Let’s face it: making deals complicates our lives.  

When we first become involved in real estate, buying a property can be very anxiety-provoking: I mean, really, even though we’ve done all our due diligence and run the numbers 15 different ways and talked to our favorite mentor about it and it STILL looks like a great deal, how do we ever REALLY know? And this leads to self-esteem problems, as we’re constantly second-guessing ourselves and berating ourselves over our lack of confidence. 

And even for seasoned investors, taking on a new deal is stressful—an accepted offer means that we have to find a buyer, or start a rehab, or put an ad in the paper to get a tenant. Plus, there’s the additional bookkeeping when the checks roll in, and, of course, the taxes to pay on the profit at the end of the year… 

Since stress and anxiety lead to psychological and medical conditions, including high blood pressure, overeating, bad hair days, fear of success, and a whole host of others, making deals should obviously be avoided at any cost. So, I think it’s important, for the sake of our own health and well-b
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Let’s face it: making deals complicates our lives.  

When we first become involved in real estate, buying a property can be very anxiety-provoking: I mean, really, even though we’ve done all our due diligence and run the numbers 15 different ways and talked to our favorite mentor about it and it STILL looks like a great deal, how do we ever REALLY know? And this leads to self-esteem problems, as we’re constantly second-guessing ourselves and berating ourselves over our lack of confidence.

And even for seasoned investors, taking on a new deal is stressful—an accepted offer means that we have to find a buyer, or start a rehab, or put an ad in the paper to get a tenant. Plus, there’s the additional bookkeeping when the checks roll in, and, of course, the taxes to pay on the profit at the end of the year… 

Since stress and anxiety lead to psychological and medical conditions, including high blood pressure, overeating, bad hair days, fear of success, and a whole host of others, making deals should obviously be avoided at any cost. So, I think it’s important, for the sake of our own health and well-being, that we all
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There’s a dark secret that many investors know but that no one seems to talk about much. It’s a secret that every full-time investor eventually discovers for himself or pays the consequences. 

To illustrate, let’s take 2 imaginary real estate entrepreneurs, Investor A and Investor B. For the sake of simplicity, let’s imagine that both investors start from the same place. Same income, same credit, same skill level. Then, both attend a real estate conference one weekend in hopes of finding a way to quit their jobs in short order and become full-time real estate entrepreneurs. 

The story of Investor A 
Investor A latches on to a landlording course. He’s attracted to the idea of building wealth and loves the tax-advantaged nature of rental properties. On Monday, he sets out to build a rental empire that will allow him to become financially independent in short order. 

“A” is very successful in finding under-priced rentals in his hometown. His typical deal looks like this: 

ARV:     
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When you’re doing your first few deals—or doing your first few deals in a strategy that you haven’t explored before—you need help.

Maybe it’s help evaluating the deal. Maybe it’s help with negotiation or contracts. Maybe it’s help understanding how to ‘price’ the rent or sale price. Maybe it’s help understanding how the financing will work. But you’ll find yourself needing advice from people who’ve ‘been there, done that, got the T-shirt’ over and over again throughout your real estate career.

This is no small matter; it’s easy to lose a deal (or worse yet, do a bad one!) because there’s ONE hangup. ONE question that needs to be answered or ONE problem that needs to be overcome

1-4:  EVERY Friday morning at our online Haves and Wants meeting. It’s very common for members to attend with the “Want” of “I need someone to walk me through how to do this subject to deal I found” or “Can someone help me with evaluating a property I’m trying to buy?” and to get assistance either then and there, or lat
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I was having a discussion this week with leaders of 12 real estate associations about why:

1. “Small investor sentiment” is way down right now. Surveys are showing that nearly half of small rental owners and rehabbers think that this is a bad time to acquire properties, find deals, invest etc.
   
   
2. But at the same time, COREE members are finding, buying, holding, and flipping deals that are PROFITABLE ones, even when viewed in the light of a possible downturn

When I’m hearing one thing but seeing another, I get curious. So I asked this mastermind of 30 or so very experienced, long-term investors what THEY thought the difference was. See if you agree.

