#1: LACK OF CLEARLY DEFINED GOALS
Any new venture that’s worth sacrificing time and money for needs to have a goal attached to it. Well thought out goals give us milestones and finish lines to work towards so we don’t end up bouncing around aimlessly. A well written goal helps you know where the finish line is and when you’ve crossed it. Most new investors don’t have clearly defined goals and this hampers their ability to stay focused with the day to day tasks of growing their business.
The goal “buy my first investment property” isn’t good enough. What type of investment are you looking to get into? When do you want to do this by? What’s your target purchase price? What’s your exit? You get the idea. Goals need to be specific, measurable, achievable, relevant and time bound.
#2: LACK OF CLEARLY DEFINED INVESTMENT CRITERIA
The point of all these questions is that you need to be specific about what you’re looking to invest in and what kind of returns, risk tolerance and time investment you’re open to. This is an important thing to hone in on because there are more deals to analyze than there are hours in each day. Contrary to popular belief, there is opportunity everywhere. You just have to decide where you’re going to spend your valuable time. Hone in on your investment criteria and then ignore everything that doesn’t fit. Don’t worry, you’ll be able to explore those other opportunities later, but now you just need your first deal!
#3: INCONSISTENT EFFORT
Most new investors are able to nail down the last two points, but this is an area that trips a lot of people up. Like anything in life, success comes from small incremental actions made every day that eventually culminate into the desired outcome. Obviously there needs to be tweaking along the way, but most people aren’t consistent with what they know they need to be doing to succeed.
I’ve heard so many investors get frustrated when they send out one batch of postcards to a new list and don’t get any response. The same rings true for making offers. “I made 2 offers this week and neither got accepted! This business doesn’t work!” Sales is a numbers game and the more intentional and consistent effort you put it, the more results you will see. Do your marketing. Make offers. Course correct along the way. Stay consistent.
#4: OVER-EDUCATING AND UNDERPERFORMING
There comes a point where the only way to learn is hands on experience with your first deal. If you’ve done the work in the previous four points, you’ve already set yourself up for success. Keep this quote by General George Patton in mind whenever you’re hesitating to get out there and make offers: “A good plan violently executed now is better than a perfect plan executed next week.”
#5: GIVING UP
This might seem like a simple point to make, but giving up is what keeps many aspiring investors from achieving the success they dream of. Millions of people from all different backgrounds have achieved major success investing in real estate. Why can’t you?If you think you have good excuses, remember that there’s someone out there with better excuses that has already achieved what you want. In my opinion, the issues that keep most new investors from getting started are more mental than they are physical. You have everything available to you that you need to get started in this business. Don’t let your excuses and mental barriers get in the way of your success.
Corridor Funding is happy to work with investors of levels of experience. One of the first steps you can take to start investing is getting pre-qualified. You can do so by clicking here. If you’re thinking about investing, about to make an offer, or need to ask a lender a few questions, please feel free to give us a call! You can call 210-941-3916 or enter your email address below.