Tip for the day-
I am frequently asked, “If you had it to do over again what would you do differently?” Well, I’d like to answer that question for you. There are several things you can do to help your business grow and several things you can do to kill the dream before it ever has a chance to become a reality. Let’s look at the “FOUR TOP DEADLY MISTAKES” that can literally kill your dream.
1. Listening to people who make less money than you do. There are a lot of people out there who don’t understand the real estate investing business at all, yet they will want to give you advice faster than anyone else. They basically want to keep you where they are, which is broke. Surround yourself with people who can guide you in a positive way and a forward direction. Get involved with your local real estate club or a mentoring program like I provide for my students. Read all you can on the subject of Real Estate Investing and educate yourself to move forward with your business. Don’t let a “naysayer” kill your dream.
2. Lack of Focus. If you’re anything like I was when I first got started in real estate, then you know how to find something else you’d rather do, or something that seems like it’s more important at the moment. I found very quickly that I had to do the work in order to succeed in the real estate investing business. The more of the initial “work” I did, the faster my business grew. What I mean by the work is finding motivated sellers, learning how to structure deals and then figuring out my exit strategy.
The other part of the work was to very quickly find ways to automate these systems, and get someone else doing the work for me so I could deal only with the sellers. This took concentration and the ability to learn to avoid distractions, like the telephone for example. I very quickly learned to return all calls two or three times a day instead of taking every call that came in. I also had to learn how to focus on specific types of real estate deals at the beginning of my business instead of being pulled in all directions and not accomplishing anything at all. You must stay focused in order to become successful in any business you pursue.
3. Getting Beyond the “Get Rich Quick” Mentality- Anyone who thinks this is a “get rich quick” kind of business is in for a rude awakening. It takes time, discipline and ongoing education to be very successful at real estate investing. Isn’t it worth it to take some time now to learn the business and start doing deals that make you thousands of dollars so you can vacation and spend time with your family a little later? There are so many “get rich quick” schemes out there that just simply do not work. Real estate will work for you over and over if you give it the time and discipline it well deserves.
4. Wasting Time With Unmotivated Sellers and Dead Deals- I cover this extensively in my Marketing Magic System. Don’t waste valuable time dealing with people who want to sell a property. Deal only with those who NEED to sell. And don’t waste a lot of time on the phone with them. Automate your system to develop ways to get sellers to give you the information you need to determine if there is a deal to be made before you ever have a conversation with them. If a seller is not motivated enough to accept your offer-be it price or terms, find another seller who is.
Time is money in this business. I would suggest however, that there are times you will want to follow up with a semi-motivated seller and there are great ways to do this without taking up a lot of your time. I also cover this extensively in my Marketing Magic system. Also, don’t waste your time looking at properties before you have made an offer to the seller. I never look at houses anymore without having a very good idea what my seller will accept. I just make the offer “subject to inspection” which gives me an out if the property isn’t what the seller and I agreed to. Usually the deal is made before I ever see a property.
For all the information you need on building your real estate investing business check out my website at www.marketingmagiclady.com While you are there be sure and sign up for my FREE monthly newsletter!!!
