Originally posted Nov 2012 via Baltimore REIA
Recently I became so self-absorbed in the success of my own company that I didn’t slow down to look around and help my fellow new investors. 16 months ago I made the decision to become a real estate investor. I had no previous knowledge of anything involving real estate. I was so bad, I paid top dollar for my personal house in a down economy. I was in debt, overextended, and working long hours. Most importantly, I wasn’t happy.
Truth is that getting into this business was a tough road but I did make it. I started and after months of effort, I made money in this economy. I worked 80 hour weeks, and barely slept. When my head did hit the pillow, I had trouble sleeping. Results weren’t coming in right away and I didn’t take that well. Now however, I can happily announce that I officially resigned from my job (agreed to stay on till September part time). I now barely work 40 hours total and after September I will slim that number down to 20 hours max. The point I’m making is that my journey wasn’t the easiest but it is possible to start in real estate investing and to make money in this economy.
For years I was a ‘corporate man’. I lived and literally bled on several occasions for the company. The problem was that when things got tough, who suffered? I did. When a new promotion came up, I was overlooked because “Bill, you’re just doing such a great job here, we’d hate to lose that”. When I worked harder, the owner, not I, made more money. Now I’m not complaining because I plan to be that owner very soon. Problem was that I wanted to work for me. I decided that I was going to work to buy myself a corvette, not my boss’s 16 year old son. It was the spark I needed.
Many of you have this same spark. The problem is that some of you aren’t getting from point A to B. You see great local investors like Ken, Bill, Charles, Joe, Janet, etc and want that… TODAY. The thing is that those people and others didn’t get there in a long weekend. They worked hard for many years because they knew real estate was the answer. Simply put, REI is not easy. This is not a get rich quick system, it is a get rich forever system. If you want to get rich forever, you are going to need to put in the effort and time it requires to do so. You are going to need to surround yourself with people who do this full time. You need to get a mentor and you need to get yourself educated. I don’t care where you get that education from, but it should be a priority. Would you want your mechanic ‘wingin it’ or would you prefer he went to the proper schooling? Would you care if your surgeon just read a few books and then operated on your heart? I know I would! REI is no different. To be successful, you need to treat REI as a business, not a hobby.
If you are starting out or having trouble making that first step, there is good news. Here at the Baltimore REIA, there are several people that actually want you to succeed. They offer training classes, mentorships, weekly meetings, and most importantly support. Add in the opportunity to take classes from several other reputable national groups and there are so many way that you can succeed. I attend several of the Baltimore REIA events which has led me to a deal that I’m closing on next week. The thing is that there are several answers to the same question… “How do I become successful in Real Estate Investing?”
Exit the Rat Race.