The #1 reason real estate investors don’t become successful is because they don’t do their marketing. I’ve been approached dozens of times at REIA meetings where I’ve had investors say, “Jason, I haven’t closed any deals yet, what am I doing wrong?”
I’ll say to them, “how many postcards did you send out last month, how many letters, how many flyers, how many bandit signs did you put up?” After I ask them those questions they usually get a guilty look on their face and answer me with “none.”
Well… if you don’t do your marketing then obviously you’ll never become successful.
However, once you do your marketing and start closing deals and start becoming successful there is another reason the success won’t last and you won’t have a long career as a real estate investor.
Simply put, you’ll fall prey to the “shiny object” syndrome. What I mean is, you won’t have a laser-like focus on your real estate business and you’ll be tempted to join the latest get-rich-quick business of the week – whether it be an MLM, an internet business, or an insurance scheme, etc.
I see it happen all the time. An investor does a few deals and I can tell they’re going to be very successful, but then they decide they could get rich faster by doing something else. It’s a shame to see this happen because unless you put effort into any business for long term, it’s hard to become a success in it.
In fact, awhile back I finished reading a book about John D. Rockefeller. In it he says the reason most men don’t become rich is because “they lack concentration.” I 100% agree. If you’re always looking for greener pastures, you’ll never give your real estate investing business the attention it needs to grow and become wildly successful.
So how exactly do you keep concentration on your business and not get distracted?
Well, I’m going to tell you exactly what I do. Because I will admit, I’m tempted by the “shiny object” just like everyone else. However, a long time ago I made myself a promise that I was going to become a successful real estate investor no matter what and that I would do no other businesses that would interfere with this. I even wrote this on a yellow legal pad and signed it.
Next, whenever I am tempted I remind myself of something I read in another book. There was a quote about how almost any person can become rich in any business as long as they stay with it and focus on it. So, since real estate is my passion, I said I would stay with it because I knew my hard work would pay off and I would eventually make a lot of money.
Thirdly, I’ve told my close business friends and associates “not to let me do anything stupid.” They’re my accountability partners who keep me on course if I ever happen to stray.
In short, if you want to be rich (in any business) have a long-term focus and don’t let anything distract you. Also, I highly recommend writing yourself a promise and signing it and looking at it every time you think of doing something else.