Have you ever noticed that there’s more to “figure out” with real estate investing than you could have ever possibly imagined?
It’s easy to see why so many people “think” about getting started but don’t actually manage to.
If you feel yourself giving up on the whole idea perhaps the information here can act as a tiny guide to nudge you along your journey.
#1: All Distractions Must Be Eliminated
With real estate there is always more to learn, new spreadsheets to figure out, new cash flow numbers to analyze, net operating income analysis to do, research to complete, lawyers to call, accountants to email, projects to start, projects to finish, inspectors to follow-up with, mortgage documents to check, spouses to convince, friends to debate, media to ignore, bank accounts to set up, websites to create, blogs to update, emails to read, classes to attend, books to read, ads to place, calls to make … ah!!
And if you manage to stay on top of this for one day, it’s all back staring you in the face the next.
It’s a never-ending race that leaves you gasping for air.
The only way to silence the hissing noise of distraction is by cruelly and remorsefully cutting out the clutter.
You need to declare all-out war on it.
You only have so much attention. Attention is like a prized commodity with a twist.
Once it’s used up it’s gone forever … it can never be replaced.
You must treat your attention as if it the most valuable commodity on earth.
So the key to extracting the most value from your attention is by training it to focus on the few tasks, the few activities that make you money.
#2: Crucial Activities Must Capture Your Focus
To crush the noise you must focus on the building blocks. The core actions that create cash and wealth.
What are they? Thought you would never ask…
- Decide. Decide that long-term wealth is the constant acquisition and control of assets. Read, study, learn what cash flowing producing hard assets can do for your life. Decide to stop running to every idea that will make you a quick $50,000. Quick does not exist.
- Research. Research communities so that you are familiar with what makes a growing and prosperous community to invest in.
- Pick. Pick a single strategy in a specific community and master it. Mastery takes time but that’s where the money is. Chasing deals all over the country, the continent or the world does not create mastery. Only after mastering one strategy in one area should you go branch out. Have you ever met anyone who is making money from 8 different strategies? No. So why are you trying that?
- Build. Build your team of Realtors, mortgage brokers, lawyers and accountants. Your team is more valuable than the property. We can’t say this enough. If you are buying in a far off area have a local team in place.
- Grow. Grow your sales skills. Grow your marketing skills. Grow your negotiating skills. The money is in these and almost everyone ignores them and focuses on the property. That’s not you. You know better.
- Act. Motion beats meditation. Say it again, motion beats meditation. We’re not sure who spoke these words first but it’s doesn’t matter .. they ring true. Get off your butt and do something.
There’s no magic in the above list. On the contrary, these are rather simple.
Not easy though. And that’s the catch.
Each of the above six sounds rather simple but we meet very few people who have mastered them.
You may have a great handle on “Research”. You know where you want to invest. You feel you understand a community. You’ve done your homework.
And you may have finally found a mortgage broker that you trust.
You may even have a website to advertise your properties.
But you’re still trying to figure out how to acquire cash flow properties, for the right price, on the right street.
You’re meeting with people, even making some offers but you fumble just as you’re about to seize the opportunity.
It seems so hard.
The people who do all of the above six play at another level. They end up with properties creating buckets of cash flow while others, just a block away, flounder. They dominate an area. They have explosive marketing and savvy tactics applied to long-term strategies. They rule their own world, they are masters of their own fate. They trust their path and know their journey is a process which they actively engaged in.
#3 Is it your time?
Work the above six points. Ignore everything else, no matter how shiny and glittery the opportunity or idea may seem … it is fools gold.
Decide, Research, Pick, Build, Grow, Act.
You can do it. You will do it.
It’s a process that deserves your limited attention.
Until next time … Your Life. Your Terms.