What can surfing teach you about real estate investing? More than you may think! You're about to discover the similarities between successfully catching a wave and successfully investing in real estate; from getting started, to positioning, to timing, to selection and even to balance. You'll transition back and forth between the classroom and on the ocean for an educational and entertaining experience. Without further ado, here is your real estate surfing lesson:
#1. Getting Started
This can be a real challenge for surfers! Getting started in surfing is getting past the break. This is also true for real estate. You must learn the little things in order to get to the point of doing your first deal or surfing your first wave.
You must position yourself in the right location to catch the wave. If you are too far back you will not catch the wave, but if you are too far back you can fall. Positioning is also very important in real estate investing. You want to position yourself to be the one in control. Be the one with direct contact with the seller. No real estate agent or wholesaler in front of you, blocking you from taking control of the deal.
Even if you have the best position, you must time it right. If it is a bigger wave, you often have to paddle harder. In real estate investing, timing is just as critical. If a property is about to go into foreclosure and is a few days away from an auction date, this is bad timing because there is not enough time to make the deal happen. If the deal is on the MLS it is also bad timing, because it means another agent has gotten to the deal before you. Once it comes off the MLS that can be good timing. It won't be a bad deal forever. Just make sure to follow up with deals, as the timing may become right for you.
#4. Deal Selection
You must select the right wave/the right deal. Some waves/deals may be dangerous for you and you will become caught up in them with no way out. Sometimes with selection, you might have worked hard on all the previous steps but the deal will just not be profitable. This happens with waves, sometimes the wave is just not a good one to try to ride.
In surfing this is literal, if you do not keep your balance you will not be able to finish off that wave. Even if you do have the right position, timing, and selection, you then have to handle the deal wisely from start to finish in order to close, because if you don’t you will fail.
So how do you get to the point where you are successfully riding a wave/getting a deal?
Through enough experiences, enough waves coming in over your head, you will eventually figure it out.
But there is a better way!
Get a mentor, get someone to show you how to surf, and what shortcuts you can take to avoid all of the mistakes and failures. Learn from someone who has learned all of these lessons the hard way, so that you do not have to. Join the Freedom Mentor Apprentice Program to begin your real estate journey!