Many investors never acquire comfort with investing in real estate. They wonder from strategy to strategy, read, learn and attend every event they can and then? Nothing, they do nothing and cannot overcome their fear. Here are some steps to overcome your fears and get on the fast track towards success.
1. Start with goals – Write down your goals daily, what it takes to achieve them and start completing those tasks. Do this everyday and you will be amazed how organized, efficient and effective you become.
2. Pick one strategy and master – I see it all the time, beginning investors put a half hearted effort into 10 different strategies and end up doing nothing. Instead pick one and become a master. I cannot stress this enough. You will hear about all these other great strategies but do not stray from your goals using your strategy.
3. Document your strategy in a business plan – When investors tell me their strategy, I am always intrigued and ask how they are going to do it and if they have a business plan. Almost none. Even if it is a 1 page business plan, at least you have some kind of documented strategy. In this business plan you need to have goals, strategy, criteria, exit strategies, market, how to find deals, marketing plan, how you are going to do deals, your team and your systems. My first plan was a page and a half. I revised it to 3 pages, then 13 pages, now it is almost 40 pages.
4. Build your team and systems – Build your team and systems so you can duplicate deals over and over.
5. Get a mentor and expert in your strategy – Have a mentor and expert in your strategy advise you on your business plan and deals. You can even partner with them until you overcome your fear.
6. Do – At this point you have no excuse but to Do and achieve success. If you have not found success at this point, start over at #1.