Take Action in Real Estate Investing
Imagine: “This is the year I’m going to change my life. On January 1, 2019, I am going to do everything right this year. I am going to make a difference for myself, my family, and the world. I’m going to find a mentor, go to a real estate investing course, read 20 books, and get my first property.”
Then life happened. I got busy at work. Our baby got the flu. The car needed tires and a radiator. The market is just a huge bubble right now, so I’ve got time. Life is so chaotic right now that I will finish out this year and starting on January 1, 2020, I will change my life and invest in real estate.
Sound familiar? This is a common mindset I continuously come across in aspiring investors, especially those in social media investing groups. They say “Maybe I should wait for a better interest rate? Maybe I should start in a completely different market? Maybe I should interview one more insurance agent to make sure it’s the lowest premium? I have to cashflow $100 per door or the whole property is going to fall to the ground tomorrow”.
Your mindset is preventing your progress
I am empathetic to the hesitation of buying properties as it’s a large financial and time commitment. Before I bought our first property, I also suffered from “analysis paralysis.” I would run the numbers 20 times – accounting for every imagined variable. Guess what? I missed a ton of variables! There were so many things I missed or didn’t even know existed because I was brand new. I made mistakes. However, those mistakes became progress. The first property was a stepping stone that led to the second, third, fourth, and fifth properties. Our portfolio was like a rolling snowball gaining size and velocity. Was this because we bought perfect properties? No!
Like I mentioned, I ran the numbers 20 different ways on 20 different calculators and in 20 different states. It didn’t matter. We ended up in a lawsuit from our first property that was settled out of court and is no longer in our portfolio. However, the experience gained is something I carry into every property we acquire. A portfolio grows when you acquire more property or optimize ones you currently control. But before any of that happens, you have to commit to it in your mind. You have to see the vision, know your why, and just START.
Make a commitment
There is NEVER going to be a PERFECT time to start. You have to commit to starting, TODAY. That doesn’t mean go buy the first property you see; but, it does mean you have to truly commit to taking action. Set a deadline and make strides each day toward the life you want. Life is always going to throw you curveballs. You are going to make mistakes. That’s okay! Acknowledge the variables you can control and ignore the ones you can’t. If you spend your time stressing about the things you cannot control, you will leave no time for the things you can control.
I am not telling you to ignore your boss or haphazardly go through the due diligence phase with an overly optimistic attitude. This is me telling you to get started – today. January 1st is not a magical day that life gets easier. When you put out one fire, another one is going to start – that’s life. Sometimes, you just have to take the leap.
In the words of Gary Vaynerchuk, “Make a decision and don’t look back.” Stop letting the little things out of your control hold you back. Start building the life you want by taking action!
