Hope all is going well for you. I’m just curious to know how you stayed focused and motivated as a rookie investor?
How does a new investor stay motivated to stay in the game before getting that FIRST elusive deal?
Isn’t that the question? Let me follow that up with this question… why are you in this business? What brought you here in the first place, and what are the reasons you chose real estate?
I remember all too well the first few months… which turned into more than just a few months…
So many strategies, so many systems, so many tools I needed to learn–I could fit them all in my “tool belt”.
The real question is, what is your WHY factor?
- What are your financial goals over the next 5 years?
- The next 20?
- Are you in this to take care of yourself, your family & your loved ones?
- Are you in this because you love the feeling of helping people out of bad situations?
- Are you in this because you like to create a lot of work for yourself, and never see a deal through, and never get compensated for all the time you’re putting in? 😉
Mindset, Mindset, Mindset
This fantastic game of real estate is all about mindset. Mindset translates into obtaining the knowledge and TAKING ACTION when an opportunity finally presents itself. Did you ever hear the definition of luck? It is when opportunity, meets proper planning.
In the beginning phases of your business, especially as a wholesaler like you are, you’re doing a lot of learning, a lot of analyzing, and a lot of strategizing. I remember setting up my master business plan, while at Panera Bread. I built (and continue to build, even today, by the way) my buyers list, I put up all my marketing, set up my direct marketing campaigns, and then… I waited for the phone call. And yet, I prayed it wouldn’t come.
Thoughts going through my head… “Was I ready? What if they said something and made me look like I was an idiot? What if they found out I was a newbie?”
In the end? I realized, after I made a fool of myself on several occasions, that it didn’t matter. I was learning in everything I did, and…after doing everything I was supposed to do, and then WAITED… I started to have deals coming in.
And all of a sudden, a powerful thought hit me… if I screw this one up, I’ll have another one coming VERY shortly.
And THAT gave me the confidence to get better and better, and eventually build business networks & systems…so in the end, you’re managing your systems, and not every detail.
Coming back to your question, – sorry, can you tell I’m passionate about this business?? – go back to WHY you’re doing this in the first place. Once you answer that question for yourself, write it down. Seriously. No, not in your head, on a piece of paper. NOW… take your 5-year plan. Break that down into year goals, and month goals… and then write your ACTION list as to how you will reach those goals. “How many letters do I have to send out, to get a response rate that will allow me to make at least ___ deals happen, per month?”
Here’s the best question I asked myself, when I felt down…
“How many like-minded people do I want/need to meet, and make a meaningful connection with them, to help propel my mindset and business forward this year / month / week?”
REIA meetings did WONDERS for me when I was starting out. I was blessed in that my family was always supportive, but many of my friends had a BUNCH of fun putting down what I was doing, and poking holes in everything I was learning. I needed those REIA meetings, and lunches with those people, to help keep me on track. It helped remind me WHY I was doing this business in the first place, and helped me re-energize and focus down on taking ACTION (there’s that word again!) on the strategies and steps in my written business plan.
In the end, I’d think you’d say it was all worth it. And I continue to learn, every single day. What a GREAT business – rewarding in so many different ways. That’s why I’M in this business. Now, surround yourself with like-minded individuals, believe in your success, get educated, and take ACTION!
🙂 Good LUCK!
If you want to read more on this inspiring topic, Nick wrote a great post after New Years about staying motivated in a business where you don’t see results until down the road. Be sure to check it out!by