Secrets of Real Estate Investing Success : The Missing Link (part 1)
This post is for the 85% of creative real estate investors who say to themselves:
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“I’m not where I want to be. I want to
Make BIG MONEY Investing in Real Estate!
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What’s the difference that makes the difference between mediocrity and success in creative real estate investing? What’s the missing link?
Before we can get to the missing link, you must ask yourself, “Why am I in Business?” If you didn’t say profit as your #1 reason, we’ve got a problem! You are going to need to reevaluate what you’re doing if you care about becoming a successful real estate investor.
“But Patrick, the #1 reason that I’m in business for myself is to give back to my community, help my parents out financially, and eventually, start a nonprofit.”
WRONG ANSWER! These are all terrific reasons to go into business for yourself, but they all hinge on the One Most Important Thing of All, Your Business’s Profitability!
OK, so we’ve established that profit is the #1 reason why you’re in business. To get to the missing link, we must analyze what specific actions make a real estate investing business profitable.
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Key Focus Areas for your Real Estate Investing Business’s Profitability
1. Marketing
Do you have plenty of seller and buyer leads at your disposal? What is your marketing strategy? Do you track your cost per lead, cost per deal?
2. Your Negotiating / Communicating Skill Set
Have you studied sales and negotiating? Do you use a sales system? Do you effectively communicate with sellers, buyers, investors, contractors? How do you handle typical objections?
3. Converting Your Real Estate Investing Actions into Cash
Have you learned the ins and outs of wholesaling, assigning contracts? Do you use lease options as a strategy for selling property at maximum value? Do you know how to flip a house and come out on top?
4. Leveraging through Systems
What real estate investing systems are you using to manage and organize your business?
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Depending on where you are at in your real estate investing career, you will want to focus more on some of the key focus areas more than others. For instance, if you’re a beginner, the first action that should be taken would be in marketing. If you don’t have any leads, there’s really not anything for you to do, right? No way for you to make any money as a real estate investor.
But, even knowing what the key areas of focus should be for your real estate investing business is not enough. There’s still a missing link! And that missing link is the difference between average mediocre results in real estate investing and Making the Big Money!
Tune in later this week, in part 2 of this post, I’ll be explaining exactly what holds back most investors from ever achieving their dreams and what to do about it!
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Patrick Riddle:
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