In this episode, I discuss what it really takes to succeed in real estate investing: massive action. Massive action is the single biggest determining factor in the ultimate success or failure for a new real estate investor. I dish out some tough love in this episode, so I hope you’re ready!
I get emails from new real estate investors all the time asking me specific questions about how to do this or that. I always respond and try to give the best answer I can possibly give. A lot of the issues that I see new real estate investors experience arise from being overly focused on certain aspects of the business. They are hyper focused on certain techniques, but not taking enough action. You will almost always be farther ahead in this business if you take massive, consistent action than if you carefully plan and plot out each move. This is not to suggest that you be reckless. What I am suggesting though is that, instead of treating real estate investing like chess, you should treat it more like football (American football for those of you outside of the United States). That is, instead of laboring over every single move, you should have a playbook and an understanding of what your ultimate goals are. When you decide to execute, you should give 100% until you achieve your goal. In the beginning, you will have to fight and scrape for everything you get. But eventually it will come a little easier and it will not be such a fight.
Here are some good first month activities for new real estate investors:
- Find a realtor to work with.
- Start interviewing contractors who can handle your rehabs.
- Go to real estate investing meetings and network with people.
- Talk to experienced real estate investors and see if you can find someone who is willing to mentor you.
This is just a quick list of activities that you can and should focus on immediately. Ultimately, your job as a real estate investor will consist of two main activities: finding deals and finding money. Anything else is secondary.
The unfortunate thing is that a lot of people who say they want to start a real estate investing business, or be successful in real estate, are simply not willing to take massive action. Massive action is not one activity a day, massive action is 30 activities a day. In other words, if you’re looking for a realtor to work with, you don’t call one per day; you call 10 per day until you find a few that are bringing you good leads.
I said that I was going to use tough love, so here it is: if you’re not taking massive action and you’re not getting the results that you want, it is your fault. It’s not the economy. It’s not the market. It’s not your age or your race or your gender. Massive action will get you to where you want to be. And the best part about massive action is that anyone can do it.
Are you taking massive action to reach your goals? Be honest.