Friday, February 25, 2011
Real Estate Investors Take Action
One of my first real estate gurus counseled me that in order to be successful, I had to get face-to-face with sellers every day. Investment speaker Anthony Youngs preached that if you are not making offers, you are not in the game. National speaker Brian Buffini claims that the number one reason investors fail is for lack of leads. Leads can be people, property or partners.
The bottom line is: If you do not take action as a real estate investor, you will remain an investor wannabe. Real estate investors become successful by taking action. You will note that many national speakers seem to pay an inordinate amount of attention to attitude. That is, the attitude that propels you to take action towards your goals.
This is critically important, not just in real estate investing, but in all aspects of life. First and foremost, you must know what you want. And you must want it badly enough to pursue it through good times and through bad. That is why most trainers begin with goals, vision, motivation, and planning. Real estate investing is a numbers game, and there will be more no’s than yeses in the pursuit of success. Fear of rejection, failure or anything else should not prevent you from moving forward.
Your membership in your real estate investors association is a first step in your journey as a real estate investor. Your success as a real estate investor will blossom in direct proportion to the effort you put into getting the most out of this association. Networking, education, resources, training, contacts. They are all here for the taking.
The Real Estate Association of Puget Sound (REAPS) is the largest real estate investors network in Washington state. We at REAPS want to see you succeed, and we will help you find the tools to do that. This is one reason we are hosting a FREE orientation to REAPS, your real estate investors association, at the Lake City Library in Seattle on May 21. Details to follow in an upcoming newsletter.
But attending meetings with other real estate investors is only a first step in taking action. You will need to prepare yourself in many other ways. Read as much as you can about real estate and real estate investing. The REAPS newsletter and the REAPS library are great starting points.
It is not enough to sit in meetings and read books, but that is where we all begin.
Once you have defined your focus, figure out where you can find properties, people, partners and resources that help you target your area of focus. Talk to others who have done it, are doing it. Look for mentors, and opportunities to apprentice or learn. Put yourself in the path of progress.
Move beyond your comfort zone. Speak up. Ask questions. Talk to sellers, buyers, lenders. Ask for partners. Practice on family and friends. Find some deals. Or what you think are deals. Ask someone more experienced what they think. The Kitsap satellite of REAPS devotes a portion of most of their meetings to doing deal analysis on deals that their members bring to the meeting. Take advantage of these opportunities.
Don’t let ignorance hold you back. If you don’t know something, go find out – or find someone who does know! Your investor association is not responsible for your success or failure – YOU are!
And start making offers!
A future blog will focus on Minimizing Risk with Multiple Exit Strategies. So you will have no excuse for not taking action….
Wendy Ceccherelli is the volunteer membership coordinator for REAPS. She has been a full-time real estate investor for the past six years, and is the designated real estate broker for Home Land Investment Properties, Inc. Prior to her career in real estate, she spent twenty-five years as a government arts funder. More information on real estate topics may be found on her website at www.HomeLandSeattle.com