studying, touring properties, and making offers before we finally owned our first property. We had made over 150 offers at that point.
I’m here to admit – we took too long to get started. We both agree if we’d known what we know now, we would have got that first property sooner. So, here’s some tips to help you get a faster start than we did:
1. Steer Clear of Doubters
It’s hard enough saying I’m a Real Estate Investor when you’ve barely started the career, even without hearing friends and family warn you about the risks. Don’t defend yourself, just distance yourself for the time being. Limit your time with doubters, and when you are with them, don’t share your business ideas with them.
Here’s two truths. First, you are a banker when you start your first day at work at the local bank. If you’re working your real estate business, you are a Real Estate Investor. Embrace it. Second, share your ideas, your growing knowledge, and your potential deals with only those who are encouraging and mentoring you. The others will come around when you have the business going full force. Trust me, it happens!
2. Network, Network, Network
We found all the resources we needed through networking. As we shared our elevator pitch in our local community, we discovered properties to purchase, private money lenders, and lots of contractors. If networking isn’t in your wheelhouse currently, learn to do it and do it scared. I highly recommend the book, The Charisma Myth. It will help you grow in this area.
3. Find a Mentor
We attended our local REIA meetings, looking for folks ahead of us in this journey. Some lied to us, some moved on quickly when they learned we hadn’t done any deals, but a few were willing to share their knowledge with us. We were lucky to be part of the FortuneBuilder network, so we had a huge online community available to support us. And, this online Bigger Pockets network has lots of investors willing to help.
We saw how important having a local mentor was to us, so we now mentor investors starting in our area. When they find a property, we go with them showing them how we come up with our numbers. We review their offer, suggesting ways to present it for a better chance of the sellers accepting it. Find someone like us in your neck of the woods.
4. Be Willing to Sacrifice Comfort
If you are serious about this business, you’ll do whatever it takes to make it happen. You may need to do a house hack or five. We moved five times our first full year in the business. Money is essential to getting started. We borrowed money from our 401K, and we borrowed hard money for our first deal.
A boss I had in a previous job, would give me this answer when I asked where I was supposed to find the time to complete another job responsibility he was adding to me – What are you doing between midnight and 4 am? You must commit to 20 or more hours of work per week to this growing business. You need your real job to pay the bills, so that means giving up evening and/or weekends to jumpstart your real estate business.
Every investor has made sacrifices to start their business. You must not only be willing to make sacrifices, you need to be excited about making them!
5. Check Your Mindset Continually
Saving the most urgent for last, because all the above are nothing if your mindset isn’t right. Steering clear of doubters doesn’t work if you don’t believe you can and will succeed. Networking will fail unless you clothe yourself in confidence and positivity. Mentor want coachable, confident, self-motivated investors who take action after each meeting. And, sacrifice only hurts when you don’t believe in yourself.
Spend time daily on your mindset. Affirmations work – create your list, and read them aloud daily. Watch and correct your language – use “I AM” statements in your daily talk. And, eliminate limiting language, like – that won’t work, because …
Some books I recommend for this include anything by Robert Kiyosaki, The Big Leap, The Joy of Genius, The Ultimate Law of Attraction, Zero Limits, and Go Giver. Surround yourself with people who read books, listen to podcasts, and succeed in their efforts.
My Confession: I have continually done the first four, but I just started working on my mindset this year. My husband has always had a good mindset, but even he is eliminating some limiting beliefs. Our business is exploding by just focusing on our mindset.
Let me know if this helped you. And, of course, let’s connect and encourage one another on to a successful real estate career!