When someone is starting a real estate business because they want to have 5 – 10 thousand dollars of passive income per month so they can be “free”…
There’s 3 MUSTS I totally believe they need to have:
- responsibility
- resources
- resilience
If you’ve got those three in place, you’re chance of reward from starting a real estate business is so much higher.
Let me tell you, it’s not all roses in this business.
At least not like a LOT of gurus want you to believe.
But it’s not impossible either.
Starting a Real Estate Business The Right Way
I’ve personally coached clients when they’re starting a real estate business…helping them move them from chaos to carrying-out their strategic plan step by step so they can live their dream TODAY…
WHILE they’re still starting a real estate business.
THAT’S a really important part of this “freedom” plan…and I want you to REALLY get it.
Because a LOT of real estate investors think they need to SACRIFICE time, family moments, relationships, etc in order to “get what they want.”
They have somehow turned the great “do what others won’t so I can do what others can’t” quote into:
‘I’m willing to GIVE UP MY LIFE TODAY, tomorrow and for the next few years (which sadly turns into decades for a lot of ‘em) so I can DO what others can’t tomorrow’
Problem is…WHEN is their tomorrow?
Where, in that quote, do you see the word SACRIFICE?
I think it’s bullshit. Not the quote, but the “new” interpretation of that quote.
Yes, it IS about doing stuff most others won’t.
I get that.
Because you and me both know the dreamers out there.
And that’s all they’ll do. Hope and Dream.
Good plan – how’s that working for ya?
But then there’s the DOERS.
However, there are also degrees of ‘doers’.
There are strategic ‘doers’ who make room for LIFE…
And there are ‘grinders’ who just keep going no matter what because the money, fame and fortune is never enough…
Those are the ‘doers’ who end up sacrificing their lives.
Chasing money, fame, whatever.
My advice? Don’t be that dude.
Don’t GIVE UP your life for real estate!
If you think I’m full of shit, check out testimonials from some of my coaching clients who started out as “grinder-pedal-to-the-metal” people, only to realize how much they were giving up.
Yea, shameless plug, but I’m really focused on helping people understand that your life is the most important thing.
So let’s FIT your business into it, not the other way around, ok?
That said…let’s talk about the 3 -R’s that must be present:
Responsibility
It’s up to YOU to take responsibility for you, your life, and your business.
It’s no-one else’s job.
I don’t care if you have teams, partners, whatever.
When you’re starting a real estate business, things go awry.
Sometimes it’s your fault, sometimes it’s someone else’s.
Either way, STOP blaming the world and other people.
If “people” screwed you over, maybe you didn’t do a great job finding those people in the first place.
I don’t want to get into a huge debate here, because I could write a book just on this one topic alone.
Bottom line is, take responsibility to build your real estate business business properly.
If that means hiring, firing, owning-up to people…do it.
Resources
Investing in real estate takes resources.
That includes money, energy and TIME.
If you don’t have money, you’ll burn a lot of your other resources (energy and time) looking for “creative ways” for starting a real estate business with “no money down.”
I’m not knocking any strategy out there, because there ARE proper ways to do just that…
I’m talking about someone who wants the fast and easy way out.
Multiple people who want to buy real estate have gotten on a strategy call with me, but have no money.
That’s cool…”here’s what you do” I’ll tell ‘em.
(Part of it has to do with building SOLID relationships with people like I teach in my Joint Venture Presentation Formula – another plug for an awesome program I’ve created…but if it’s gonna help you, then I’m not holding it back.)
“that’s going to take a lot of time” they’ll tell me.
“I need to get out of my job in 6 months.”
Um, in my experience, unless you’ve got some money stashed away and you’re willing to quit your job, and live off the savings while you’re starting a real estate business, that’s a LONG SHOT.
So they’ll ignore my advice and go looking for creative ways to get into real estate with “no money down.”
Like I said, I’m not knocking any strategy or system out there, and I don’t have the space and time here to analyze which are best, but just be aware there’s a LOT of flaky “promises” out there.
And THAT’S why I said a lot of real estate investors will waste time and energy, sitting in rooms searching for a magic pill when they’re starting their real estate business.
They could put that same energy and time into building great relationships with people, and learning from reputable organizations how to do it the ‘RIGHT’ way.
(read: this takes a bit of time)
So if you’re going to invest time and energy into starting a real estate business…MORE THAN LIKELY, you’ll have to invest MONEY at the same time.
That means buying some really great books.
It means spending 10 bucks to go to awesome meet ups every month.
You’ll do yourself a favor by investing in a specialized, professional real estate organization. (of course, do your research first)
“But Joey, I already told you, I don’t HAVE money.”
Really? Do you have 5 bucks every day for that special latte? $100 bucks to dine at a restaurant once or twice a week?
Come on, even the “poorest” people have “extra” money they’re using for other things.
This is where “responsibility” comes in.
And lastly, if your financial situation is better than “just getting by” (and that’s subjective as well), get a mentor and coach – not all are created equal, and not all teach the same stuff.
BE VERY CAREFUL of how they lay out their coaching program and what they’re promising you.
Because I’m a real estate investor BUSINESS coach, I hear a lot of stories from people who have joined real estate coaching programs, and have not received what they were promised.
Some of them have literally spent tens of thousands and are in the exact same spot they were when they started.
At the same time, real estate clubs will hand-off “coaches” to new members for additional fees.
Nothin’ wrong with this, except a lot of the coaches are real estate investors themselves…most aren’t ‘professional coaches’ with business training, intuitive gifts and so on.
They also have their own personal lives and businesses to handle.
So, they’re not “REALLY” coaches…they’re more of a mentor.
Again, nothin’ wrong with it…just be very aware of what you’re “paying” for when you’re hiring a coach.
Ask a lot of questions about how they will SPECIFICALLY help you.
Side note: a good coach in my opinion is one who is focused on ONE area of expertise, will call you on your shit and risk being fired from you because they’re telling you the truth, what you don’t like to hear and not always giving you hugs and kisses if you’re not actually DOING anything.
But a lot of ’em won’t step across that line to push you because they’ll “lose a client”.
In my opinion, a coach is not someone concerned about their bank account first and your success second.
Reliance
This by far is the MOST important part.
If you give up at the first sign of adversity, you’re done.
That’s just my personal opinion. ( a lot of that in this post huh? 🙂 )
Because again, in my experience, I’ve seen it hundreds of time.
It may not happen right away…but if you’re someone who can’t take the heat (and everything else I’ve talked about here), maybe it’s starting a real estate business is not for you.
Because resilience is pushing through ALL the hard times.
And guess what – THEY’RE COMING.
It’s not a matte of IF…it’s a matter of WHEN and HOW HARD.
True real estate entrepreneurs know there are storms coming.
They prepare for them.
Reliance = Belief.
If you don’t believe in yourself, your system, your team, you’re more than likely going to let go…and move onto other things.
I know…downer kinda post right?
But it’s the truth as I see it.
It NEEDS to be said.
Because I talk to real estate investors EVERY DAY.
Some are my coaching clients. Some are beginners. Some are experienced, but still struggling.
So I’ve seen all the degrees of commitment, dreaming, and just plain ol’ fear.
I really hope this helps you with starting a real estate business the right way…
These are just my opinions of course, and you may agree or disagree,