Would you like a magic real estate investing formula that will guarantee your success? For the past decade, I have been pondering why some real estate investors become wildly successful and while others fail miserably. Does it have to do with age, ethnicity, background or financial position? Is it due to location or market conditions? Or is it about personality and previous experience in business or investing? Since I share in the profits of my student's deals, a portion of my overall personal income is directly related to my ability to successfully teach others real estate investing. So I am both intellectually and financially motivated to understand how to ensure real estate investing success.
In all my years of training thousands of real estate investors, seeing who succeeds and who fails, I have developed a simple real estate investing formula that has a magically productive 100% success rate.
Right Education & Mentor + Burning Desire to Succeed + Unwavering Persistence = Real Estate Investing Success
1. Right Education & Mentor: To be a successful real estate investor, you need the right education and mentor. To obtain the right education, you need the right mentor. Unfortunately, books and courses alone won't give you the complete Right Education because the most difficult challenges that can prevent you from closing a deal are scenarios that are not in print. In the real world, a mentor picks up where books and courses leave off. Plus, most education on real estate investing confuses more than clarifies, and the more confused a person is, the more likely they are to buy more education as opposed to going out there and actually doing it. The RIGHT education and mentor cuts through and clarifies. To get the right education, you need the right mentor. To learn more, read this article, Choosing the Right Real Estate Investing Mentor.
2. Burning Desire to Succeed: Even the right education and mentor can't help you if you don't have a burning desire to succeed. Also referred to as your "Big Why," you need a reason (or reasons) why you absolutely MUST succeed and why you won't stop until you do. Otherwise, at the first hint of challenges, you will lose interest and move onto what you think are greener pastures. I have often heard the phrase from investors who tried real estate for a short period and then quit, say, "I've had a change of heart." Successful real estate investors are so passionately driven to get to that finish line that even if they feel a change of heart coming on, they bat that down and become even more compelled to finish. You gotta want it. Succeeding at real estate investing has to be a MUST for you.
3. Unwavering Persistence: With a burning desire to succeed, this third part of the equation is much easier. You simply stick to it until you succeed because you are incredibly driven to make it work. Too many times I have seen investors give up just before they are about to make some money. Real estate investing is a long term economic power play, not simply a quick financial fix. You may not close your first deal and put money in your bank account in the first few months. It may take longer than you think to reach the level you want to be at. But with each day, you are in the process of turning a flywheel and you are building momentum. The most destructive thing you can do to your overall goal of succeeding at real estate investing is to stop pushing that flywheel of momentum and change course direction completely. Oftentimes it happens very subtly, such as a friend invites you to an Multi Level Marketing Business meeting (aka an Amway-type business), a co-worker recommends you spend your time investing in stocks, an email comes along and tells you to become your own self published author, and on and on the distractions bombard you. Always trying to lure you away from what you are already doing. My independent studies have shown that real estate investing is the best small business in America. Therefore, in my opinion, there is no greener pasture. Real estate investing is the best.
The people who have the right education and mentor and a burning desire to make real estate work always succeed if they stick to it long enough. In my experiences, with those three ingredients, they succeed with real estate investing 100% of the time.