What does your real estate business mean to you?
What does your real estate business or any other business that you’re invested in mean to you? Is this a long term play or a short term cash grab where your goal is to go in there buy a property and flip a house?. Or are you looking to build something long term?
This idea came from a book I recently read called Shoe Dog, a book by the creator of Nike. The interesting part about it is that those guys were so passionate about the project and company they were building and providing shoes for people that the majority of them didn’t take salaries for a long time, they all worked pro bono, and it didn’t see a financial return for a while. The important part of this is that they turned it into a long term vision and as real estate investors or business owners, we have to do the same thing.
This is a long play. Yes, there are opportunities to make money today (and we all need short term cashflow), but if you’re looking to treat this as a long term company and you’re really passionate about real estate investing in general, treat it like a company and put processes in place. The worst thing you can do is flip a property over and over because then you’ll always be worrying about the next one. You must think about your goals and think long term!
Passion plays a huge role in your success. If you’re not passionate about what you’re doing on a daily basis there’s no point in staying in it because that won’t work in the long term. Make sure you are passionate about what you’re doing day in and day out!