Spinning your wheels

If you know what your outcome is and you have an established plan you will not feel like you are s[inning your wheels. A student of mine a few weeks was frustrated about the fact that things were not moving fast enough for him. You felt into his voice that he was questioning the whole process of getting into real estate. He was doubting himself and the direction that we had chosen.

At the start of our mentoring we had established what they wanted to accomplish over a period of 12 months. then we looked at what they needed to do and what needed to happen in order for them to get there, we split up the year into 4 quarters and established objectives. They wanted to buy 10 to 15 units within 12 months.

I told them that this was really realizable if they followed the plan that we put together. They were happy with it. But after 3 months they had a 36 unit under contract and a 15 unit.  They werre at the due diligence on both properties, and they knew that either of them might not go trough.

Yet they were frustrated because they had not found anything within the last 3 weeks! Yes weeks. They had literally stop looking, preying that one of these 2 building would go trough!

So they were at a stand still because they stopped looking for properties and making offers. I was a bit upset with them! What do you expect, you are getting emotionally involved with the acquisition of the property.

So this was my advice, on your desk, on the desk, you must hace 15 empty file folders, they must each have an offer to purchase in, when an offer goes dead your job is to keep on looking for properties. Your folders must always be full!

If you had 15 deals to work on you would be busy, and not question the process!

Your Coach

Marc

Posted in Real Estate Blog.

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