When entrepreneurs embark on the journey of building a real estate investing business, there really is no manual for building an exceptional business; one that will stand the test of time; one that will stand out in the crowded field of “sameness”.
A lot of investors myself included, are happy to help other folks get their own real estate investing business up and running. By taking advantage of all the knowledge that these seasoned investors are willing to share, you can shave years off of your learning curve and save you a boat load of money by preventing you from making some costly mistakes.
But once you have done a deal or two, put some much needed systems and procedures in place, how do you create a business that is different? One is built to last and will stand the test of time? One that is exceptional?
This is the tough part. The sad truth is that no matter how good you are at putting deals together, there are a whole bunch of other real estate investors out there that are just as good.
Tip #1. Don’t Follow the Breadcrumbs
It’s always easier to follow the breadcrumbs of others. Another way of putting this is it’s always easier to follow the pack; to do what everyone else is doing. Dare to be different.
Real estate investing at its core is a pretty simple business. It’s not always easy, but it’s really pretty simple. So how do you take this business and make it stand out? You have to find ways to take the ordinary and make it extraordinary.
Tip #2. Early Adaptors Win Big
You have no doubt heard the saying “The early bird gets the worm”. This is really true in business.
The natural inclination is to take this baby (your business) and make everything perfect. And you should want to set a high standard for every part of your business. But it is much more important that you adapt quickly and perfect things later.
Here is an example: Most real estate investors put off using video in their businesses way too long. They don’t have the perfect camera, they’re not sure they will look good on video (I need a haircut before I make a video), and they don’t have all of the pieces to the puzzle. It doesn’t matter. Just do it anyway. Be one of the first; the innovators.
When something new comes along you want to be first to adapt. Be known for being the person always on the cutting edge.
Commitment and focus help you get through the day to day activities and they help you bring those first badly needed dollars in the door. But it is the ability to be creative and adapt quickly to new things and to changes in the market that will take you to the next level.
Tip #3. Sitting for Answers
I love this line from the Napoleon Hill book “Think and Grow Rich” which is one of my all-time favorite books.
Napoleon Hill would go into a quiet room and “sit for answers”.
He would go the room with a blank piece of paper, quiet his mind and just wait for answers; for inspiration to come to him. I believe what he was doing was a sort of meditation. Napoleon Hill knew all those years ago that everyone needs time to think; time for clarity and inspiration to come.
Einstein had a famous quote that said, “Imagination is even more important than knowledge”.
You have to have imagination to build an exceptional business.
The takeaway here is not to get so busy working in your business that you don’t have time to work on creating an exceptional business. You need time to think and time to plan. Become a master at thinking outside-of-the-box, and give yourself permission to dream what seem like impossible dreams.
Tip #4. Don’t Let Fear Move into Your House
When you see fear coming your way, lock the door. Don’t let it in.
Fear will cripple your ability to build an exceptional business. You can’t listen to folks that want to tell you why your ideas won’t work, and you can’t listen to your own “inner voice” when it sends doubts your way. When fear shows up, just keep walking. Just keep building that exceptional business. Keep what works, scrap what doesn’t, adapt and move on.
Tip #5. Build Your Tribe
Seth Godin wrote an exceptional book called “Tribes” which I wrote about some time ago on my blog. You can find the article here.
Everyone needs a tribe. We all need cheerleaders to pump us up and keep us going when things get tough (as they always do). Your tribe will not only be your biggest cheerleaders, but they will help you grow your ordinary business into an extraordinary business.
So how do you build a tribe? The short answer is to be visible and to be there for others.
What steps have you taken or do you plan to take to build your tribe?
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This is very interesting article. Thanks.
Also thanks for your tips, i hope so that this tips would help a lot of people.
How do you structure the paperwork for closing? If you do a simultaneous closing with a closing attorney, is there only one settlement statement or two? Does a simultaneous closing every have two settlement statements? What clause do you add in case you have a solid buyer and for some reason the buyer does not fund on the closing day and you don’t have the cash to fund the closing yourself?
Chris – These are two different purchases and 2 different closings that just happen about 15 minutes apart. So you close the A to B closing with the B to C funds. There will be two HUD’s and 2 sets of closing statements.
Always get $1000-$1500 in non refundable deposit. If they back out, they lose their money.
In my contract with my seller (the A to B), I put that it is subject to “partner approval”. I explain to them that I’m not sure what I will do with the house; whether it will be a rental, I will rehab it or pass it on to another investor. So I am clear about that. Then I further explain that I buy a lot of houses and I always have someone that brings the money; my money partner. I explain that this is why I need a lock box on the house. I hope this helps.