I have trained thousands of new real estate investors how to invest in real estate (over 4,200 since 2008). I have also personally flipped over 1,000 houses myself over the past 16 years (since 2003). Collectively with my students in the Partnership Program (many of who are now full time real estate investors) we have flipped a few thousand more houses.
Recently, at my Wholesaling Real Estate boot camp I was asked a question from a student in the audience. The question was this: “What is the main difference between successful students and students that do not achieve success?”
And here is the answer which is deceptively simple. It’s so simple that most new investors completely overlook it!
SUCCESSFUL STUDENTS HAVE A VISION AND A GOAL AND A PURPOSE
This is the path of successful students (the path I teach in my coaching)
STUDENTS THAT FAIL HAVE NO VISION, NO GOAL AND NO PURPOSE
This is the path of students that are not successful and quit
Do you see a pattern above? I put number 5 above in bold type because simply not quitting will get you 98% there. Way too many new real estate investors quit before they even get close to overcoming the learning curve.
In their rush to “make money” they will skip reading my Home Study Course, not read the supporting books that I provide and not watch the video training’s on our training site. But all of these steps are VERY IMPORTANT STEPS THAT WILL HELP THEM ESTABLISH THEIR VISION AND THEIR PURPOSE. I often tell new students to “slow down” and just READ THE MATERIALS AND WATCH THE TRAINING VIDEOS. If you start doing this, you will see results. And if you don’t – well then you won’t.
So having a vision, a goal, and a purpose is important. And if you read the training materials that you are provided with then this will help you establish your vision and your goal.
How does this relate to you as a real estate investor?
I see new students struggling to establish their vision and goals. They spend their first few months going back and forth between wanting to be a landlord, wanting to fix and flip, or wanting to be a wholesaler. They are looking for “instant success”. Some of these students get very frustrated as they go back and forth between these different goals (because they don’t have a clear and concise vision). The more frustrated you are, and the more you go back and forth, the more likely you are to quit. Instead start by focusing on your vision.
The first step is the vision. Imagine yourself as a real estate investor 10 years from now. Imagine that you are successful beyond your wildest dreams and you are now a multi millionaire. Now how did you get there? What was your focus and your vision over the prior 10 years? What did you do for ten years to get you to this place? What were the action steps? Imagine those action steps. Imagine the vision you had when you started. When you think like this, it becomes easier to establish your vision. Once you have your vision then you can move on to your goals. Start out by thinking about who you want to become. That will give you purpose.
Do you want to buy hundreds of rentals and retire wealthy? Is that your goal? Do you want to learn how to wholesale real estate and quit your job and be a full time wholesaler? Is that your goal? Do you want to fix and flip 4 houses a year to make $100,000 per year to replace your income? Is that your goal? My suggestion is pick ONE GOAL to begin with. When you master that goal then move on to the next. understand that a goal is not the same as a vision. A vision is what you ultimately want to become. A goal is a stepping stone on the path to your vision. Your goal is broken down into small action steps.
For example of a goal, you could decide to first learn wholesaling and become a wholesaler. That could be your first and primary goal. Then when you have achieved that goal (however long that takes), then you could move on to your next goal which could be saving enough money to start fixing and flipping houses. That could be your second goal. Your third goal could be to become a landlord and own rental properties. I recommend that you consider doing that last one first if you have good credit and a good job since it’s the easiest way to get started for most new investors.
The biggest challenge for new investors is coming up with that vision and goal. Many beginners go back and forth and are not sure which area of real estate to focus on (wholesaling/fixing and flipping/rentals) This happens because they are not focusing on their vision. Your vision will give you purpose. Think about your 10 year vision.
When you focus on that vision, everything becomes crystal clear. And once everything is crystal clear you have purpose and passion. And then establishing goals and action steps and overcoming obstacles becomes a piece of cake. At that point you are a man (or woman) on a mission! Just remember to never ever quit before you have achieved your goal. This will be way easier to do if you hate your job, and are way underpaid. It will be much more difficult to do if you are comfortable. So your first step is to get out of your comfort zone.
For some people that may mean writing a big check for a coaching program. For other’s it may mean quitting your job, or making other changes (personal and financial) in your life. Either way, when your back is against the wall, when you have burned your ships then failure is no longer an option. That is what I mean when I say “get out of your comfort zone”.
Your vision is actually the step that should take the MOST TIME for you to figure out. It is also the most important step because that is where you will focus ALL of your time and energy. It may take you a few months to figure out your goal and your vision (and that’s ok). Your vision and your goals may change over time too (that’s fine too).
Focus on your current vision, your current goals, your current action steps and then when you know what that is, then it will be crystal clear for you and your journey will be easy.
Once you have your vision, setting goals and action steps become simple. And then at that point all you need to do is focus, put in the work, be persistent and never quit until you have achieved your goal. Give yourself a realistic timeline and be PATIENT. It will take time for you to overcome the learning curve. Most of my new students need around 3 to 6 months to get through this learning curve timeline. Then after that, implementing action steps and taking action could take another 3 to 6 months. After that is when the magic happens (if you haven’t already quit).
That is the difference between success and failure. It is really that simple. As Babe Ruth says, It’s hard to beat a man (or woman) who never quits. But in order to have that solid focus and purpose, in order to not give up every time you have an obstacle it helps if you have a vision. So start there.
Ask yourself what your vision is.
And then more importantly ask yourself why!
Feel free to comment below.