In this episode, I discuss why it is important to maintain your momentum in business. Success is like pushing a big boulder. It is very difficult to start, but, once it’s moving, it is considerably easier to keep it moving. In business you have to keep your business moving forward. Lose momentum and you will find it difficult to get things going again!
One thing I found early on in my real estate investing business is that, once things started to go well, I had a tendency to slow down and take my foot off the gas, so to speak. I would buy a house and start rehabbing. The problem is, I would stop all acquisition at that point and focus solely on the rehab. When you’re very new, it is necessary to focus all your energy on the rehab because you’re not that good at it and it is very important. But once you get some experience, and the rehab process isn’t so demanding for you, you should absolutely continue working at acquisition and marketing.
Marketing will usually pay off 3 to 6 months down the road. Once you start purchasing houses, if you got all acquisitions during the rehab days, you will have no new projects once you finish with that rehab. If your goal is to flip one or two houses a year, then it’s perfectly acceptable to market only when you’re not working on a house. But if your goal is to flip more than one or two houses, you should be marketing virtually nonstop throughout the year.
I am using the term marketing kind of loosely here. By marketing I mean all acquisition activities. These can include:
- Searching the MLS or having your realtor search the MLS
- Direct marketing campaigns
- Networking and working with wholesalers to buy properties
There are certainly more ways to acquire houses than these three methods. But like I say, the marketing/acquisition, should be a constant your business. I talk to many successful real estate investors and one thing they all have agreed on is that once you start buying houses and things begin developing in your business, there is a snowball effect. It seems to be easier to maintain business than to start it up every couple of months. Think of it like pushing the boulder – it is very difficult to get that boulder rolling initially, but once it’s in motion it takes much less effort to keep it in motion. Your business is the same way.
Go out there, get that boulder rolling, and don’t let it stop!