Hey Moguls, Shaun McCloskey back again rounding out my 2-part lesson that’s full of important REI tips and advice… some of which you probably haven’t considered before.
In Part 1, we talked about not taking every single deal that comes your way but to focus on quality deals over quantity. We also covered goals, why you should hold on to your best deals and how not to limit your well-earned profits. Make sure you check that lesson out.
Today, we’ve got 5 more critical tips, so let’s get to it…
Tip #5: Separate Business and Charity
Sometimes, I used my business as a charity when I shouldn’t have. My recommendation for you is never to do the same. Don’t let someone live rent free or give someone else more for a service than what makes good business sense to give.
I’ve learned that I need to run my business for a profit, and that I need to do all I can to keep it profitable.
I’ve also learned that it’s okay for me to be charitable with my profits, but that I can’t be charitable with my business.
Giving your business away before you make profits cuts your wellspring off at its source. It’s not prudent, and your business will suffer greatly as a result if you choose to do so.
Tip #6: Hold on to the J.O.B. as Long as You Can
I know it’s hard to hear this, especially for those of you disgusted with your current position, but I recommend that beginners with good jobs to hold onto them for a while.
Why?
Because they provide a safety net while you are learning… and particularly allow you to establish yourself with banks and credit card companies. Convincing these organizations to work with you as a self-employed person is tough.
Tip #7: Start as Early as You Can
I first became interested in investing at the age of 18, and I wish I had pursued it from that age. Instead, I waited 10 more years to get started.
It’s hard for me to imagine where I could be if I had just started when I was 18 years old.
It’s never too late – but you need to start NOW!
Tip #8: Use Partners Wisely
Use a partner only when you need them.
In other words, choose someone with time, money, knowledge or skills that you don’t have. They should bring to the table something that you need.
All too often, 2 people with a dream and nothing else decide to be partners. Not good. Partners need to complement each other, not have the same qualities.
I teach others to use partners strictly on a deal-by-deal basis. The form of partnership I teach most often is where one person puts up all of the money and the other is responsible for everything else.
Tip #9: Dare to Dream
Finally, I’d like to stress that if you can dream it, you can do it through effort and perseverance.
Having money, a decent job, and good credit makes investing easier, but those things are not necessary. When I began my career as a real estate investor, I had no money, no job and poor credit…
Through the grace of God, I have come a long way. You can too.
So…
Set your goals and start taking the steps necessary to achieve them. Re-evaluate and adjust every so often, but don’t quit and don’t let anything stop you.
Care to Share?
Share your tips in the comments section below. Let’s help out our fellow investors.
Separate your business from charity – the goal of your business is to make profits from which you can then donate some proceeds to charity.
Keep your J.O.B. until you have enough deals and credibility under your belt.
Choose your partners wisely, making sure you each bring a different benefit to the table.
Start now. Take action today.
Shaun McCloskey
is considered to be a very successful real estate investor, author and real estate coach by world standards, but he realized that he was working far too much and was too consumed by his real estate investing business. By implementing Lifeonaire life coaching into his own personal life and business, this is now a thing of the past. He currently teaches others to do the same.