Hopefully you are looking at your real estate investing as a business. And as such, you want it to be a sustainable business that will grow well into the future. The most important part of building a sustainable business is the foundation you create in the beginning. You need to be willing to invest the time to create a solid foundation that will allow you to grow your business to meet your long-term goals.
There are several personal ingredients that will help you stay the course long enough to create that solid foundation. Things like commitment, persistence, patience, motivation, and vision are all important to your long-term success.
It is easy to get very excited and want to make money as fast as possible. But it is also easy to go out and lose money when you don’t invest the time necessary to put the right pieces in place. For example, in wholesaling, the first piece of a solid foundation is having qualified cash investors. Without qualified cash investors, you do not have a solid foundation. Without that solid foundation, your work is going to be harder and your stress level is going to be greatly enhanced. Also, the more qualified cash investors you have, the more money you can make, so having a mindset of always adding more qualified cash investors is always adding to your business foundation.
A very important piece in the foundation of your business is your vision, which is based on the goals you have for your real estate investing business. The vision you have for your business is a key piece that will help you maintain your motivation. The goals you have for your business will help with your weekly planning and decision making.
Another key piece is having clarity of your values. You want to know and make those decisions ahead of time. It can be easy in real estate investing to make money in a greedy or unethical way, but it is not necessary nor does it have a long-term focus. There is plenty to go around, and your focus should be to have your deals be win/win.
Be willing to invest the time necessary to build a solid foundation that will allow you to grow your business well into the future.