How to Avoid One of the Biggest Mistakes In Real Estate Investing
In all the years I’ve been coaching and training real estate investors, so many of them constantly trip one of the biggest mistakes in real estate investing without knowing it.
Here it is.
They change the plan.
For the most part, real estate investors have a plan.
Here it is:
“I want to make enough money to quit my job.”
When I challenge them about being more specific, they’ll usually default to the general plan 90% of of real estate investors have:
“I want to make 5 -10 thousand a month in passive income so I can quit my day job and have more free time with my family.”
That’s a good start. But it’s not nearly compelling enough to avoid one of the biggest mistakes in real estate investing.
And that’s why they change the plan.
Because the “plan” is based solely around money.
So if they start looking at single family homes and find they can “only” get 100 a month cash flow, they look for another strategy.
Now they’re looking at small apartment buildings.
And they’ve added a few extra things to their lives in order to buy and manage them.
Now. In no way am I telling you one real estate investing strategy is better than another.
What I AM telling you, is that if you do NOT have a compelling vision about what you really want and why, your “plan” is more than likely based on money.
And when the money doesn’t come as quickly as you thought, you switch gears.
In other words, you are guilty of one of the biggest mistakes in real estate.
I see it all the time.
So how do you avoid making one of the biggest mistakes in real estate investing?
In my opinion, it’s about sitting down to define what you want your life to look like.
Yes, I know you’ve heard that before. But have you DONE it?
If you have, then I’ll challenge you on this: have you, at the same time, defined what you are UNWILLING to give up RIGHT now?
Most of my students are shocked at their own answers when I pull this out of them at a mastermind session.
It’s because most of the time we are always looking at a better future, but we are not taking into consideration what we have to give up to get it.
We don’t consider the long term affects.
For sure you have to work hard, give up a few nights and weekends. But you don’t have to do it EVERY DAY.
Trust me. There are MANY investors who try to convince me that it’s cool to “sacrifice” a few years so they can get what they really want.
Are you kidding me?
Stop lying to yourself if that’s you.
Because I know for a fact it’s bullshit.
Not just because I’ve seen my clients do it, but I’ve done it myself.
And those “few years” we think it’s going to take, lasts more than we figure.
And in the process, our relationships breakdown, we miss out on special moments of our lives, our children are grown, and we wonder where the time went.
It’s all because the plan is constantly changing.
There’s no commitment.
I even talk about this in chapter 5 of my book How to Win at Real Estate to Break the Freedom Barrier: Go From Fear To Your Next Investment Property In No Time Flat.
I won’t go into it here. If you have the book, go back and read that chapter.
If you don’t have the book, and want a different, fresh new perspective on real estate investing, with this obvious blatant sales pitch, you can buy it here.
By the way. If you want some inspiration about how a regular, hard working dude followed through on his commitment…read this post
So there you go.
One of the biggest mistakes in real estate investing is constantly changing the plan.
If that’s you, don’t worry. You’re normal. We’ve all done it.
The thing is, now you’re aware of the problem so you can fix it.
And if you need help coming up with a compelling vision and strategic plan to stick to, join me inside a mastermind so we can get you crystal clear.