“Do I Have What it Takes?”
Do you have what it takes to be a SUPERinvestor?
What’s that? A Superinvestor?
Yep — think about it like this…
Super: (adjective) very good; first-rate; excellent; of the highest degree or power
So… kind of like a spin on Superman… Do you have what it takes to be a very good, first rate, excellent real estate investor of the highest degree or power?
Roll with me here for a minute…
What are the traits of Superinvestors? Do you know any? If so, what is it that defines them and gives them their “super-ness” and sets the apart from the masses of mere mortal investors out there?
It can be a tough question to answer. It’s like wondering if you have what it takes to swim the English Channel. A few traits might be obvious. Of course you’d have to know how to swim — and swim well. You would also have to be highly motivated. Beyond that, what might the necessary traits be? You really wouldn’t know until you committed to the event and stepped into training mode, right?
Your Short List
Regarding RE investing you might first think of all the obvious traits. Your short like might look something like this:
- A working knowledge of the world of real estate
- Tactical training on how to craft deals
- Some insights/training into marketing (for motivated sellers, selling your properties, etc.)
- A certain ability to crunch the numbers of a deal
- Yadda, yadda, yadda…
Yes, these are all valid points, but today I want to challenge you with four specific traits I’ve been pondering lately that I firmly believe should be right up towards top of your list. I’ve known literally hundreds of investors around the country, and from that experience coupled with my own, I can testify that these 4 things really matter.
Trait #1 – Know Your WHY
Back to my swimming the English Channel example from earlier…
Once a swimmer is out in the middle of that great expanse of water and the cold, the hunger, and the weariness begins to take its toll, he must be fully convinced that there’s a very good and compelling reason for attempting this demanding feat, or he’s toast.
To put it more simply, the swimmer must have a big why. “Why am I doing this?” “Why am I out here in this cold, dangerous place?” That question must be answered before the challenge is ever attempted. And if the why is not big enough, or strong enough, or gut-level compelling enough, that athlete’s probably going to throw in the towel long before he reaches his goal (the other side of the channel).
Likewise, you must have a strong and compelling why to keep you moving forward toward your goal of creating the most amazingly successful and wildly profitable real estate investing business you possibly can. Your why is the fire in your belly – it’s what drives you to get up a little earlier and stay up a little later, pressing on. It’ll keep you from quitting when the going gets tough.
So let me just ask you…what’s your why? Do you even know?
If your why is simply to “make money” or “purchase more things”, chances are it’s not enough – your why probably won’t be strong enough to sustain you when the waves come crashing over your head.
If your why is not compelling – if you lack a strong sense of purpose – your business will look more like a roller coaster ride than an out-and-out fight to win the battle.
Bottom line: Invest the necessary time to identify your clear why. What’s your compelling reason to keep pressing on in this business, even when it’s really hard? Your why must carry you through the tough times.
Make it crystal clear, then write it down and keep it someplace you can see it, like tacked to your wall beside your computer or beside your bathroom mirror. Look at it every day, several times a day, and let it fuel you.
“When you know what you want, and want it bad enough, you will find a way to get it.”
– Jim Rohn
Trait #2 – Know Where You’re Going
Now that you know why you’re starting this journey, the next step is to clearly identify just exactly where it is that you are journeying to. Right?
If you don’t know where you’re going, how will you know when you get there?
Without a clear sense of direction, not only is it impossible to know when you get there, but it’s also impossible to know how to get there. I see this so often. Somebody jumps into the world of real estate and tries this niche, then tries that one, and then tries yet another one over there.
Floundering about like this wastes time and energy, to say nothing of the discouragement it can generate. If you’ve ever spent any time with me at all, then you know I’m a believer in the power of being a focused “specialist” and not a “generalist” all over the map.
Here are three worthwhile to help you uncover the right direction / destination for you:
- Are you looking to replace your current income?
- Are you just looking for cash flow?
- Are you looking to build long-term assets?
If #1 is your answer, then wholesaling, lease-options, and seller financing might be the route to pursue.
