A couple of days ago, a fellow blog contributor named Shae Bynes posted a great blog post regarding a 7 day plan for aspiring real estate investors. You should definitely check it out when you get a chance.
With that said, I really liked one of the key aspects she mentioned in her post which talks about developing your WHY. This past week I received a call from an investor who said that he wanted to work with me. He said he was tired of struggling and wanted to do something about it. So I asked him a simple question…
Why do you want to invest in real estate?
His reply was that he eats, breathes, and sleeps real estate and he wants to make money.
So then I said, “Ok, that sounds nice . . . but WHY do you want to invest in Real Estate?
After pausing for a brief second he finally understood what and where I was going with this question and gave me a new answer . . . an answer that can put a stop to all his struggling . . .
The Answer to the “Big Why”
So once he understood what I was asking, he replied, “Ohhhh, you want the BIG WHY”
Well the reason I want to invest in real estate is because I want to:
- Achieve financial freedom
- Be my own boss
- Spend more time with my family and friends
- Make money to take care of medical needs
There we go, now we’re getting somewhere. The thing is that its nice to make money, but ultimately you aren’t after the paper . . . you’re more so after what the paper can help you achieve. That’s the way the system is set up.
Then I asked him another question…
What is holding you back from achieving your BIG WHY?
He told me that some time he struggles with procrastination and over analyzing. Now this was something I could relate to. When you first get started in real estate investing, it is a new world. There are so many ways to invest in real estate and it can be hard to focus. You could spend so much time over analyzing and trying to reassure yourself that what you know is correct, that you could end up wasting precious time that could have been spent on actual investing.
I personally wasted 2 years over-analyzing everything I learned and within that time-frame I didn’t make a dime! On top of that, every time I “thought” that I was ready to move forward and do a deal, I was hit with Procrastination. I got lazy and said that I’ll get to it tomorrow. Then tomorrow turned into next week, and next week turned into next month, and so on. It’s can be tough if you allow procrastination to overcome you.
To be honest, its not a matter of laziness, its more a matter of fear. Well, at least for me it was. I was afraid of messing up and I used procrastinating and over analyzing as an excuse to say that “I’m not ready yet.”
Anyway, enough about me . . . In order to overcome these obstacles, you need to have a strong WHY. Your WHY is what you’re putting at stake by not moving forward and achieving your goals. If your why is weak, then make it stronger!
To your success,
J. Lamar Ferren
“New Breed” Real Estate Investor
ps. Leave a comment below and let me know WHY you invest in real estate!
Photo Credit: virtualphotographystudio