We all may know what it takes to succeed in real estate investing and build a low-maintenance business that offers numerous sources of passive income…but sometimes we need a little extra push in the right direction.
I hope the ABC’s of real estate investing give you the boost you need. Here is a list of “Action Items” to help you achieve your real estate investment goals!
A is for applying what you learn
This is the fork in the road where you choose success or failure. 98% of students spend tons of money investing in their education, but never actually apply what they learn. Make sure you are a 2%er!
B is for believe
The path to success begins with believing in yourself. If you don’t think you can do something, you won’t. Believe in yourself!
C is for carefree
When things go wrong, do what is necessary to fix them, but don’t let your business problems seep into your personal life. Relax, we all make mistakes and things occasionally go wrong in this world! Be a smart investor, but have a carefree attitude!
D is for diversify
Never rely on just one method or stream of income! Things can change without notice and it’s always smart to branch out so you have a backup.
E is for education
Your education in this business is the foundation for success! I always say that if you don’t grow, you die. So keep learning and growing! Your business will prosper thanks to it!
F is for focus
Finish what you start. It’s easy to get distracted by the “latest and best” program or method. Instead, pick and focus on one system and stick with it until you make a nice profit and then look to diversify.
G is for goals
Set them, review them and be proud of achieving them! Challenge yourself, but be realistic when setting your goals!
H is for Utility
The golden rule is an old shopping gift! By helping others, favors will be returned. Share your experiences and be willing to listen and learn from others. Kindness and knowledge sharing will accelerate your success!
I is for information
You can’t underestimate the power of solid, accurate information!
J is for joint ventures
You don’t always have to do it alone. Aligning with others to make deals you might not be able to do on your own. Joint ventures allow you to build on each other’s strengths and increase your power by working together. Joint ventures must be beneficial to all parties involved.
K is for K gun
In a nutshell… What comes, goes. If you always try to do good for others, it will indeed come back to you in some way, shape, or fashion.
L is for listen
Listen more than you speak. The learning process never ends. It is an ongoing thing. You can learn a lot just by keeping your ears open sometimes!
M is for making offers
This is the key to your success and the livelihood of your business! You will never learn to swim if you don’t jump into the water. Make offers. What an owner asks for a property is not always what he is willing to accept.
N is for network
Stay in touch with other real estate investors and people in the business. You will learn that many of these people will be a valuable resource to you at some point in the future. The real estate investment community is very small, believe it or not.
Or is it to outsource
Learn how to outsource or delegate tasks to others. You need to focus on the lucrative activities and marketing of your company. Have others take care of the other details. It will save your sanity and help you earn more money faster.
P is for profit
Never give up. The profits you can make in this business in a single deal are worth every ounce of hard work! Wait until that first big paycheck, you’ll see what I mean!
Q is for quitting for the day
Don’t work all day, every day. Set your hours, plan to work, stick to them, and then retire for the day when the time comes. You will be more focused during the time you are working and you will also enjoy your free time more.
R is for research
Do your homework! Research is critical to making sound financial decisions.
S is for spending money to do
Money
It’s not a lie, spending money to make money is much easier than trying to build a cheap business. Make wise investments in your business and the profits will follow.
T is for Take Action!
I can’t say it enough, just do it! There will never be a “perfect” time or date to start in this business! There is money to be made if you take action. You are missing every day you put it off!
U is for understanding your markets
To be successful in any real estate market, regardless of what phase of the business cycle we are in, you must do your homework, due diligence, and research. There is a reason why all investors are spending their money and buying properties as fast as they can in “certain cities” at “certain times.”
V is for value
Add value to your customers. This doesn’t mean undercutting your competitors by offering the lowest price, because it’s hard to be profitable that way. Go the extra mile with customer service.
W is for win-win situation
This is one of the most valuable assets you have in your tool belt; know how to create win-win situations in the deals you make. If you can structure deals that make money for everyone, you will not only make a profit, but also lay the groundwork for future deals.
X is for X-It Strategy
You want to make sure your business can keep going when you’re away…or that you can easily sell your business if you need to get out together. The more organized and systematized your business is, the easier it will be to do it. Plan your X-it strategy now, so you’ll be ready when the time comes.
And it’s for yawning
If you’re tired and unproductive, get away from your computer or phone for a while. Adequate rest is important!
Z is for heat
Find something you love. Without enthusiasm, it can be difficult to run a business and keep it going. Choose a niche in real estate that you love and do it with enthusiasm!
For your success!