3 Steps to Stay Motivated in a Competitive Real Estate Landscape

You may hear a lot these days about people making real estate deals. Somethings you hear may be true, some things may not be. Some of those deals maybe good, some may be bad. Either way, it can be challenging to hear all the success around you, when you’re working hard to find a deal but can’t seem to close a deal for one reason or another, missing a deal right before it goes under contract, or just because you can’t find any ‘deals’. We know the feeling, we’ve been there and go through the same emotional roller coaster. We’re here to give another perspective and encourage you to continue moving forward in your quest for building wealth through real estate investing. Bottom line: Don't let it get to you!

First, when one deal doesn’t close, another opportunity is around the corner...but only if your paying attention for it! It’s easy to get discouraged and give up. But no one ever said real estate investing was going to be easy! Dig deep, real estate is a long journey. There will always be real property for sale. Roll up your sleeves, time to get dirty. It's time to commit to investing in real estate! Read Napoleon Hill’s Think and Grow Rich in order to learn how to turn your mind into the most powerful driver for your real estate investments.

Once you focus on the power of the mind and creating a burning desire to invest in real estate, assess your current skill set and systems. The skills you have today may not be what you need tomorrow to close a deal. You have to learn to invest by doing the investing and there’s no better way to do this than by making a consistent routine, or system, of how to do a particular task. Thanks to Michael Gerber’s,The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, you will learn the importance of creating a system for every aspect of your real estate investing business - a system for analyzing deals, a script and list of questions for making phone calls to agents, brokers, lenders, leads, and tenants, and the list continues. If you work on your skills and master creating and implementing (automated) systems, you will be in a strong position to grow your real estate business.

Take every failure as an opportunity to learn what you can do better so you’re better educated, informed, and prepared for the next opportunity. One helpful method to learn and accomplish your goal is through journaling, which is not a one size fits all activity. You need to tailor the journaling for you. Read Hal Elrod’s, The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM), to understand how scribing daily can have a transformative impact on your mindset and your goals. The book also explores a personal system of improving yourself, called SAVERS. Each part of the SAVER system has a specific purpose, but most importantly find which SAVERS work best for you.

While deals may be difficult to find and close at the current moment, there are still people around closing transactions. Your commitment to investing in real estate is all that really stands in the way. Shift your mindset to one of learning, persistence and burning desire to learn everything you can about real estate now and set a goal to close any sized deal in 90 days, with fervency. While no one says it’s easy, once you make an unwavering committment to invest in real estate, you too will close your first deal!

PS - We’re having our NYC Real Estate Investor Morning Meeting meetup on Sept. 14 in NYC! Check out the BiggerPockets.com/events page and for more details and to RSVP!