Hitting Your Stride

FAR 144

Expected Air Date: 04/18/18

Opening

Hello everyone. Last time we talked about getting started in Real Estate Investing. Today I’m going to continue the topic with a program titled “Hitting Your Stride.” The phrase “hitting your stride” is an expression that means you have reached an optimum pace that you can maintain easily and where you function optimally and competently. This is a big part of your goal in your career — any career, but especially so in owning your own business. When you hit your stride in the real estate business you will have mastered a set of techniques and an asset class to the point that you can conduct your analysis mostly with your eyeballs and your brain. Yes, you will still continue to use the analytical tools that got you there, but they will be your backup, not your primary analytical approach. For example, if you are fixing and flipping houses, you will be able to estimate repairs by simply looking at pictures of the house or in some cases by merely driving by. You’ll know the value of the property because of your familiarity with that area and the market. You’ll know the streets and features of your territory better than the back of your hand, because really, who spends a lot of time looking at the back of their hand?

When your fixing and flipping skills are well developed, you will be able to review and analyze deals so quickly, make offers so confidently and move so efficiently, you might get a little bored. And that’s a dangerous place. Why? I’ll cover that in just a few minutes. First some announcements, then some news, and then we will get to the topic.

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Announcements:

  • My upcoming speaking engagements:
    • We had mentioned that we were going to talk about virtual staging. We are postponing that a bit to focus an entire show to the topic.
    • April 21, FlipStarter Atlanta
  • Details on the website and at FlipStarterEvent.com

News!

Topic – Hitting Your Stride

We started last show talking about the Getting Started Fixing and Flipping. I want to continue with that theme today but want you to understand that the principles I’m about to share would apply to just about any business or career. We are talking about hitting your stride.

Young Exec – Old Exec

Oscar Wilde, “Experience is just another name we give our mistakes.”

I want you to make mistakes. I just want you to have a mentor so you can avoid the soul-crushing, business destroying mistakes. Without some mistakes, you aren’t really pushing yourself to your limit. And your limits grow a bit each time you push yourself. So venture onward and outward.

How to Hit Your Stride.

  1. Begin. Don’t begin thinking or talking. Begin.
  2. Follow instructions. Don’t ask too many questions at first. Do what you’re told.
  3. Start small, start slow. Master the pieces.
  4. Repeat. Stay with very similar projects.
  5. Think about why and how it works. Now ask questions – they will be smarter questions at this point.
  6. Increase speed, accuracy, efficiency through repetition.
  7. Consider slightly dissimilar projects, expanding one skill at a time.
  8. Reject the belief that every idea is a good one.
  9. Reject the notion that mastery in one process and asset will automatically translate to another. Danger – Will Robinson!
    1. Rehabbers are not developers.
    2. Developers are not retail owners.
    3. Airlines do not make good resort property owners.
    4. The math may be similar once you get to the math, but it’s like sitting in front of a math problem in algebra 2 in high school and not knowing which formula to use in solving the problem. The people who have developed mastery in this area or asset will walk circles around you while you are trying to figure it out.
  10. Does this mean you can never branch out? No, but when and if you do, go back to the beginning:
    1. Get information
    2. Get a mentor
    3. Follow a proven path
    4. Repeat the above steps as if you are a rank beginner
    5. Do not risk anything in the new venture you can’t afford to lose.
  11. Rather than branch into other areas, continue mastery by attempting to help someone else. Take on a mentee. You learn best what you attempt to teach.
  12. If Fixing and Flipping, consider your passive income opportunities:
    1. Lending
    2. Rentals
  13. Develop passive income to the point that it pays for your lifestyle. You have then achieved true financial freedom.

Motivational Thoughts for the day

  • Life is 10% what happens to you and 90% how you respond to it. -Chuck Swindoll.

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