So you want to be in real estate? Wouldn’t it be nice to have those big profits off each house like they get on HGTV every time?
Here’s the thing: those profits do exist, and you can get them for yourself.
It’s just not quite as easy as that hour long HGTV episodes make it seem. Yes, even the ones where they had all the unforeseen problems.
Real estate is hard work. It is not something you dip your toe into and suddenly the Money Truck backs up to your door.
Being a real estate investor requires having a definite purpose. You have to want it. You have to work at it. The rewards are many, and are definitely obtainable. But they don’t fall into your lap.
In fact, almost everyone fails when they start out — deals fall apart, fix and flips lose money (yes, it happens), sellers ghost you. Many of us call that The Learning Process. Well, that’s the rated-G term. Think of it as the weeding out process, because those who lack true purpose will quit when they discover just how unforgiving real estate can be.
Keep in mind, needing a big purpose in order to succeed isn’t exclusive to real estate. If you want to be highly successful in any field, you need a big purpose driving your actions. Otherwise, you squirrel, get distracted by shiny objects, and ultimately quit or limp along being just OK at what you do.
Please don’t confuse purpose with a big bank account. While you can build a big account balance doing what you love with purpose, if you think your purpose IS a big bank account, you’ll never get there in real estate. Or at least if you do, you will be run ragged and hate every minute of what you do. Go be a banker; at least you will be able to see big bank accounts.
Don’t people get into real estate to have that big bank account?
For some people, sure. But that’s really an end result or side benefit. You could be just as successful doing all kinds of other work if you tackled it with purpose, poured your efforts into it, learned the industry, and loved working in it.
This doesn’t mean you have to like all aspects of wholesaling, fix and flip, or any niche. Maybe you love sitting in someone’s living room showing them how you can help solve their problems by buying their house for cash, but you hate cold calling. And that’s fine. You can focus your time in sales and hire people to do your cold calling.
But you have to build to that point.
It’s All You
When starting out, you need to do it all. Because you’re the business, but also you will need to know how to train people as you grow and bring them on. This also lets you discover what you really love about the process, what you don’t like to do, and where you can focus your passion and purpose.
Once you have your purpose identified, you need to put all your energies into only activities which further that purpose. This may mean you need to hire people to do those things which are not directly related to your purpose, but that’s a good thing. You can hire people who love doing paperwork, for example, when that is not part of your purpose. Hire Virtual Assistants (VAs) or acquisition agents to do your cold calling.
You may have to do these things until you can grow enough to bring on good people, and that’s part of building a business, moving from solopreneur to entrepreneur. Then you can train them on how to do it the right way.
Purpose is the Reason
Real estate is a fantastic business to own, but in the end it is just a vehicle for your purpose. The fire within you to run a business, the vision of where you want to be, the thing you love to do, THAT is your purpose. Sometimes finding your purpose is difficult. You might need a mentor to help you sift through everything in your life that distracts you so you can see your purpose.
Trying to build a business without knowing your purpose is like trying to navigate to Triumphville without knowing where it is. You can drive all over the place and never come close to finding it, wasting time and missing opportunities along the way.
If you don’t know your purpose, it’s time to find it. Get a map and plan a route. Discovering your purpose is critical to building your business. It may be easy; it may take some looking. You may have to dig deep to pull it out.
Find your purpose and focus everything in your business to further that purpose. Then you will truly start on your path to success, wherever that path may lead.