I wonder if any of you have the same problem about waking up in the morning and not being able to go back to sleep because you are thinking about all the things you need to do? I’m not sure what woke me up this morning but when my brain turns on it’s time to get up, there is no going back to sleep. Does anyone else have that problem? If I wake up in the morning and start thinking about something, I just can’t get back to sleep. And this morning was no different, something popped into my head and I just couldn’t get it out. I started thinking about the thing I seem to think about a lot these days, real estate investing and all the tasks I have coming up. Primarily the question at the end of the Bigger Pockets (BP) Podcast:
What sets aside those who succeed and those who give up or never get started?
Two weeks ago I wrote about the podcast I was interviewed for, Just Start Real Estate with Mike Simmons. Mike’s podcast is based around this whole idea, new real estate investors and getting started. On top of that, this week I will be interviewed for the BP Podcast where I will have to answer that exact question. So I’m sure that is why I am thinking a little harder about this question than normal today. In preparation for the interview, I tried to think back to when I got started in real estate, the things that have made me successful, what I would do differently if I could go back and start over, and what advice I can give to those who are getting started or trying to get started now. I know this is not a recap post of my week like usual, but I thought it would be helpful to a few of you who are reading and I will give a quick update at the end of the post.
How To Start?
I will tell you the path that I went down and what I would recommend to others when thinking about getting started. I think the first thing that a new real estate investor needs to do is get educated. I don’t mean that you have to learn every facet of real estate investing, spend years and years studying the different strategies, go to guru seminars and get hyped up, etc… However, you really need to get a 10,000’ overview of the investing game and determine what interests you most and where you think you will succeed. You also need to assess your skills, attributes, and resources in an attempt to find your COMPETITIVE ADVANTAGE. Do you have a lot of money, a lot of free time, do you have a background in sales and marketing, were/are you a general contractor, etc… All of these skills, attributes, and experiences will help guide you to the best niche to make you successful in this business. So get on Bigger Pockets and read some posts, listen to some podcasts, pick up a book on real estate investing, and self assess to see where your competitive advantage lies. From there, decide which niche you will attack and focus there.
The next step is action. At this point, 90% of the people who want to get started just get stuck in the education phase and never actually do anything. They attend the Real Estate Investment Club meetings, read more and more books, get active on internet forums, pay money to go to real estate investing seminars, etc… but they never actually get started because they are stuck in the education phase. Sometimes knowing too much is worse than not knowing enough in this business. If you try to analyze every risk or every little thing that could go wrong with any investment you will never actually pull the trigger and make a purchase or jump in. So, once you have the knowledge get out there and take action. Send the mailers, buy that flip project, purchase that rental property, and just get started. I didn’t know all the mistakes I was going to make on that first flip but I just jumped and it worked out in my favor. You will take the curve balls as they come and learn from the experience. At my mastermind meeting last month, one of the other members repeated a fantastic quote from Einstein that fits fairly well in this discussion. “If you always do what you’ve always done, you will always get what you’ve always got.” So, if you want to change that end result and become a successful new investor you really need to change the way you do things and ACT.
All of the successful people I know in this business are IMPLEMENTERS. When they say they are going to do something, they do it and they do it QUICKLY. They don’t talk about all the mailers they are going to send or all the offers they are going to make on houses, they let their actions speak for themselves and actually do it. That is the difference between the investors you want to spend time with and those that you don’t. Surround yourselves with those who are actually making moves in this business and that success will rub off on you as well. I think it was Jim Rohn who said “You are the average of the 5 people you spend the most time with” so make sure you pick those people carefully. Look at your 5 and make sure they are pushing you to be successful and not holding you back.
There are going to be a ton of these and it really just goes back to your 5. Get away from these people and don’t let them infect your mindset and stop you from acting and following your investment path. There are going to be other roadblocks to success as well and instead of quitting you need to find a way over, around, or through them. I have had a few of these recently but have pushed through as best as possible all the while not sure if I was making the right decisions or not. Just keep your eye on the finish line and end result, it will never be a straight line to get there and you will find a path.
Ok, rant over and back to my business. Most of my time this past week was spent on finding, hiring, and starting to train a new assistant/lead manager (roadblock and more on that later), returning calls from sellers and comping properties, making offers on the MLS, giving a presentation on marketing to a mastermind group of mine, and networking. I didn’t post any photos of the Auction House but it is coming along nicely and if you want to see a video of it here it is. We also bought another renovation project in Navarre, FL this week and are in negotiations on a wholesale house as well so it was a good week.
Next week is going to be crazy! I have three closing to include the Mobile Flip, the Filled in Pool house, and I am representing a friend on his personal residence purchase. Oh, and they are all on the same day! The flooring should be finishing up in the Auction House next week and it should be on the market the first week of March.
Thanks for reading and please share this post on FB or other social media if you know someone who may enjoy reading it. Leave a comment below if you have any questions, I know I only scratched the surface of getting started but I wanted to get this out of my head and on paper. Hopefully it will help me sleep tonight!