Real estate is known to get people pumped up, inducing mental ecstasy and adrenaline fueled excitement giving you no other option to jump in and successfully complete your first deal.
I love and live for this motivation but like any business real estate tends to drive a lot of Bull sh!tters and flat out con-men into the industry as well.
Don’t believe everything the first “hot shot” fast talker tells you!
I can’t tell you how many times I run into these hotshot real estate investors that claim they have access to unlimited funds enabling them to purchase 20 to 30 houses a month but at the 13th hour they can’t bring a small check to the closing table to complete the transaction. It’s really bad business and bad ethics to lead people on and act like you’re a bigger fish than you really are!
A friend of mine actually had someone bail on him last minute at the closing table (which happens in this biz) and his excuse was that he didn’t realize how many houses he purchased this month and was short funds. This is the same guy that claims to represent hedge fund managers with 10’s of millions to invest in real estate and was unable to bring in $15k to complete the transaction! Word spread fast and he is now on our “do not answer” list. Not because he couldn’t close but because he misrepresented himself in the beginning deeming himself a liar!
You should be comfortable with who you are and at what level of investing you’re currently at in life!
If you do a deal year you are a real estate investor! Be proud of yourself for that. If you want to go bigger shoot to do two deals per year than three deals per year growing each time and increasing slowly pushing yourself to get a little better and bigger each year. Don’t ever let other people psych you out and make you think that you have to do more deals to be a somebody in this business!
I personally did 19 deals last year that was a big year for me. Many of my peers did 50 to 100 deals last year. Surrounding myself with investors like this motivates me to push harder and set the bar higher to do even more deals. I could never look a person in the face and act like I’m bigger than I am.
If you are a wholesaler then be transparent. If you are a rehabber let it be known. If you do 1 deal a year or 50 deals just be honest and proud of what you accomplished. At the end of the day it’s not how many deals you’ve done but how profitable you were at the end of the year!
Set investment goals, practice good business ethics and believe me by doing this you will grow each year!
Eventually you will flip 50+ houses a year if that’s what your dream really is. If you going into this industry as a liar and not being able to deliver I promise your career will be very short-lived. That’s the fast track to getting a bad name and nobody will do business with you. You won’t stand a chance at achieving your dreams of doing multiple deals per year.
Never settle for being at a level that is smaller than what you feel you can achieve. Always set the bar higher and push harder but never tell white lies to make yourself out to be bigger than you are. Practice good ethics and success will follow. Map out your investment goals immediately, chunk them down into simple steps and begin taking action today!
Get the book that gives you investing advice you can actually use!