If you want to start investing in real estate, the following three things are key:
2. Setting Objectives
3. Acquiring Knowledge Of What To Do
Before we get into the nuts and bolts of real estate investment, I’d like to discuss desire. To be good at everything in life, including real estate investment, you must have a burning desire to succeed. Desire is described as a yearning or desire for something that brings pleasure or satisfaction. Desire emphasizes the intensity of emotion and often indicates a clear purpose or goal. In real estate investment if you don’t have a willingness to learn and develop as a human being and really get pleasure out of it, then real estate investing is going to be hard to do. When I go out to look at properties, it gives me great pleasure. Every part of the process gives me joy, from speaking with homeowners to working out how to make a deal work, to purchasing the house and finding a suitable homeowner or tenant. Although real estate investment is not for everyone, it can provide everyone with the financial independence we all want. If you lack a passion for real estate investment, that is fine; it can still assist you in living your dreams and achieving your potential goals.
Why is real estate investment such an incredible vehicle for someone to pursue their dreams? Allow me to pose a few questions to you. Are you wealthy enough to do whatever you want? Do you possess everything you desire? Is there no debt? A lovely home? What Makes a Great Marriage? The right to do something regardless of the cost or duration? If you possess any of these things, you are one of the few people in the United States who do. The majority of people work fifty hours a week and earn just enough money to cover their bills. In today’s world, the majority of people live paycheck to paycheck, never knowing whether they would earn enough money to pay their mounting bills. If you are unable to pay your monthly expenses, how can you save for retirement, send your children to college, or have time to enjoy life? The response to both of these questions is financial independence. Now, it’s not going to be easy for anyone; they’re going to have to get up and out of their comfort zone. Real estate has been shown to be one of the quickest ways to escape the rat race of the 9 to 5 and begin living the life you deserve. All desires something unique from their lives. Some wish to travel the world, spend more time with family, volunteer, golf, lounge on a beach or do something that makes them happy. There are thousands of factors that contribute to people’s happiness.
Making it in real estate needs someone with a deep desire to improve their lives and the ability to dream big. Anyone may develop into a successful real estate investor. It will take a lot of effort and may be difficult at times, but the end result will be the most incredible feeling ever. The individuals who succeed in real estate investment all share a few characteristics. To begin, they operate their real estate investment company in the same manner as any other business. Second, they network with anyone and everyone. Some people, including me, may have difficulty communicating with others. If you are, that is acceptable; everyone can learn to become a people person; it simply requires regular effort. You must force yourself beyond your current level of comfort. Thirdly, you cannot be afraid to lose. Everybody fails at anything, but the most effective people learn from their mistakes. The fourth point is that you must assemble a strong team. I’ll discuss assembling a team in a later chapter. The purpose of assembling a team is to ensure that when you are unfamiliar with something, you have team members who know what to do and can assist you with questions. Additionally, they will ensure that you are not overworking yourself. You do not want to be the sole proprietor of your business. Attempting to do anything is a recipe for failure. You have to put together good people who you can trust and rely on. Fifthly, you need a mentor. Finally, and most importantly, is the desire to do it. Nobody will be good at anything if they do not want to do it and do not derive pleasure from their work.
2. Establishing Objectives
Having expectations is critical to achieving your life goals. You don’t want to just get your aspirations up in your mind you want to write them down and past what you have written on the wall somewhere or in the bathroom mirror. Daily, you should revisit your goals and read them aloud to yourself. This way, you’re constantly reminded of why you’re building your company.
How do you start to write down your goals? To begin, you should think large, and by large, I mean enormous. If your objectives are too modest, you will quickly accomplish them and will be left with little more to look forward to. You should start off by asking yourself the question if I had all the money and time in the world what would I do, what would I buy, how would I spend my time, and how would I spend my energy. Have you begun to jot these down? Naturally, you should be. Consider what you desire: time with family, world travel, the best vehicles, a palace, ownership of a small country, running for president, or owning the largest real estate investment company in your region or country. Whatever your hopes and desires are for your life, jot them down. Among my aspirations are being financially independent and traveling the world. Currently, I’m attempting to jolt you out of your thinking comfort zone and encourage you to let your imagination run wild.
There are several methods for setting targets. I’ve discovered that there are many ways to set goals, and there is no right or wrong way. I’ve discovered that the most effective way to organize your priorities is to divide them into two groups. To begin, consider your short-term objectives. This should include goals for the next month to around a year. The second is your long-term objectives. These are the major goals that you envision for your future.
Year One Objectives
- This is what I want to accomplish this year.
- $500,000 in earnings
- $100,000 in cash
- Contribute: $20,000
3. Acquire knowledge
Trust is built through knowledge, and fear is destroyed through knowledge. If you are starting any type of company, you must first become familiar with the ins and outs of that industry. The most effective method I’ve discovered for learning about real estate investing is to read everything there is to read about it. But once you know it you have to apply what you have learned. Learning and reading are only the first steps. There are thousands of books available on real estate investment, and each one contains valuable information. You do not, however, want to read only real estate investment books. You also want to fill yourself with motivational and leadership books. Every successful person I know is a reader, and they all spend at least thirty minutes a day reading something that will help them improve their company or help them grow as individuals. Below are three books I recommend reading.
- Robert Kiyosaki’s Rich Dad Poor Dad (read this first and also ready everything in the rick dad poor dad series, great books to start with and will expand you mind)
- Investing in Real Estate by Brandon Turner
- Buy It, Rent It, Profit! by Bryan Chavis