Top 10 Lessons From ELITE Real Estate Investors
As we cross the one year mark of running our podcast, Freedom Investor Radio, it has been fun to think back over some of the most important conversations we have had and the lessons learned.
After interviewing more than 50 highly successful real estate investors and entrepreneurs, it has been tough to narrow it down to 10, but here goes nothing:
Play the long game. Most people you see who are doing really well did not get there quickly. Establish what you want your life to look like 10-20 years down the road, and spend your time on activities that will get you there. We overestimate the amount the we can accomplish over the course of a year, but severely underestimate the amount we can accomplish over 5 years.
Think big. When it comes to real estate investing, the bigger you go, the easier easier it can be (if done right). Easier to get approved for financing. Ability to partner with individuals who are specialists in different areas of the business. Expenses go down at scale. You're only limited to what you believe is possible.
Choose wisely who you spend your time with. This will be a major factor in the amount of success you achieve. Does your circle spend the majority of their time trolling folks who have different political beliefs on social media? Or do they discuss ways to improve themselves physically, financially, and spiritually? Surrounding yourself with people who are doing what you want to be doing and living life in a way that is synergistic with your values will do wonders for breaking down mental barriers and expanding what you believe to be possible.
Avoid distraction at all cost. In the world we live in, it is extremely difficult to remain focused for long periods of time. Creating an environment that is conducive to distraction free, deep work will do wonders for productivity. Distraction doesn't always come in the form of social media or Netflix. Learn to say no to unnecessary engagements that wont bring you closer to you and your family's goals.
Take consistent, calculated action. As mentioned previously, success doesn't come quickly. There will be ups and downs. Jim Rohn once said "it's easy to fall off the horse.... but it's also easy to just get back on".. Thinking long term will assist during the short term struggles.
Know your "why". Whatever it is that you're trying to achieve has got to have deep meaning behind it. If it doesn't, you might not make it through the tough times. For me, my "why" is my family. I want to have the financial means to travel the world with them and live an extraordinary life while not having to answer to anyone else. Falling back on this during times of difficulty has been crucial for getting reengaged.
Stop caring so much about what other people think. It can feel weird going public with a new endeavor. If you're worried about what the person you barely knew from high school who barely graduated will think about what you're doing, check yourself. Newsflash: not as many people are paying attention to what you're doing as you may think.
Never stop learning. Read. Ask questions. Learn new skills. Try new things. The more you know, the more money you will make. "One who doesn't read has no advantage over someone who can't read" - Mark Twain.
Time blocking. I used to use to-do lists to accomplish my tasks.. But shout out to Hunter Thompson for introducing me to the concept of time blocking. Most major tasks you will undertake deserve deep focus and a distraction free environment. By scheduling out a 1-2 hour chunk of time in your calendar with the sole purpose of accomplishing said task, you are much more likely to get it done well.
Multiple streams of income. The vast majority of America's millionaires have multiple streams of income. If you only have one, you are in a risky situation. Diversification of income sources is the only way to be financially bulletproof.
Go out and get it. No body is going to do it for you. What do you have to lose?