Your dream is to grow Chinese bamboo. You just love the way it looks: It’s green, provides shade, your kids can play in it, and it hides your neighbor’s hideous house.
Whatever. You love Chinese bamboo. You read books about it, take some classes, and even hire a consultant to help you grow it just right.
You feel like you’re ready. It’s time to get started.
You drop some seeds in the ground and begin to nurture the soil. You’ve been told that it will take a while, so you’re patient. After a year of this — nothing. Nothing at all. Not even a little shoot.
You go back to your bamboo-growing mentor, and he advises you to be patient and keep doing what you’re doing.
You want to dig and see what’s going on. Maybe the seed didn’t sprout? Or the plant died? Your mentor tells you not to do it. Be patient, grasshopper.
Another year goes by. Then another. And another. You feel like you’re wasting time. The only reason you’re still watering the daggone plant is because you REALLY want this bamboo grove. And because you decide to listen to your mentor.
And suddenly in the fifth year, the bamboo shoots out of the ground, growing 80 feet in about 14 days.
You are stunned. Delighted.
What really happened? Did the bamboo seed lie dormant for four years until it finally decided to grow?
No, it was growing all along, creating vast and powerful roots that would be able to carry the enormous plants.
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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.
It’s The Same Thing with Real Estate Investing
I interviewed Jay Boyle on a recent podcast. Jay is not some kind of celebrity, and you probably have never heard of him. But he just did his first multifamily deal, a very nice 36-unit apartment building in Arizona.
He got started with real estate investing 2.5 years ago. His dream was to have a portfolio of 1,000 units in five years.
He dreamed of big bamboo.
His first goal was to start with a duplex. So for the next two years, he looked at and analyzed about 200 hundred duplex deals. He dedicated 20 hours per week to this effort even though he had a full-time job. He saved up money.
Twenty hours per week for two years. And nothing to show for it.
After a while, he knew the area extremely well, and he also knew a good deal when he saw one. He had looked at so many.
After two years, he finally bought his first duplex.
One lousy duplex after two years of work? Not much of a success story.
But here’s what happened next. Five months later he closed on a 36-unit apartment building with a handful of friends and family investors. Now he has a 164 unit under contract.
Sudden, exponential growth.
His goal of a 1,000 units? Not so far off anymore.
Another overnight success story.
But we know better.
Grow Your Real Estate Business Like Chinese Bamboo
I have students who lose their enthusiasm of pursuing their dream of financial independence with multifamily investing after just a few months. They get close to having an offer accepted but then the seller accepts another. They have some money raised but not enough. They become discouraged.
Related: Want to Be Successful in Real Estate? Challenge Yourself to Do These 3 Things.
And many quit.
Don’t do that. Instead, grow your business like Chinese bamboo. Be patient and persistent, take action consistently each and every week for as long as it takes. If you do, you’ll eventually be successful. Even if takes far longer than you want it to. Stick with it.
What are you discouraged with right now? What are you going to do about it?
Let me know with a comment!