There are three things, call them the ‘top three ingredients’, that you NEED in order to find success and help you be unstoppable, in building your real estate portfolio.
The first thing you need to find is your system. A system and a strategy for investing in real estate that works for you and your specific goals.
This will depend on where you are in your investing cycle. Are you young? Are you older? Are you retiring? Are you looking to quit your job? Are you looking to just have this investing in real estate as a side thing while you're still working your full-time job? You need to find a strategy that aligns with all of those personal things for your life.
Once you get real about where you are at, you can look for a system to hook yourself into that is a tried and true way to invest. Choose a system that has been proven to work over, and over, and over again and follow the steps to get there.
It’s key to have good relationships. You need to be out there networking with other investors and have a coach or a mentor, somebody you can look up to that can help you, guide you along the way, and help keep you accountable in your whole investing journey.
As well as that, you need to have a strong team of real estate professionals around you. When I say team, this doesn’t mean that you need to start hiring all these people full-time and start coming out-of-pocket with all this money to hire people.
To make up your dream team, you need to have a real estate agent and have a mortgage broker. Those are the first two people that will be the experts to call upon as you build your portfolio. Those people don't get paid up front. They get paid when the deal gets done.
You need to have a strong network of people around you because that is going to make everything so much easier for you, and it's going to increase your chances of success tenfold.
This is probably the most important thing. This is what most people don't do. The follow through and taking action.
Now, you can sit there and say that you're interested in investing in real estate and go through all the motions.
I was the same way. I was interested in investing in real estate. I was reading all the books, and going on all the websites, and trying to get as much information as I can. But all of that means nothing if you're not out there actually doing something to move yourself forward.
This doesn’t mean that you have to go out and buy a property in the next month or you're not doing anything, but you need to take small action steps towards your goal of buying your first investment property or your next investment property.
You need to always be moving yourself along that path because without action, nothing's going to happen, and you're not going to get anywhere close to your financial freedom goals.
You may end up feeling regret over not doing anything, which is more painful than actually getting started and trying something new and doing something that's outside of your comfort zone.
Those are the top three components to real estate investing success. It's following a really good system, having a really good network of people around you, and, finally, it's all going to come down to you and it's all going to come down to you taking action.
What others components do you contribute to your real estate success? I’d love to know so drop me a comment below and share your tip!