I have to admit something; I finally discovered the reason I began investing in Real Estate & it took me five years to figure it out!
I realized it while preparing for what will be my most revealing talk ever at the Property Show Saturday April 30th in Toronto where I am sharing as much as possible about what brought me to where I am today.
It’s because of this on-going self-analysis I find more truths.
HERE’S WHAT I MEAN:
I’ve talked about my businesses before, starting them without direction following my passion for what I wanted to do and that’s all cool. What I found when looking back though, is every one of these businesses was driven by the desire to make money.
But wait, isn’t that WHY we are in business in the first place?
It’s to be rich (although I don’t use that word anymore, it makes the point), have the freedom to buy and do what we want etc. Well, I suppose on the surface everyone wants freedom with money.
So the question remains:
Why did I start investing in Real Estate? Was and IS it for the money? If it is, I am terrified as to what will I do when the money doesn’t come.
Let me point out the number one answer to: “why do you want to invest in real estate”, it is usually some form of: “because I want to replace my income, quit my job and be financially secure” which was my answer; me, me, me.
Honestly, if this is the only reason you can conjure up, YOU are motivated by money, which means your decisions are based on money. Once you don’t have the money, your motivation dies.
Over the years, I’ve witnessed quite a few investors come and go after being pumped up with the idea of riches & they begin buying without real purpose and then slow down and give up completely.
Why does this happen?
It’s because there is no deeper meaning for them to ‘stick it out’ when times get rough. Vacancies pop up, economics change, repairs happen, whatever the case. The ‘riches’ are just not happening fast enough.
THE TRUTH IS
I started this same way…I didn’t know it, but my reason to invest in Real Estate was DESPERATION.
Desperation is another way of saying “I wanted money”. I was completely lost after selling my company, the music business was no longer bringing residual income and I was panicking about providing for my family.
On the surface, you would think I had a great reason, a deeper one than money, but truly it was not. I can tell you that because I had no idea what Real Estate I wanted or why I wanted it. I just trusted I could invest in a property and hopefully make some money doing it.
With the help of the Real Estate Investment Network and all of the people I met, I was quickly encouraged to find the reason I wanted Real Estate. Specifically, Peter Kinch, Don R. Campbell, Russell Westcott and Patrick Francey personally challenged my reasoning every time I spoke with them. At first, this got under my skin; I’ll be honest because they answered my questions with a question.
But that was the genius. They challenged me to look deeper and the secret is, it’s different for us all.
Today I know WHY I invest and even though I started with desperation, I have quickly removed money as a motivator. This realization helps me help others in their entrepreneur development.
Take this quick test:
Remove money and freedom from your reasoning to invest in real estate. Is there any other reason left? If the answer is no, then move on and play the lottery because you are just as well.
On the other hand, if you can find reasons for WHY you want more money and freedom, specifically what those will DO for you and others around you, then you have the major component to be successful in Real Estate investment. Those reasons are what make you stick to the belief you discovered about you in the first place.
Why not share YOUR purpose for investing in Real Estate with me? Is it REALLY about money when you think about it? Maybe together we can figure out your true meaning and then you will be unstoppable.
Post below to start the conversation!
I hope you join me at the Property Show Saturday April 30th and I will explain further what my “why” is for investing in Real Estate. Take a look here at all the great speakers I am honoured to share the stage with.