The best strategies for #2 could be lease-options and seller financing.
If #3 best describes your plan, seller financing and rehabbing are worth serious consideration.
But that just scratches the surface – you’ve got to do the work here of asking yourself good questions, and then forcing yourself to come up with clear, specific answers that you can then turn into an actual destination to fix your eyes and really focus on.
Do you have a business destination? Do you know what kind of business you’re crafting? Is it specific, clear and able to be summarized in a paragraph and understood by someone who’s not already entrenched in the business? You should.
Trait #3 – Know How to Get There
After you know why you’re in this business and you know where you’re headed, the third essential trait will be to map out the journey. Said another way, you need a map to follow, which is done by creating a series of strategic, workable, doable goals that lead you down a defined path towards your destination (see trait #2 for that ;- )
If you’ve never been a goal-setting person, now’s the time to begin. Your ongoing, working goals list will become your detailed road map to get you to your intended destination.
Ideally your goals list will be divided into three sections:
(1) Short-term goals – this month
(2) Mid-term goals – this year
(3) Long-term goals – 5 years out
In my view, this is as far out as I want to go with business goals. A lot can happen in 5 years.
You can make up your own rules here if you want – these are mine.
Where do you want to be at the end of your first six months of being in the business? How about in two years? Or in ten or fifteen years? What’s the most important goal for you to have accomplished this week?
If you aren’t sure, then you’ll be floundering about trying to make things happen on the fly. It’s much better to be purposeful about each step you take in building a business, right?
As you write out specific goals here are some key guidelines to consider:
- Be specific and detailed
- Write them down (create your own goal-setting notebook)
- Give each goal a deadline in which to be completed – or achieved
- Break down the goals into manageable steps
- Each goal must be measurable
- Make your goals are action-oriented (each action should take you closer to your goal)
- Celebrate each achievement (use a reward system that will keep you motivated)
- Follow the “One Thing” concept – see book recommendation above.
Trait #4 – Know What Motivates You
What is it about the world of real estate investing that gets you excited? What makes you want to jump out of bed each day and get your day going? What motivational techniques work best for you? What lights your fire or revs your engine? If you’re not sure, it’s high time to find out.
- Do you get motivated by reading books about RE investing?
- How about listening to instructional audios or podcasts or watching videos?
- Are you best motivated by hanging out with other successful investors and listening to their experiences?
- Is it a caring mentor that propels you forward?
- Or does your motivation come from maintaining a list of affirmations that are spoken aloud each day.
- Or is it a combination of any of the above?
No method used for motivation is right or wrong—but rather what’s right for you. Determine what it is that keeps you on track and then use the heck out of that method (or methods) consistently.
You might be wondering why something as obvious as “knowledge of real estate” doesn’t show up in this traits list. Well the truth is if you possess and maintain these 4 essential traits listed here, you’ll be one of the super-est SUPERinvestors around. Not even kidding.
Here’s a fact: The most wildly successful investors you’ve ever met (or ever will meet) didn’t get that way because of their exceptional knowledge of real estate. Sure, it can help… but it was far more about how they ran their brains. It’s about being dedicated to the inner disciplines and higher-level thinking that made them Superinvestors.
Know this: Your mindset…your inner game…it plays a far bigger role in your super success (or lack thereof) than anything else. Just try and prove me wrong. That’s why these 4 Superinvestor traits are in no way tactical in nature.
Ponder that a while.
If any of this resonates with you, here’s some stuff you can do:
- Write down the basic reasons you have chosen to launch out into real estate investing. (This is your why.)
- Write down what is it that you want to achieve in this business.
- Purchase a special notebook to be used as your goals notebook.
- In your goals notebook create specific lists which include short-term goals, mid-term goals, and long-term goals
- Learn what motivational methods work best for your personality and use them consistently.
- Buy Lifeonaire and The One Thing and devour them 😉
Strike any nerves here? Please leave a comment. I’d love to hear ’em!