One of the most important statements I have ever heard involves taking action—specifically, getting your name and your investing goals in front of as many people as possible.
That statement is this:
“Your success in real estate investing is directly proportional to the number of people who, when thinking of real estate investing, think of you.”
- How many people know you are a real estate investor?
Because this is such a strong statement I believe it bears repeating. “Your success in real estate investing is directly proportional to the number of people who, when thinking of real estate investing, think of you.”
So how many people know that you are a real estate investor?
How many people know what type of real estate you want to invest in?
My investors have confirmed that the more people who know what they want to accomplish within real estate, the more opportunities come their way. It is the simple law of attraction: that which you focus on expands. So tell everyone you know that you are an investor, and they will help find investments or help them find you.
3 secrets to turn nothing into something in real estate investing
I always love listening to tapes and podcasts from the late Jim Rohn, the late-great entrepreneur, author and motivational speaker. He has a lot of excerpts on turning nothing into something.
As I work with a lot of newer real estate investors and seasoned investors from overseas, they all have this in common: They currently have no U.S. real estate investments, and they want to create a strong and dynamic real estate investment portfolio. So what are the secrets?
I typically see them go through the following three steps in the process of turning nothing into something. The problem is that all too often, they get stuck on a step and never move on to the next one. So awareness is the first “secret” step to knowing you should move forward.
No. 1 – Identify what, where and why you want to invest
What type of investment is for you?
- Buy-and-hold or buy-fix-and-flip?
- Do you want a single-family or a multifamily property?
- Where do you want to make these investments?
- Finally, and most important, why do you wish to make the investments in these types of properties and locations?
Once you take time to truly identify why, the conviction will move you into the next step. I see people stall out on this first step because they fail to recognize why they want to invest and where they want to invest and then spend years analyzing everything possible and never feel comfortable investing. If you know your “why,” then moving on to No. 2 will come naturally.
No. 2 – Educate yourself and get prepared
Now, knowing what you want, where you want it and why you want it, you can learn about those properties that match your objective and purposefully do your due diligence.
This includes things like establishing where funds will come from, setting up entity structures, identifying the best of locations and learning the realistic expectations for return on investment (ROI) so you can now purposefully start looking at properties.
Here again, I see many people forever stuck on this step. I believe the main reason is they fail to get educated on entity set-up such as LLC or trusts. This is a necessary task that may seem boring to the average person, who decides that avoiding it will be easier than doing it. But this actually can be a very simple step.
Call your tax preparer and/or real estate attorney and share your objective. They are very in tune to what needs to be done and will quickly guide you through the process. Remember: the more people who think about you when thinking about real estate investing, the more successful you will be. These people quickly become your eyes and ears and will share real estate opportunities with you.
Don’t procrastinate on this call, as it often proves to be the one that will help move you forward. These folks understand your end objectives and will become great advocates for you. The same thing goes for talking with insurance people and everyone within the real estate profession.
No. 3 – Ready, aim, fire
Even the action-takers and seasoned investors know how easy it can be to get stuck midway through the “ready, aim, fire” process. Indeed, you want to prepare and be ready. Indeed, you want to aim to get the best deal for the best value. But eventually, you have to pull the trigger and make the investment.
Too many people get stuck; they aim, and aim, and aim… . One of two things will happen here. About 50 percent of the time pulling the trigger is paralyzing, and they never actually take action. Those who do take action discover they indeed get the best education of their life through on-the-job training. Sometimes they hit a bull’s-eye right out of the gate. Other times, they learn a little lesson, make the adjustments and next time get the bull’s-eye.
Taking action is the key to hitting the target. Meanwhile, the 50 percent who did not take action learn they missed 100 percent of the shots they did not take. The action-takers move forward and start building their investment portfolio.
I work with many people who successfully navigate all three steps and indeed turn nothing more than a vision into a multimillion-dollar real estate investment portfolio.
There are also those who get forever paralyzed on one of the steps and miss all the opportunities.
Which of the steps are you on?
Visit Larry’s website here.
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