Real Estate Investors -What is Success?
I saw a fellow facebook friend post a video the other day on a football player discussing his interpretation of success. In short ‘success’ is living, breathing, and doing nothing but focusing on what it is one defines as ‘success’ and sticking with it night and day. Personally it was a good reminder of what it was I needed to stay focused on as I paused about the definition of success for myself.
For us real estate investors and business men and women, success is building up a portfolio of positive cash-flowing rentals, profitable sales on rehab-to retail homes, and an ever growing balance sheet with healthy equity on it. Right? Yes -but that’s just the financial aspects as a whole. Nothing about providing good habitable homes for families, re-investing in communities, nor one’s own family with physical or mental rewards that can come with the cycle of productive work either.
You see real estate investing is just a discipline. Not much different than perhaps your job, business, stock picking or whatever it is in your life you aspire to master. The basics are just as simple (as any endeavor); however, I’ll contend that a true master of one’s discipline never stop’s learning nor comes close to mastering till at least 10 years of full outright work. Even then -one is truly never done.
Sure the challenges that we’ve faced in the real estate markets have been greater then normal -yet these headwinds will not last forever. Mastering one’s discipline during tough times only helps one excel when the direction of the winds change. Yet -we as students must stay focused and steadfast in what it is we desire. SUCCESS -right? Real Estate like stocks, MLM’s, Business Opportunities, Gold, or whatever your poison are not “Get Rich Quick” tools for 99.9% of us. Can we agree to that? Read “Passion is the Key to Life…”
Usually I run into potential real estate investors that believe rentals are passive, selling rehab to retails are easy, and that anyone can go out there and identify, control, and sell for a quick profit on a wholesale deal. It just ain’t going to happen sitting in your underwear in front of your computer -unless your the guy selling the “Get Rich Quick Real Estate Coarse” by sitting at your computer. The programs and coarse are merely tools -it still takes work (and much more than that touted as the 4-hour work week) Yesshhh! In theory or when one achieves maximum efficiency in their operations but not practical for most situations.
Of course success may not mean working 60, 40, 20 hours to achieve (at least) your (financial) goals. Just remember -if you’ve not reached those goals than perhaps it will. I’ve not reached mine -yet I’ve had to step back (or at least try to on a daily basis) to focus on my own personal health and our growing family. Age can be a b#*&# sometimes. Going all day without lunch or night without play is not good for my mental nor physical health. My kids are both growing and demand more attention, guidance, and help every day. While its a joy and a blessing. For me, it takes work to make the time. I’ve been so geared to thinking that “Success” is complete financial independence and dedicated to doing ‘what it is I do”…. That I’ve neglected the spiritual, family, and social aspects of my life. So you know what it is I need to focus on!
How about you!
Ready for a video? Watch this:Success: How Bad Do You Want It?
Stay balanced; yet, do not be misguided by easy money stories. Those usually only come from those trying to get your money. Are you ready for Real Estate Investing? How about more? From a contrarian investor viewpoint the time is right. What is your definition of success? How about taking the time to sit down and write them out for all aspects of your life, execute the plan, and how real estate will fit into the equation.