Real Estate Investors…Are you an Opportunity Seeker or Entrepreneur?
I recently came across a great presentation on business building although it was not real estate focused but still very well done.
I am continually looking to expand my knowledge and many times get caught up listening to a lot of presentations that turn into product launch campaigns, and like many of you I find myself thinking should this be something that I can implement or will this add more to my bottom line?
Until a couple years ago I would find myself working on several courses at a time. Some were real good others were just marketed real well and did not live up to the hype.
As real estate investors and entrepreneurs we have to be careful because spreading your efforts too thin will not produce results.
Focus on results, not activity.
Today there is a tremendous amount of touted push button profit systems being promoted by some very good marketers.
No matter what niche, real estate investing, weight loss, dating, online companies, MLM, we have all read the sales letters that go on and on with the red print, the highlighted paragraphs, the before and after pictures, the fancy car, big mansion, jet, you name it, its all there to get hit those emotional triggers in your brain.
The truth is I have yet to come across anybody who is successful from buying into the hype that success comes easy and from a downloaded program and pushing buttons.
It’s a down fall of the information age that has many people convinced that making money and growing a business is as simple as buying the right product downloading the software and letting the computer do the rest and you log into your bank account and BAM your net worth just grew overnight.
The truth is magic does not actually happen.
This is what most people envision about how to grow a business.
This is how it really looks..
The “Magic” is actually your business.
The magic comes from taking common sense steps, identifying your strengths, hiring the right people, implementing systems and processes so that you can outsource tasks to free up your time.
Getting a mentors and coach is highly recommended. A mentor can guide you so that you can experience growth and cut the learning curve and ultimately have a business that can run without you overseeing every last detail.
What you choose to do and more importantly choose not to do are critical.
Let me explain that….internet marketers will lure you in with all the must have new opportunities but really 99% of that stuff is really a distraction from your real business.
It may provide a momentary sense of gratification from the feeling that yes I took action but really you just probably distracted yourself from the important necessary actions you should have been taking within the business.
I have heard this referred to “Entrepreneur’s Idiot Disorder or EID”.
EID occurs when something starts working and you experience some progress with some aspect of the business and then you get distracted by the next shiny nickel opportunity and go in a completely different direction.
Sound familiar? I’m guilty on my end, but I am more aware of it now and able to eliminate the noise and distraction by limiting a lot of outside influences especially when it comes to email and internet surfing.
Internet marketers make money off opportunity seekers because they are an easy sell. Our job as real estate entrepreneurs is to be highly selective about the types of information, services, products etc that comes across our desk. It is too distracting to productivity and the success of the business.
An entrepreneur understands the importance of the highly monotonous everyday tasks and hard work, time and effort put in and steps taken to build a strong foundation to sustain growth.
But this is not only about efforts business is about results!
FOCUS: Follow One Course Until Successful
As a real estate entrepreneur I am building a business. My investment business is divided into 2 sections = Active Income and Passive Income.
My active income, meaning that which I have a hands on role, derives from wholesaling and rehabbing real estate.
The Passive Income, is the cashflow from my rentals that I have very little time involvement each month. My rentals consume maybe 2 hours a month talking with the management company and the bookkeeper, that’s it.
There are many niches in real estate, but I have found that in order to build a sustainable long term business, you need to have a hybrid approach when it comes to your active and passive income.
If you start just buying rentals, you are probably going to run out of capital and wont have enough cashflow to really make any progress with a couple rentals.
Likewise if you only rehab or wholesale real estate you are going to miss out on the leverage and long term wealth that passive income rental property can provide.
Joe Barletta Method:
Convert the active income from rehabbing houses and wholesaling real estate as many times each year as possible to acquire long term cash flowing assets.
If you are new or a beginner when it comes to investing in real estate the most important and best return on your investment is first in your education.
To begin with start with something that you can actually act upon. If you are going to be investing thousands of dollars in real estate you need to first invest a little time and money in educating yourself.
Ideally, you want to find a mentor who is respected, well known and proven that can provide you with the processes and hand holding in the beginning steps of building your real estate investing business.
When I started in 2004, I was going in so many directions with very little progress.
It was not until I made an investment into getting a coach/mentor that my real estate wholesaling and rehabbing projects really started to come together.
Having the specialized education and mentors saved me a lot of time and money. That simple bit of advice can give you the framework and guidance to follow on a proven path to success to save you time, money, spare many headaches, and avoid any pitfalls that stand in your way.
When you choose a mentor be sure to verify that the mentor has actually done what you are looking to accomplish. They do not necessarily have to be in your market place, but if you are able to find somebody local all the better.
In closing don’t just be an opportunity seeker, be an entrepreneur.
Be highly selective about the people or products you invest in and make sure they are truly in line with where you want to go, because if you really don’t know what it is you want you will never get there.
Don’t get distracted by every product launch or real estate guru new product, use common sense and when you do make that investment in the right coaching/mentoring or real estate course eliminate all the distractions and make that your FOCUS!!! Follow One Course Until Successful
If you would like more information about how to find the right mentor or latest real estate trainings enter your email at JoeBarletta.com
To Your Success, JB