So you’ve finally decided to pursue your life-long passion of becoming a real estate investor! More importantly, you’ve educated yourself on several investment strategies (to include exit plans). Although you love what you do, you find it quite challenging to stay motivated on a day-to-day bases. On some days you even ask yourself rather or not you’ve made the right decision. Yet the lure of lucrative passive income has propelled you to take the risk.
Most if not all successful real estate business owners share similar struggles. However, to stay driven and reduce risk, practice the following tips starting today:
1. Have clearly defined investment goals upfront: visualize it, do it and be it!
2. Make a list of your “whys”. Your list should evoke some emotions. In other words, write down the reasons why you want to achieve your list of goals. Your list of “whys” will keep you motivated and unafraid of accomplishing your investment goals. Your “whys” will also help you overcome the hurdles that may stand in your way.
3. Knowledge. Know and understand the latest techniques and investment strategies. Knowledge prevents mistakes and mitigates risk. It will also give you the confidence to be able to influence others.
4. Kick the Tires. Evaluate real estate deals estate deals by talking to brokers and other investors. Fully immerse yourself by learning while doing!
5. Always be grateful. Practicing gratitude and spending some time reflecting on the things you are thankful for gives you a much better perspective and mindset.
6. Focus on the long-term plan. Focus on your long-term goals when you’re feeling unmotivated. Having problems collecting rent from tenants? Just got hit with major repairs for one of your properties? Expenses and problems will happen from time to time. Assess the situation, fix/solve them and move forward with your business.
7. Plan for how you will deal with a lack of drive. Temporary setbacks are bound to happen. You’re only human. Think of what others in more adverse situations have endured. Yet ultimately they have reached their goals, Using them as an example will push you through your most trying times.
Lastly, stay positive! Be positive and surround yourself around positive people. Positive energy will lift you up and increase your motivation and productivity. Being positive will also help you deal with the various changes in your business. This in turn will enable you handle the pressures that come with the real estate investing industry.