I still get hit up all the time by people wanting to complete their first deal. Wholesaling it simple but not easy. You need a motivated seller and a motivated buyer — and BOOM you are picking up a check. I know I make it sound easy, but it’s not. There are details that need to be attended to that have been mentioned on BP countless times. I recommend doing a search of the blogs and forums to learn more about the details. But to have a better 2016, I will talk about things that are not always mentioned but that I think are needed.
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.
4 Habits Newbie Real Estate Investors Should Adopt for a Successful 2016
Write down your goals.
This is very important. For example, if you want to get your first wholesaling deal, write down, “I will complete six wholesaling deals.” I actually got that from a self-help book — a good way to lay out your goals is to start them with “I will.” Some say that you should write them down as if you’ve already completed them. I personally think you should do whatever sounds most motivating to you. The most important thing is just writing them down. Once you write them down, be sure to hang them somewhere you look everyday. Don’t stuff them in the back of your drawer. It’s no good there; you must remind yourself of the road you want to travel.
Get familiar with the concept of time management.
I learned the importance of time management five years ago when I decided to go back to grad school. I quickly learned that if I wanted to pass my classes in grad school, I would have to invest the proper amount of time. Instead of sleeping and wasting time on the weekend and after work, I had to allocate my time properly to get desired results. After getting better at time management in grad school, I eventually dropped out; however, when my real estate dreams became concrete goals, the transition became much easier. I allocated my time properly, which eventually led me to owning a six-figure-producing real estate business.
Practice daily sacrifice.
Sacrifice is very important to consider when starting your real estate business. There is not a wealthy person out there who does not understand sacrifice. Sacrifice could be anything that is not helping you get closer to your goal. I personally cut off cable, stopped listening to music in the car and stopped partying. I replaced TV with reading, music with podcasts and partying with real estate groups. You have to give up what you’ve got in order to get what you want. If you want more, you have to be willing to do more. Change is scary at first, but sometimes it needs to be done. Don’t focus on how change looks right now; focus more on the goal.
Learn to manage your money.
The best time to learn about money or money management is when you have no money — just like the best time to prepare for an opportunity is when you have no opportunity. This is a key component to progressing through life in general, not just real estate. You do not want to be one of the people who as soon as they get a $6k check, it’s gone two weeks later not because of bills but because they splurged on some items they could’ve gone without. These people stay on a treadmill that keeps on spinning even though they work for themselves. They are never able to progress due to the fact that they always are in need of a check. I always want a check, but I am not in need. There’s a big difference.
In conclusion these are basic items you will need to implement to be successful in 2016. These might be the missing components that you need to complete your first deal. And of course this is assuming that you know what you need to do to get deals. If not, search on BP. Most importantly, you have to take action. The more serious you get with your actions to get to your first deal, the faster it will come. Always remember, those 100-unite empires were not built in a day. That took a lot of time and sacrifice. We all want the end result, but we do not want to put in the much-needed work. In 2016 try these things and take action toward your goal.
Investors: What would you add to this list?
Let me know with a comment!