We may all know what it takes to be successful in the real estate investing world and to build a low maintenance business that offers numerous passive income streams… but sometimes we need a little extra push in the right direction.
I hope the ABC’s of Real Estate Investing gives you the push you need. Here’s a list of “Action items” to help you in achieving your real estate investing goals!
A is for Apply what you learn
This is the fork in the road where either 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 starts with believing in yourself. If you don’t believe you can do something you won’t. Believe in yourself!
C is for Carefree
When things go wrong, do what you need to do to get them fixed, but don’t let your business problems leak into your personal life. Relax, everyone makes mistakes and things do occasionally go wrong in this world! Be a smart investor, but have a Carefree attitude!
D is for Diversify
Never rely on having one sole method or revenue stream! Things can change without notice and its always smart to diversify so that you have a backup!
E is for Education
Your education in this business is your foundation to success! I always say if you’re not growing, you’re dying. So continue to learn and grow! Your business will prosper because of it!
F is for Focus
Finish what you start. It’s easy to get distracted by the “latest and greatest” program or method. Instead, choose and focus on one system and stick with it until you’re making a nice profit and then look at diversifying.
G is for Goals
Set them, review them and take pride in accomplishing them! Challenge yourself, but be realistic when setting your goals!
H is for Helpfulness
The golden rule is an oldie buy goodie! By helping others the favors will be returned. Share your experiences and be willing to listen to and learn from others. Helpfulness and sharing knowledge will speed up your success!
I is for Information
You cannot underestimate the power of solid and accurate information!
J is for Joint Ventures
You don’t always have to go it alone. Align yourself with others to do deals you may not be able to do on your own. Joint ventures allow you to draw on each others strengths and increase your power by working together. Joint ventures should be a win/win for all parties involved.
K is for K arma
Simply put… What comes around, goes around. If you always try to do good to others, it will indeed come back to you I some way, shape or fashion.
L is for L isten
Listen more than you talk. The learning process is never over. It is a continuous thing. You can learn a tremendous amount just by keeping your ears open sometimes!
M is for Make Offers
This is the key to your success and the lifeline of your business! You’ll never learn how to swim if you don’t jump into the water. Make offers. What an owner is asking for a property is not always what they are willing to accept.
N is for N etwork
Keep in contact with other real estate investors and people in the business. You’ll learn that many of these people will be a valuable resource to you at some point in the future. The real estate investing community is a very small one, believe it or not!
O is for Outsource
Learn to outsource or delegate tasks to others. You need to concentrate on the money-making activities and marketing of your business. Get others to take care of the other details. It will save your sanity and help you make more money quicker.
P is for Profits
Never give up. The profits you can generate in this business on one deal alone are worth every ounce of hard work! Wait until that first big paycheck-you will see what I mean!
Q is for Quit for the Day
Don’t work all day, every day. Set your hours you plan to work, stick to them and then quit for the day when the time comes. You’ll be more focused during the time you are working and you’ll enjoy your “off” time more too.
R is for Research
Do your homework! Research is critical to making sound financial decisions.
S is for Spend Money to Make
It’s no lie, spending money to make money is much easier than trying to build a business on the cheap. Make wise investments in your business and the profits will come.
T is for Take Action!
I can’t say it enough-Just do it! There will never be a “perfect” time or date to get started in this business! There is money to be made if you take action. You are missing out every day you put it off!
U is for Understand Your Markets
In order to succeed in any real estate market regardless of what phase of the economic cycle we are in, you must do your homework, due diligence and research. There is a reason all of the investors are spending their money and buying up properties as quick as they can in “certain cites” at “certain times”
V is for Value
Provide value to your customers. This doesn’t mean undercutting your competitors by offering the lowest price, because it’s tough 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; knowing how to create win win situations in the deals that you do. If you can structure deals that make everyone money, you are not only making a profit, but setting the ground work for future deals.
X is for X-It Strategy
You want to make sure that your business can continue to run when you’re away… or that you could easily sell your business should you need to get out all together. The more organized and systematized your business is, the easier It is to do this. Plan your X -it strategy now, so you’re ready when the time comes.
Y is for Yawn
If you’re tired and unproductive, walk away from the computer or phone for a bit. Adequate rest is important!
Z is for Zeal
Find something you love. Without enthusiasm, it can be tough to run a business and keep it going. Choose a niche in real estate that you love and will do with zeal!
To your success!