When you start investing in Real estate it is important to focus. There are many ways to create wealth investing in real estate but when starting out you don't want to be chasing everything that comes your way.
Many investors will do some research or attend a weekend 'boot camp' and come out all pumped it which is great. Where it can start to fall apart is when they try to implement every technique they have learned at once, sometimes on the same deal.
As a beginner you should pick the one or two avenues that interest you most and stick with them, make them work, you can then move on from there.
If you start trying to implement every strategy and apply it to every deal you find guess what you will accomplish?? You got it, nothing!!
Then your momentum slows and you lose belief in some things you learned and before you know it you are back where you started trying to get your self ready to act again which, by the way, can be tough.
When I started investing I focused on flipping a house, what an experience (more on that another time). But I looked for months before I found the house that was going to make it happen for me. And during that time I wasn't distracted with other opportunities I needed to get started and I had to focus on the thing that was going to get me there.
Since I have continually added new approaches to my portfolio and now do many things but each time I have something new on the go I need to focus on it. When you have experience with certain skills then I am an advocate of doing things simultaneously. Once you know that you can handle one situation there is no reason why you shouldn't be handling multiple situations all at the same time.
When starting your journey keep your eye on the goal, focus on where you want to and will be. Pick the one or two strategies that are going to take you there and focus on finding investments geared towards those strategies and make them work.
There will be times you are tempted to run in another direction and start a new chase for something else. But then you are starting right back a square one each time you change direction.
Get the first one done make it a milestone and then every thing else is starting from that point and the best part is that point will be further along the road you have been traveling than anyplace you have ever been before.
2007年12月27日星期四
2007年11月23日星期五
Creating A Vision
Having vision and passion are two necessary components in building success - whether it be in business or in life itself. Without these, success would be almost impossible to attain. The two also go hand-in-hand; without vision it's hard to reach a goal, and without passion there would be no desire to see the vision through. So it's desire that fuels a person's internal motor to greatness.
It is the thing that pumps the adrenaline into a person's system and helps to keep them awake so that they can finish one last task when their body would otherwise give in to sleep.
There are 3 tough questions a real estate investor needs to ask themselves when defining their vision and passion:
What do I love about real estate?
This is where desires are defined. Once that's done, an investor needs to determine how they can mold those desires into attainable goals. Not only are the goals crucial, but they need to be things that the individual truly wants to achieve. If they are, then the burning desire to make them happen will ignite.
The single attribute that every successful person has is the one-pointed determination to attain a goal. It was author and "hierarchiologist" Lawrence Peter that wrote, "If you don't know where you're going, you'll probably end up somewhere else." This is why it's important to have a clear goal and the drive to see it through.
What will success in real estate bring to my life?
Each investor will need to examine the reasons they are choosing their path in real estate. It would be smart to take the time to think about their aspirations. Only each person will know what's right for them; no one else will be able to answer this. What is it that they want to see happen? People consider success and fortune to be different things in their life.
Some do it so they can have enough money to quit their "day job" and others may do it for the freedom it offers. Real estate investors need to decide what they want out of it and then make sure that the goals are things that will be a good fit; what works for one person may not work for their neighbor.
What do I consider success in real estate?
Again, this is another thing that people define differently. The more success a person wants, the more they must be willing to pay for it. It may mean sacrificing more leisure time to get it, or working a few more hours a week. Success is very much like shopping for a new automobile; the higher the price, the higher the quality. Likewise, the higher the price an investor is prepared to pay in their personal life, the greater the success.
As many discover, there is no "magic bullet" to riches. Becoming a success is left up to the individual to work out and almost always requires a great deal of hard work. They just need to decide what that will be and how much they are willing to do to get it.
It is the thing that pumps the adrenaline into a person's system and helps to keep them awake so that they can finish one last task when their body would otherwise give in to sleep.
There are 3 tough questions a real estate investor needs to ask themselves when defining their vision and passion:
What do I love about real estate?
This is where desires are defined. Once that's done, an investor needs to determine how they can mold those desires into attainable goals. Not only are the goals crucial, but they need to be things that the individual truly wants to achieve. If they are, then the burning desire to make them happen will ignite.
The single attribute that every successful person has is the one-pointed determination to attain a goal. It was author and "hierarchiologist" Lawrence Peter that wrote, "If you don't know where you're going, you'll probably end up somewhere else." This is why it's important to have a clear goal and the drive to see it through.
What will success in real estate bring to my life?
Each investor will need to examine the reasons they are choosing their path in real estate. It would be smart to take the time to think about their aspirations. Only each person will know what's right for them; no one else will be able to answer this. What is it that they want to see happen? People consider success and fortune to be different things in their life.
Some do it so they can have enough money to quit their "day job" and others may do it for the freedom it offers. Real estate investors need to decide what they want out of it and then make sure that the goals are things that will be a good fit; what works for one person may not work for their neighbor.
What do I consider success in real estate?
Again, this is another thing that people define differently. The more success a person wants, the more they must be willing to pay for it. It may mean sacrificing more leisure time to get it, or working a few more hours a week. Success is very much like shopping for a new automobile; the higher the price, the higher the quality. Likewise, the higher the price an investor is prepared to pay in their personal life, the greater the success.
As many discover, there is no "magic bullet" to riches. Becoming a success is left up to the individual to work out and almost always requires a great deal of hard work. They just need to decide what that will be and how much they are willing to do to get it.
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