Do you get sick of hearing those fast pitches for “quick wealth” on late night TV or seminars that those gurus speak of? Well, you should if you are not achieving the wealth they are talking about. So if you want to achieve the success and wealth that you desire you must set yourself up for little victories. Those little victories will amass into huge success, which in time will be the “Penthouse Suite,” you dreamed about.

Everyone knows that there is the “Pie in the sky,” the riches and the lifestyle we all desire but to be realistic before you dream about the “Penthouse Suite” let’s get to the “Second Floor.” Perhaps that is the miscommunication in most real estate sales literature and the fact is that you must understand the little steps you need to take to get to the 2nd floor and once you get there then get to the 3rd floor and then to the 4th floor and so on and so forth. You need a plan of action that will get the “little successes” so that it will carry you to the next level, once you learn how to do that, you will continue to progress until you get to the Penthouse Suite. Success is a journey. That’s certainly the case when investing in real estate, so in your travels to wealth let’s get over your initial hurdle. Any good guru, teacher, mentor will be honest with you and let you know what resources in time, team, knowledge and money is required to be successful in real estate.

Ask yourself these questions to see if you are doing the things necessary to achieve your goals:

Am I getting enough leads from my marketing and advertising?

Don’t keep your business a ‘secret’ and unless you ‘put the word’ out that you are a real estate investor and you are open for business, the world will not know to call you to buy their houses. Thus, to get going as a real estate investor, you have to have potential houses to buy in your ‘pipeline’ of business. So focus on getting enough leads through your marketing and advertising that will warrant appointments to see homes and sellers. From those appointments, you’ll close a certain percentage of those sellers. In today’s latest technologies, learn to use those widgets/gadgets like social media networking to connect with prospects and build a relationship to close the deal.

Am I closing enough deals?

The one thing that investors should focus on with any technique or investing style is not the 10 deals a month fantasy that you think you must have to be successful. Just focus on getting the first deal done. There is magic in the number #1! That one deal may take a month or it can take one year, but the key is that you need to get this first deal in order to get the 2nd deal. All the successful investors started out just like you with the first deal and they built on that. Focus on getting the first deal and your life starts to change.  You can’t skip this first deal.  If you can’t get that first deal focus on getting those appointments. Face it, no one is coming to you to do a deal, you have to get out there to ‘Make it Happen’ and getting appointments with sellers, investors, agents, rehabbers, lenders, etc will lead you to more deals.

Am I making any money at this?

You aren’t going to make any money nor do you deserve to make any money until you focus once again on getting that first deal completed.  Another mistake that investors make is that they quit too soon. They spend lots of time on one technique whether it be Lease Options, Foreclosures, Notes, Short Sales, Rehabbing, or a number of different methodologies out in the marketplace and they then move on to the next fad or  craze simply because they see other investors who are successful at it, while abandoning the one technique they started with because it did not come soon enough. It’s almost like the “flavor of the month” club. Focus is the key and once you become proficient at one technique you are able to do it in your sleep. And if you can do it in your sleep and can do it with ease, you are then making lots of money. If you are making too much money then perhaps you may want to diversify simply because you are bored with it. It is critical to focus on the process and the results will be there, but don’t focus on the money.  Money is just a by-product of your activities; the activities will generate the desired results.

Is Real Estate investing too tough right now?

As an entrepreneur you must understand that you have to make money in “up” and “down” markets. The question is not “Is this the right time to invest in real estate?” You must understand that starting a business is hard and your mind needs to know right away that starting your own business is really hard. Anyone who tells you otherwise is lying. You can’t go into business for yourself with false notions.  Investors need to realize and accept this right at day one. This will probably be one of the hardest things you will do in life. Remember the old saying, “if it were easy, everyone would be doing it.”  It is also important to understand that you have to be optimistic and believe in yourself and to have faith to know that you can be successful. Thinking that it’s too hard will possibly discourage you from giving it a try. On the flip side, some authors tout that it’s easy and wealth is something that you can achieve with little money and little time. It’s not that way either. You have to understand this. Reality is somewhere in the middle, it takes a more time and a more money to be successful. So know this fact and know what’s involved to he successful and you won’t set yourself up for unrealistic expectations.

I don’t know what I should be focusing on to achieve my goals?

When you set clear goals and become determined and purposeful, backing those goals with unshakable self-confidence, you develop a game plan or a task list which you must complete in the order of its importance or priority. When you take complete responsibility and accept ownership, without making excuses or blaming others, you experience a sense of control that leads to the personal power that is the foundation of goal achievement.

One of the easiest and most effective ways of ensuring the proper use of your time is to block out each week’s calendar to concentrate on critical activities. Start with the list of your essential tasks as you plan each week, write them down and go over them often. Be sure that you schedule the time for all of the vital tasks – those you don’t enjoy as well as those you like doing – before turning to the “nice to do” activities. Those “nice to do” activities are activities
you enjoy but may not necessarily be the priorities.

You need to focus on the right priorities. One of the universal challenges for investors is managing the competing demands on their time. One common time trap is focusing on the things you like to do and procrastinating about the activities that may be essential to your success but aren’t in your comfort zone. For example, you could set aside 10 to 11 a.m. each morning to call prospects and 11 to 12 p.m. to contact referral sources. Then that’s what you must do because it’s in your calendar. Remember, “plan your work and work your plan”.  What are your monthly, weekly, daily, hourly goals?

Continue to Part II

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