Most small investors, like 99%+, have a single end-to-end strategy for ‘doing” real estate that looks like this:

1. Find deals “On MLS”
2. Finance them with conventional, DSCR, or Hard Money loans
3. (a) Rent them at market OR

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     I see it every day: budding entrepreneurs who have the EDUCATION to get going and (at least say they have) the MOTIVATION to get going but don't do anything today, tomorrow, or the next day that's likely to GET them going. It's a brain lock that we ALL get about certain things at a particular time, and it's about the fact that creating an entire real estate business from scratch is just too overwhelming to deal with.

     I ran across this article that I want you to read if I just described YOU...I think if you follow the advice here, you can get over that hump and on to the job of getting successful, one day at a time.

     It's called "How to Actually Execute Your To-Do List, or Why Writing it Down Doesn't Get it Done." http://zenhabits.net/how-to-actually-execute-your-to-do-list-or-why-writing-it-down-doesnt-actually-get-it-done/

     What do you think? How do you motivate yourself to do boring, difficult, overwhelming, unpleasant things?

One of the critical questions that beginning  and intermediate-level real estate entrepreneurs struggle with is, “How do I know when it’s the right time to hire help?”

I’m not talking about VA-type help here; your lowest-level administrative work (sorting lists, looking up names in the public record, etc.) and your high-skill but non-real estate work (designing logos, creating websites) can be quickly, easily, and above all CHEAPLY farmed out to VAs practically as soon as you understand what that “work” is.

I’m talking about “inside team”—people who work with you on a day-to-day basis, who understand your business more deeply than an outside team member like a VA, who may, by necessity, be ACTUAL rather than VIRTUAL employees.

THIS decision—bringing actual “staff aboard” is always challenging. It seems as if the point at which your business grows to where it’s difficult (or impossible) for you to keep up with the day-to-day activities does NOT usually coincide with the availability of a ton of extra income to pay an employee.

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Do you ever get confused by how one self-proclaimed expert can swear up and down that the best, or even ONLY, way to do a certain strategy is to [fill in opinion here], while another guru, who seems just as successful and passionate, says that the truth is just the opposite?

I did, too, back when I was just getting started and thought that there must be an exact right way to do any given thing in real estate.

But as it turns out, with wisdom and experience comes the realization that they’re all right and all wrong.

Because the TRUTH is, we often become convinced that certain things work and don’t work because we already believed that it would or wouldn’t work, and that becomes a limiting thought that actually predicts the outcome.

In other words, the guy who swears up and down that his experience is that you MUST tell sellers that you can do ‘X,’ or they won’t accept your offer, is telling the absolute truth. HIS EXPERIENCE is that sellers won’t accept an offer without ‘X’ because he believes that they won’t, and thus they never do.

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Ya'll do realize the irony of asking the question, “I know you’re in a hurry, but is there any quick advice you can give me about how to get started?”, right?

Because I get asked some version of that question at least 100 times a year, always by a newer investor hoping that there's some wisdom I can drop on them in the time it takes to get from the elevator to my car when I'm running from one event to another. Wisdom, preferably, that will make their entry into the business rapid, painless, and above all profitable.

The irony is that there IS no single answer to the question, "How do I get started?".

In order to properly get into that topic, I'd need to know about you: your goals, resources, preferences, exit strategies, needs, wants, and and and...and in no circumstance would that be "quick" advice.

If there were such a thing as "quick" advice, there would be no need for coaching programs like Express Success. Or, for that matter, for workshops, REIA groups, or any of the other support systems to which we are all so devoted.

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You and I both know that you aren’t gonna be reading and digesting a long business article at this time of year, so we’ll keep it light this week.

Don’t ask me why, but I have, over the years, accumulated an enormous amount of real estate poetry. The muse usually strikes me around Christmas time, which explains the “Night Before Christmas Meets Dr. Seuss” nature of a lot of this. Anyway, it amuses me—hopefully, it will give you a little smile, too.

Ode to Holyoke Lane by Vena Jones-Cox

‘Tis the night before Christmas

And I bring a tale

Of five hard-learned lessons

From one little sale.

It’s a story of heartache,

Of trouble, of loss,

Of hassle and torment

And headache and cost

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