Sunday, November 3, 2013

Discipline and Action in Real Estate Investing

How many times have you said you were going to get into real estate investing only to discover yourself months later still doing research? How many times have you gone out to look at properties, wrote down every for-sale-by-owner number, got home, made a sandwich and fell asleep on the couch never to call any of the numbers? Now replace the words "real estate investing" with the topic of your choice. Have you had a standing New Year's resolution to lose weight or quit smoking for the last five years? If you are beginning to nod your head in confession, no worries, you're not alone and there is still hope for you!

I believe the two most important factors one can do to be successful in any profession are to take action and remain disciplined. What is discipline? Discipline is doing the basics very well to make you successful everyday, day after day, year after year. If you are trying to lose weight, the only way to accomplish this is through action and discipline. That's easier said than done when Friday afternoon, you haven't eaten all day and you only have time to run through the local drive-through fast food restaurant. It's easier said than done when you're surrounded by finger foods, wine and beer during after-hour networking functions. Trust me, I know.

Approximately seven years ago, I began working in the IT Computer Industry. Everyday, day after day, year after year, I would sit at my desk allowing my body little to no activity throughout my work days while snacking between projects. By year three, my once in-shape, 190 pound physique had transcended into a junk food loving, sluggish 250 pounds. I looked in the mirror one morning and decided something needed to change.

Don't complicate things. If real estate investing is your area of interest, then begin with the basics. Make phone calls every day. More importantly, return phone call every day! Do not allow yourself to be put in the category of the type of realtor, investor or business professional who does not return phone messages. Searching the newspaper and calling key investors daily, feeding your mind with real estate articles and books each and every day equates to discipline.

Now that you have determined various techniques to remain disciplined, you need to take your plan and put it into ACTION. That shouldn't be too difficult, should it? Actually, this is where the majority of individuals fail to "close the deal". Your hard work, sincere efforts and new found discipline have led you to the outcome you've been longing for. It is now when the anxiety and fear of commitment to what you originally yearned for makes you question your own desires. For example, if you (the investor) find your first "deal", meaning it falls within your precisely calculated numbers and additional criteria, what is your next step??? Go for it, right?! Again, this is easier said than done.

Most individuals become fearful. They suddenly need more time, they need to re-run their numbers, they need to call friends and associates, family members and shake their magic eight ball in search for a reason or some justification not to go through with the deal they had worked so hard to find. Stop it! If you have spent time creating your desired criteria based upon sound research, then you deserve to reap the reward. Go for it!!

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