

So what about you? What choices do you need to make, today, to 10x your business? As one of my favorite speakers of all time, Jim Rohn, said, “Life doesn’t get better by chance, it gets better by change.”

So what changes will you make? How are you going to make the next 12 months of your life the most impactful years you’ve ever had?

What daily process do you need to take? What bad habit do you need to let go of?

What time are you going to set your alarm for? What help do you need?

Who do you need to cut out of your life immediately? Who do you need to spend more time with?

Your choices determine your destiny. The good news is you get to determine your choices.

So make today the day that you take a stand and say no to mediocrity and yes to an incredible life.

Now, if you enjoyed this post, I just ask that you do three super easy things for me:

  1. Number one: Put down your cell phone when you are with your family. It’s just rude!
  2. Number two: Click the Facebook “share” button on the top of this post so your family and/or friends will have the opportunity to read it.
  3. Number three: Leave a comment below and let me know what changes YOU are going to make in your life to 10x your results.

How will you apply this process to YOUR life?

Leave a comment and let’s talk!

 

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.

    Curt Smith Rental Property Investor from Clarkston, GA
    Replied almost 3 years ago
    Thanks Brandon. Its hard to cull out the top few actions that are pivital. Your 3 are good. Take action! I’ll add: – Join all your local REIAs for at least a few years. Then pare down to one if you feel the others are not adding value, networking, deal flow. – Start going to weekend seminars you see mentioned at your local REIAs. You both learn something and meet other go getters. Its the knowing who are ramping up to add to your network. – Start going to other investors deals during rehab (rental, or flip). Visit wholesalers deals whey they are showing. You have to see deals to know one then you’ll learn first hand deal math (MAO and others).
    Brandon Turner Investor from Maui, HI
    Replied almost 3 years ago
    Great additions, Curt! love it!
    Lawrence
    Replied almost 3 years ago
    Thanks Brandon…Awesome article…. Just what I needed this morning…10X IT!!!!!!! II just started reading 10X..God knows what I needed to read this morning. I work most of the time from 9a-11p so, I’m going to start setting aside a half an hour DAILY to devote to MY REAL ESTATE BUSINESS!!!!!! TO MY SUCCESS BECAUSE IT IS MY DUTY….. OBLIGATION……RESPONSIBILITY…… Have an AWESOME DAY
    Brandon Turner Investor from Maui, HI
    Replied almost 3 years ago
    Awesome Lawrence! Yeah – it doesn’t take much time each day, as long as you do it consistently. Over time, even just 30 mins a day will compound to great things!
    Alexi Correa Investor from Edgewood, Maryland
    Replied almost 3 years ago
    Awesome post! I can relate to this and thank you for all your time and effort. You and everyone in this site have made me some goooooooooood money.
    Brandon Turner Investor from Maui, HI
    Replied almost 3 years ago
    Hah awesome! Love to hear it!
    Peter Mckernan Residential Real Estate Agent from Newport Beach, California
    Replied almost 3 years ago
    Great article, I am going to wake up even earlier to get more accomplished in the day, spend a portion of each day educating myself for a deal that I am putting together with investors, and spend 30 minutes a day on reading a real estate book (I read other business books, but need to focus more on real estate books).
    Brandon Turner Investor from Maui, HI
    Replied almost 3 years ago
    Rock on! I love the action steps!
    Peter Mckernan Residential Real Estate Agent from Newport Beach, California
    Replied almost 3 years ago
    Thank you for the reply! Keep up the good work!
    Joshua D. Investor from Columbus, MT
    Replied almost 3 years ago
    2015 we did one flip property Our goal for 2016 was to flip 1 property, and buy 1 hold. We thought this would be a challenge for us. This year we have bought 2 holds so far, 3 more under contract and have sold 2 flips. Not quite 10x our goals but close.
    Joshua D. Investor from Columbus, MT
    Replied almost 3 years ago
    2015 we did one flip property Our goal for 2016 was to flip 1 property, and buy 1 hold. We thought this would be a challenge for us. This year we have bought 2 holds so far, 3 more under contract and have sold 2 flips. Not quite 10x our goals but close.
    Brandon Turner Investor from Maui, HI
    Replied almost 3 years ago
    Awesome Joshua! You are crushing it. Keep the momentum going!
    Ashley Wilson Rental Property Investor from Radnor, PA
    Replied almost 3 years ago
    Great Article!!! It could not come at a better time! I am in the process of taking my business to the next level, and there are a lot of ideas in here that are directly related to what I need to work on to get there! Thank you as always for the motivation, inspiration, and knowledge!
    Timothy F.
    Replied almost 3 years ago
    Glad your mastermind group worked out well for you. I feel like they’re hit and miss sometimes. Really gotta get driven people in there who will hustle.
    Nancy E. Rental Property Investor from Charlotte, NC
    Replied almost 3 years ago
    Hello Brandon, I truly appreciate this article for several reasons: (a) the outline to plan one’s success, (b) motivational words, and (c) group accountability. All three of these functions, I have addressed in my business communication lectures to college students. We all need some type of road map that aid us throughout our journey. The group accountability is perfect for real estate investors, because we are all trying to reach a similar goal. Self motivation is a great tool, but group motivation is energizing and will help more people achieve their goal. Your yearly ritual is something we are trying to implement on a monthly basis. Keep writing and posting these type of inspiring articles they assist us in staying on task. Thank you.
    Frank Conte from Fort Worth, Texas
    Replied almost 3 years ago
    Brandon, Enjoyed the article. A few questions. How much would you pay someone like Tracey? As she was without real estate experience did you structure the contracts for her? Lastly, did you have her learn from Bigger Pockets books and training to broaden her knowledge of what you do? I know the answer is yes. I for one am glad you found her so you have time to write articles like this one. Thanks.
    Kimberly H. Residential Real Estate Broker from Chicago Suburbs, Illinois
    Replied almost 3 years ago
    Hi Brandon- I would also be interested to know the pay rate for Tracey, as well if she is an independent contractor or employee. I recently decided we need to hire someone after trying to use a couple different VA companies without much luck.
    Temitope Akinlua Investor from Peoria, Illinois
    Replied almost 3 years ago
    Brandon, Awesome post and totally relatable. I am 10x’ing various aspects of my life right now; 2 of which include REI knowledge capture and analyzing deals. I try to spend any “brain autopilot time” listening to REI podcasts and audio books. It has been tremendous in helping me better understand the business and realize my surprising passion for real estate. I plan to turn this knowledge into 10x’ing deals in the near future. Thanks for your insight; keep motivating!
    Carmen
    Replied almost 3 years ago
    Thanks Brandon, I always enjoy your posts and videos. It makes me feel like real estate investing is actually possible, and gives me goals to shoot for.
    Don Taylor from Raleigh, NC
    Replied 24 days ago
    Got some good knowledge out of this one