If you talk to any experienced real estate investor about their path to ’success’, chances are that they will share that their journey was not a smooth one.
At the end of the day, when you remove all of the B.S., real estate investment is not a walk in the park. It can be stressful at times, and many experienced investor reaches the point where they consider throwing in the towel, and giving up all together.
I have considered giving up once. It was at this time that I was considering selling all of the real estate assets and going back to school. Looking back, I am glad that I chose to stick with real estate investing because, this is really what I am interested in and what I like to do.
With investing, since the road is not always a smooth one, I have included some tips on how to stay motivated in the real estate investment game. These are all tips that I personally practice. As time goes on, I am sure that this list may very well expand. For now, here are some of the ways one can keep motivated, and thus continue to stay invested in real estate.
1) Surround Yourself with Like Minded People
There is no better way than to stay motivated. When you align yourself with people with common goals, this encourages you to stay the course with your own goals. Comparing notes with people with a similar vision makes you feel that you are not alone. Conversations with like minded people often help to recharge your batteries and give you enough energy to keep on moving forward.
This past Sunday I had a real estate meeting scheduled with some fellow real estate investors. I didn’t really feel like going as it was dark outside, and the weather has just changed as the winter is upon us here (December 2009). This was problematic for me as I am not a fan of the Winter or cold weather. Despite the outdoor climate, I knew that I had to go to the meeting. I know that if I did, I would feel better and more motivated after my meeting. As such, I bit the bullet and went to my meeting. I spent some time talking to investors who were using the same investment strategy that I currently am using (rent to own). After my conversation with them, I felt so much better, and I had increased confidence and reassurance that I was on the right track.
When you surround yourself with like minded people, they will charge your batteries. They will give you the energy you need in order to keep on moving forward.
2) Surround Yourself with Action Takers
Action takers and Like minded people are not one and the same. There is a big difference between the two. Like minded people may believe in the same things that you believe in. For example, that real estate investment is a good way to generate monthly cash flow. However, action takers are the ones who are not only talking about the benefits of monthly cash flow, however, they are implementing things and actually DOING something. They are the ones that are buying properties, and leading by example. Action Takers are powerful people to be associated with. Their actions rub off on you and force you yourself to take action.
A friend of mine is a big time action taker. This year he, and his joint venture partner have purchased 11 properties. He is an inspiration to be around because he has such positive energy. This positive energy is no doubt a result of his recent success with all of his purchases. As human beings we often compare ourselves to other people. Comparing yourself with an action taker is a good thing, because if they are taking action and you are not, you will want to take action as well, just like them.
3) Read as much as you can about real estate investment
The more you read about real estate investment, the smarter you will become on the topic. Being smart is important because smart people can find solutions for problems. As well, smart people can come up with creative ways of solving different problems. Not only that, but knowledge is power. The more you know the better.
For example, I was recently reading about a real estate investment strategy called RRSP second mortgages. It is an interesting strategy which allows a real estate investor to utilize RRSPs as a second mortgage on an investment property. With my initial reading, I had discovered that this strategy was only permitted as an Arms Length transaction, which means that the 2 individuals involved (Real estate investor and RRSP lender) cannot be blood related. This discovery posed some problems for me, as I was looking to implement this strategy with family members.
I was not content with my findings, so I continued to read further on this topic. After further reading, I came across some information that confirmed that the RRSP second mortgage strategy was in fact allowable between blood related people. This was a big breakthrough for me, as this discovery will potentially lead to 3 or 4 new investment properties in 2010.
If I did not continue to read more on this topic, I would not have found this solution. Reading about real estate investment is powerful because it allows you to gain more knowledge. Knowledge creates options.
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