It is a very easy to get excited, motivated and committed to jumping into real estate but why do so many not become over successful at it? Did you get distracted by the next big wave to make money? Did you truly think that real estate investing and being a landlord was truly going to be "passive income"? Unfortunately too many individuals jump into quickly or get sold on how to make money on real estate without doing enough research. Let's use a normal business of opening a coffee shop as an example. Would you attend a seminar on how to open a business and the next day try to open a coffee shop? No, of course not. You need to actually take the time and effort to see if this is truly what you want because if not you could lose a lot of money, deal with problematic tenants and actually work a lot more for little to any reward. So to help you identify if real estate investing is right for you we have identified five key pillars to help you better understand.
1. You need to have discipline and dedication. Far too often we see people buy a property and don't take the time and effort required to make this a successful business (yes, business) . You have revenues, expenses, marketing, resource management, customers (tenants), financial management, schedules, risk mitigation, managing trades, contract management and many more. Do you see how this needs to be treated like a business. And like any other business out there in order to be successful it will demand dedication and discipline because if you're not going to take care of it, who will?
2. You need to be focused. It has often been said that the journey is more significant than reaching the goal itself. Real estate investing can be a long journey and if you don't stay focused you will begin to make mistakes. You will get lazy or will let other items get in the way and when that does problems arise. With a focus on learning, you will avoid shortcuts that don't work. Being in a time where everyone wants a "quick fix" or "life hack" we need to stop, get re-focused and realize that distractions will hurt your real estate investing business. Instead of trying to learn a little of every aspect shift your attention to a more detailed focused approach. If you are just interested in chasing the next shiny object you will quit prematurely and will blame others the second problems arise.
3. You need to have a plan. Similar to the first point of treating this like a business how successful would your coffee shop be if you didn't create a plan. We aren't asking for a 25 page business plan but rather a road map on how you are going to achieve your goals of being successful in real estate investing. Who is your target market? Where is your ideal location to invest? Who will manage your properties? What type of funds do you have for a down payment? Will you be approved for multiple mortgages? These are just some of the many questions you need to sit down and ask yourself. If you are unsure where to start you have came to the right place. Not only do you need a plan but more importantly you need a timeline. You need something to hold you accountable and something to strive towards. We can help you get your real estate business off the ground by asking you difficult questions. Alternatively, if you are stuck or need a re-vamp we have many years of business experience and know how to successfully setup and operate a business. We do also have access to some great resources on how to start up your real estate investing business and all you need to do is ask us. Don't wait to "do it later" as often "later" never comes.
4. You need to take action. There is no point in wasting hundreds of dollars and countless amount of hours reading up on every book, attending expensive seminars if you don't take action. Unfortunately, many people get all the theory in the world and don't execute it either because of fear of failure, analysis paralysis (difficulty making a decision) or poor excuses (no time, money, resources, hot/slow market). Think about your relatives that have purchased real estate 50-60 years ago. They didn't have fancy courses, infinite amount of information or google at their fingertips and they were able to purchase a home just fine and have most likely made a lot of money on it over those years. So if you're not ready to get your water wings on and jump in the deep end you may never be. The best time to buy real estate was yesterday and if you need some encouragement on taking the next step please reach out to us as we would love to help.
5. You need to work hard. Who ever said real estate investing was easy is most likely living in a fantasy land or is most likely not truly successful. Everyone is entitled to their opinion but it is you job as a strategic investor to distinguished what is the right vs. wrong type of information. Please stop listening to your neighbours brothers friends cousin who has no clue what it takes to be successful in real estate.The goal of real estate investing is to not add more stress in our life but unfortunately it does happen sometimes. By truly working hard and the willingness to do whatever it takes are often the people who are most successful. You definitely do not need to be the smartest person in the room when it comes to real estate but rather surround yourself with those that are much more successful at real estate and learn from them. There are no substitutes for hard work and your results are usually determined by how hard you work. Put the excuses aside and get to work!
So if you think you have what it takes to be successful in real estate we would love to hear from you. Click on our services or mentoring page to find out how you can take action now. You can also get in touch with us under our contact section or by emailing us at firstname.lastname@example.org
The MLS® system, also known as the Multiple Listing Service® is a wonderful information-sharing and cooperative marketing network created by REALTORS® found at www.Realtor.ca or clicking on the logo. This website is wonderful for searching for commercial or residential properties in Canada. As a part of our mentor group we will get you inside information from local sales representatives from any city in the world that you are looking to invest in.
Kijiji is an amazing website to find real estate for rent or sale. This website can help you find out market rents in your neighbourhoods. We use Kijiji to list majority of our properties for rent and is fantastic for comparing your property to the competition. When you join our mentoring group you will have access to all the amazing ads we use to post on Kijiji and other secret tips and tricks that help us get ahead of the competition.