I don’t blow smoke and I don’t believe in hype. But what I do believe in is sharing with you some challenging principles often untouched by other real estate trainers and mentors. What I want to do is give you the facts, so that you can make informed, educated investment decisions.
And that, my friends, is what today’s lesson is all about.
Hey Moguls, I’m Cris Chico, founder of "virtual" real estate investing and wholesaling, and I’m a big fan of doing deals from your laptop anywhere, anytime. I’m ready to dive a little deeper into this lesson pool. Are you? Get your speedo on ‘cause we’re going in!
We all know what they say about assuming… but I'm going to make a few assumptions here and now. I'm going to assume many of you are new investors just starting out in the business, and if my assumption is right, you're probably tired of not getting the results (and the deals) you're working so hard to get.
The good news is I’ve got a soft spot for rookies. You guys have fresh minds, tons of energy and you’re hungry for your first kill, so to speak. The even better news is that I’m going to share with you my three pillars of real estate success to get you moving in the right direction. (And by the way – all you more seasoned investors, keep reading because this is certainly helpful mindset and attitude info for you as well.)
The first pillar is about a reality check. In short, stop looking for the magic pill (you’ll soon see what I mean by that.) The second pillar is about being selective with the opportunities that come your way, and the third is all about speed of implementation.
Let’s get to the goods…
There Is No Real Estate Tooth Fairy
You’ve heard so-called gurus promise overnight success and instant money (even without real estate knowledge or experience) if you simply buy into their courses and programs. If you’re buying into that load of you know what, then it’s time for a harsh reality check, my friends. If you continue to believe in this theory of “all for nothing,” then I’m fairly confident you will fail. Sorry, but it’s that simple. I’m not being a Danny Downer here, I’m simply trying to open your eyes by being honest with you.
Let’s talk about cars for a moment. Becoming successful in the real estate business is much like driving a car. You get in, you put the key in the ignition, you start the car, and you go. Baddabing. Baddaboom. Easy, right?
But what if you pop open the hood? You’ll see lots of moving parts that have to work in harmony for your car to run properly. Real estate, much like cars, seems simple on the surface, but once you get into running comps, closing deals, marketing to buyers and sellers, negotiating and so much more… things get much more complicated.
The bottom line is you’ve got to crawl before you walk, and you’ve got to realize that there is no real estate Tooth Fairy. You’ve got to roll up your sleeves, get in the trenches, do your homework and understand that you’re going to fall down a few times along the way. So, be realistic by focusing on getting some deals under your belt and becoming an expert in the process.
Focus Is a True Success Amplifier
I know you want to make that money, but don’t jump on every opportunity that comes your way. You have to be selective. Confucius said…
“The man who chases two rabbits, catches neither.”
Makes sense to me. Look, I struggled in the beginning of my career and almost threw in the towel. But I realized that I was chasing too many rabbits. So ask yourself how many are you going after right now? How many different directions are you trying to run in? Again, reality check.
A Mindful Focusing Exercise
Here’s a simple thought process that can help you be more selective and focus on the right opportunities. It’s all about a formula and a mindset. Think about the letters ABC, each letter representing a different marketing strategy that you want to implement, and a week’s time. So we’ve got three strategies and three weeks, which looks like this…
3x3 = 9 weeks
In week one, you start working on A. On week two, you stop A and start B… and so on. Each of these techniques takes three weeks to complete, and you’re only going to see the benefits of any of these techniques at the very, very end when you have them all done (and that’s if you finish them all).
But what if you take three weeks to finish task A? The chances of you finishing that task and doing it justice are much greater. You work through it until it’s done, and THEN you move on to task B.
See where I’m going with this?
What I want you to take away from these letters and weeks is this – after the first three weeks when you're done implementing technique A and you move on to technique B, you are now reaping the benefits of having technique A up and running. You now have a system in place that's producing you leads, so you can move onto the next technique. And instead of waiting until the end for results and the reward, you can reap the benefits much earlier in the process.
Pick one strategy and become a master at it. Kick its butt, make it work for you, and then move on. I learned this lesson the hard way, but when I finally got it through my thick skull to focus on mastering one task at a time, I began to see success.
A dear (deceased) friend of mine, Wilfredo Pareto, taught me a basic principle – critical to success - that I will pass on to you. It’s called the 80-20 principle, and it basically says that 80% of your results come from 20% of your efforts.
When we apply this principle to the real estate business, it makes sense. Pay attention, and you’ll see that about 80% of your deals come from 20% of your neighborhoods. About 20% of your buyers will buy 80% of your deals, and most importantly, 20% of what you implement will make you money.
Mind-blowing stuff, huh?
So why is the 80-20 principle so important? Because time is your enemy. The longer it takes to get things done, the less chance you have of success. There’s only so much money or so much patience to go around, so keep that in mind.
Done Is Better Than Perfect
Having just said that you should focus on learning and doing one thing at time, I also want to mention how important it is to know when it’s time to move on the next thing. Get comfortable enough with what you’re learning or doing and proceed to the next thing – it doesn’t have to be perfect. Done really is better than perfect because otherwise, you’re not growing your business. You’ll be stagnant if you wait for every duck to line up perfectly.
You simply don’t have time for that.
Speed of implementation is the most important thing that you can do to guarantee your success. I’m talking about how long it takes you to take action after you learn about something or decide to make a move. Remember that there are no bad actions. Any action is good, and the learning process to success is a journey.
The biggest problem with investors is paralysis of analysis. Bottom line is don’t over think. Simply act!
Bringing It All Into Focus
Remember, there is no magic pill or tooth fairy in the real estate world. Sad, but true. Always be selective with the opportunities that come your way and don’t procrastinate! Pick one strategy – one at a time – and rock its world. Commit to putting everything else aside, and you'll find that you'll be less overwhelmed. The paralysis of analysis will dissipate as you take action, and I know you'll finally experience the success you've been looking for.
Ya Feel Me?
Please do share any comments or questions you have below. I’d love to hear from you!
Recognize that there is no real estate tooth fairy. You’ve gotta do the work.
Always be selective with opportunities that come your way. Not every deal is a good deal.
Work with urgency and don’t procrastinate. Just act!
Focus on mastering one task at a time, and then move on to another.
Keep in mind that done is better than perfect – and take action.