INVESTORS, GET OFF YOUR BUTT!
Many investors need a swift kick in their rear end to take action and start doing deals. With that said I’m not providing that kick, but I’ll be giving investors all over the world a nice push in the back.
Many investors spend time reading mountains of books, listening to hours of CDs and attending one seminar after another. These investors still find it hard to get started. It seems like that first deal keeps getting closer and closer but never really materializes. What is it that keeps some investors from getting started? What can they do to overcome the hesitancy and start making deals?
I’ve talked to plenty of investors who find themselves in that situation; investors who ask a lot of questions but never seem to find enough answers to satisfy them. In working with those investors, I’ve noticed some trends. There are a few common setbacks that seem to affect those who would otherwise be successful. And likewise, there are common solutions to apply to those setbacks that can make the difference between hesitancy and action.
One of the most common impediments for investors is their ability to hone in on one method or strategy. Understandably, investors see opportunity and want to pursue it. The problem comes when every strategy seems like the strategy for you.
Maybe you can relate; maybe you’ve been to one of those three-day seminars where the first half of the first day is spent talking about something like lease-options and you decide at that moment that lease-options is how you’ll take your slice of the real estate pie. But, by the afternoon, as the seminar topic shifts to wholesaling, so does your business plan. Through the three days, you’ve decided you’d rather be a landlord, then a hard-money lender, then a property manager and then a property marketer. By the end of the weekend, you’ve been spun so many different directions, you don’t know what you want to be. If you feel like you have the attention span of a gerbil when it comes to deciding how to invest, you need to get some focus.
Don’t try to do it all. Start with one area and make it work. Strive for small success then build from that point. Don’t let yourself get distracted from your plan because you hear that another investor is having phenomenal success doing something else. Stay with your focus and soon it will be you reporting the success.
Business is all about momentum. Too often I hear of investors who, much like the gerbil described above, has tried it all. They’ll say “I’ve tried landlording. I’ve tried wholesaling. I’ve tried lease-options. None of it works”. When I ask how long they worked at it, I get similar responses; “We’ve been at it for a couple of months now…”. As I hold back the urge to ask if they’re kidding, I explain that what they’re lacking is persistence.
Imagine a line of huge granite boulders. Each one has been shaped into a perfect sphere but they’re huge. You can see that, because they’re round, they should roll nicely. The problem is getting them started. Now imagine that each boulder is labeled. One says “Wholesaling” another says “Lease-Options” another says “Foreclosures” and so on. Some investors will push on the “Wholesaling” boulder for a short time. They’ll see only a little movement and say, “Whew, that’s too hard. I’ll try something else.” Pretty soon they’ve pushed on all of them with similar results. This is when you usually hear them say “nothing works”. The reality is that if all the effort distributed between the boulders had been simply directed to a single boulder, they would see different results.
Once you’ve made a decision to focus on one specific investing method, stick with it. It might be hard at first but it will get easier as your business gains momentum.
There’s a lot to be said for those investors that can weather the storms and stay on course. There will be ups and downs. If you can’t get past the “downs”, you’ll hang up your hat before you ever see the results you’re after. You will find deals. You will find opportunity. But, you have to stay in the game long enough.
As you make your decision and step up to push that boulder, be prepared. Plan for the hardships and setbacks. Know in advance what you’ll do when something goes wrong. Make sure your plan includes contingencies and back-ups for when the market changes or you run into something new.
In the end, it’s all about getting started. Once you’ve done a deal or two, you’ll see that you can go out and do it over and over again. It’s just taking the first few steps that tends to hold up most people. If you can get your focus and be consistent, you will certainly see the results you want.
“no sacrifice, no reward”
Investors, remember to remain focused, persistent and have endurance.