As real estate investors we often think of ourselves as go-getters and self starters. Too often we are not wanting a boss looking over our shoulder or telling us what to do everyday. The reason many of us invest in real estate is to become financially independent enough to stop working our traditional careers. Then why is it that so often we fall short of producing the daily results needed to get a full-time investing business off the ground?
This article is devoted to a powerful principle that has helped keep my real estate investing engine running in top gear for the past 11 years.
Let’s first discuss the idea that profits, knowledge, and helping people are our three biggest rewards as investors. Profits are produced by providing value to buyers and sellers. Knowledge, both good and bad will come from any action moving forward. Finally, helping others provides a value that is good for your soul and will come from actively investing in local deals. Then why, if we know that rewards will come at the end of the tunnel, do many of us procrastinate, hesitate, or fall short of our daily goals for our investing businesses.
Your level of success today is a direct culmination of your past daily activities. If your daily routine actions and activities are in line with your goals you will likely hit your target sooner rather than later.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
Here is the trick I use to keep myself motivated daily…
Specific delayed gratification to build anticipation. I treat myself like a child and parent myself. Below we will outline how you too can set up short term goals with fun rewards. The bigger the reward the bigger the goal. The trick I use is to think of the reward first and get excited about it. Here is how you can do the same.
1. Think of a reward you have been wanting for some time. A vacation, a new car, going out to a new restaurant, buying a new toy or piece of jewelry, etc. Not a vacuum or something chore related, but something specific to you and a little selfish.
2. Really envision yourself having the object or taking the vacation. Get excited about it. You should feel butterflies in your stomach when really picturing yourself with the reward. If you do not get physically excited at the thought of having this reward then your reward is not strong enough – you should choose a more appropriate reward.
3. With the price of the object or vacation in mind, decide what your goal will be in order to achieve this reward. In other words, how much profit do you need to make before this reward is viable?
4. Now double, triple, or quadruple the goal needed to achieve this reward.
My personal example…
I created this goal on January 1: If I want to take a cruise in February I will only do so when I have purchased 4 mobile homes for investments. 2 must be sold prior to the cruise. Note that 1 mobile home purchased and sold would be more than enough money to take a cruise but I wanted to really push myself and make big gains this year so I quadrupled my goal in order to go on this cruise.
The outline above is helpful for pushing yourself to set larger and larger goals that have a high likelihood of being reached. When you use delayed gratification to build anticipation you build a fire inside you that can push you past your fears and comfort zones to obtain your reward. This goal setting assumes that you will take into account proper education and training. Make sure you have clarity about how to advertise, safely purchase, and resell investment homes for profit.
If this above outline does not get you fired up or your personality uses a different method for increasing your daily results please comment so below so we may all learn and grow together.
Love what you do daily,