What To Do And What NOT To Do When Start...

temptation So how do you start a real estate business?

No, really.

Jason Lucchesi here, and today I’m going to answer this question I hear so often by telling you both what NOT to do and what to do to find success. This is all based on my personal investing experience and my experience as a coach for other investors.

Are you ready?

Let’s get started.

What NOT to Do

So maybe you’re just getting started and you know nothing about real estate. Your problem seems to be one of education, so you sign up for a webinar. It’s pretty good, but you’re still not really sure where to begin...

You hear about another webinar that promises to help you make $30K, so you sign up for that one, too. Then you see yet another educational course and decide to give that one a go.

My friend, you are falling into the education trap.

Look, there’s nothing wrong with webinars and training courses. BUT if all you’re doing is buying course after course you’re not going to see the success that you want.

Trust me, I know. I spent $6,000 on just 1 course. I spent another $34,000 on training programs. At the end of the day, all I had was training programs, not success.

It wasn’t all the courses’ fault, it was mine. And the real issue wasn’t that I didn’t have enough education. It was that I didn’t know how to get started.

What to Do

So how do you get started?

You need these 3 factors:

Laser Focus
Business Plan
Daily Plan

Get Focused

Here’s how to start on the path to success: get laser focused on 1 strategy. If you’re going to focus on fix & flip deals, focus on fix & flip deals. If you’re going to focus on wholesale deals, focus on wholesale deals.

Do that right now.

And as soon as you have your laser-focused strategy of what you want to do and how you’re going to be profitable, you need to get organized.

Create a Business Plan

kill Put together a business plan for the next 30, 60 and 90 days. Don’t go past 90 days. And remember, keep your business plan laser focused.

Do this NOW before you start doing deals or networking with possible buyers. You need to have a plan for how you’re going to find buyers and sellers. You need to have a plan to build your team: you’re going to need title companies, real estate agents, lawyers and inspectors.

Then, put together an action plan: How are you going to find those motivated sellers, cash buyers and team members?

Once you have this action plan in place, you can knock it out really quickly.

And don’t be afraid to change your plan. Here are 4 great steps to managing your plan for success:

PLAN: Put your plan together.
DO: Then take action on the plan.
CHECK: Evaluate your plan on a daily, weekly, monthly basis.
ADUST: Not seeing results? Adjust your plan.

“A goal without a plan is just a wish.”
~Antoine De Saint-Exupery

Make a Daily Plan

Okay, this is the ‘do the plan’ part.

How do you stay organized on a daily basis?

2 things: prioritize and schedule.

At the end of every day, set your priorities for the next day. Make a list of the top 5 things you need to accomplish the next day.

Remember, focus on tasks that make you successful. Then when you start work the next day, don’t do anything else until those 5 things are completed.

Second, make yourself a schedule. Plan what you’re going to do each hour. Write it down. And then you need to focus on that.

You’re starting off as a solopreneur. You’re not going to be a full-fledged entrepreneur right off the bat. So you need a plan and you need to stay focused.

Ask for Help

If you’re struggling with your business plan or are having trouble staying organized, ask for help. You might ask for advice in an online forum for business owners or real estate investors. Or even better, talk to a successful investor or entrepreneur you know personally. A mentor is a great thing.

How do you laser focus?
Got any other great tips to get focused and organized as a new investor? Give us a shout out below!