Too many real estate investors fail to achieve their dreams because they fail to get off to a good start in their investing careers or because they hit a crossroads and don’t know which way to go. Confused about what to do next, they spin their wheels, do nothing, and eventually opt to walk away from real estate entirely and return to a life of mediocrity. To prevent this from happening to you, follow this simple, seven-step roadmap to success.
Step One: Education – Proper education is critical to your success. Before you start, you need to start learning about a variety of creative techniques. He doesn’t want to spend so much time preparing to invest that he never launches his investing career, but he also doesn’t want to go halfway and shoot everything that moves. He learns enough to be able to write a smart offer and then make it happen. As he progresses in his career, he will continue to learn as he goes. There is a ton of accumulated investing knowledge available, so take advantage of it. Keep in mind, too, that education doesn’t have to be a $2,000-$3,000 guru-sponsored super course. Sometimes you can learn more from a $20 book, but never stop learning or you will stop growing.
Step Two: Planning – What steps are you taking to reach your goals? Are you sitting with a pad of paper and pen planning how you will spend your real estate earnings, or are you taking a series of deliberate steps to ensure your success? How many calls are you going to make today, this week or this month? How many properties will you look at? How many offers will you write? Real estate is a numbers game, so you have to plan your numbers and then follow up by analyzing your activity. If you don’t keep score, you won’t know if you’re winning or losing. It all starts with a plan and ends in the winner’s circle or at the employment office. Planning, or lack of planning, will determine where you will be in a year and how much money you will have.
Step Three: Team Building – Major League Baseball teams don’t wait until the season starts to start looking for members for their team. Their team-building effort begins months before opening day. As a real estate investor you need a team of professionals by your side. Get started today with a small title or escrow company and mortgage company. Make sure they understand creative real estate and have experience. If you’re not working with a mentor familiar with creative investing, you need to find one. He or she can cut years off your learning curve by helping you avoid some of the stupid and costly mistakes you’ve made.
Step Four: Circle of Influence – Who are you listening to? Your brother whose creative real estate investment idea is to buy a timeshare in Arkansas? If your circle of influence, the people who give you advice, don’t know or understand real estate investing, they will be constantly pointing to your hopes and dreams because they don’t understand the concept or because they don’t want your success to highlight your mediocrity. Tap into as many creative and successful real estate investors as you can at your local REIA meetups.
Step Five: The Right Sellers: Wasting time trying to bully someone into accepting your creative offer is unproductive and demoralizing. Make sure the sellers you are dealing with are highly motivated to sell and good things happen. Don’t be afraid to walk away from the wrong deal even if the price is right. Know your ideal situation, and then take advantage of it when the opportunity presents itself.
Step Six: Hobby/Business? – Will investing in real estate be your path to prosperity? While there are plenty of opportunities for you to have fun, never lose sight of the fact that you are playing in a very competitive sandbox. However, you have something going for you. Many investors lack the education, training, and mindset to prosper. If you are one of them, you should save money and start collecting stamps or join the rock club. However, if you are serious about success and give this business the effort it deserves, your future is a blank check, and you have pen in hand.
Step seven: stand your ground. Real estate investing success won’t necessarily come overnight. That’s not to say you won’t become an overnight sensation, but be prepared for the possibility that it may take 3-5 years for you to reach a level of success that inspires you to devote all your time and energy to getting rich. Investing in real estate is easy, but it is not simple. It takes work, effort, and the will to keep going, even when your big payday is years away, rather than mere days.
By following this seven-step action plan, you can focus on achieving all of your personal and financial dreams. Real estate investing is one of the most lucrative careers in the world, but you’ll have to dedicate yourself to your success. How bad do you want it?
Now go find it!