Welcome to episode 95! To date, we’ve had so many great guests on the podcast from big time investors like Rod Khleif, Vinney Chopra, Ivan Barratt, Joe Fairless, & Brian Burke to thought leaders like Keith Weinhold, Damion Lupo, and Ben Leybovich, young guns Lane Kawaoka and BiggerPockets Vice President, Scott Trench, to professional capital raisers, Rich Dad Advisor, Darren Weeks, and David Thompson.
Each of these guests have shared with us their journey, background, and invaluable lessons they’ve learned. There are some common qualities, actions, advice, and paths we’ve learned from every one of these real estate professionals. We’re going to highlight some of these and break then down into a step by step guide to get you started investing in real estate, and grow your portfolio.
So let’s dive in.
- Most everyone’s first goal in their real estate investing journey is to achieve financial freedom. This is a term we’ve discussed a lot of this show. However, the importance of financial freedom can’t simply be glossed over. Financial freedom will give you the ability to do things on your own terms – live where you want, do whatever you want when you want, or even travel where you want. With financial freedom, earning money to live is no longer an issue.
- Set big goals and chase them. Each and every one of our guests has set goals and pursued them. By setting big goals, you give yourself something to aim for. If you don’t quite reach your larger than life goals, you’ll still end up much further ahead than you would have without any goals.
- Developing and practicing a morning routine. Many of our guests, and other successful people credit their success to a morning routine. This morning routine looks different for everyone, but some common activities include journaling , physically writing down goals, exercise, prayer/meditation, affirmations, visualization, and reading.
- Continuously progressing towards your goals. This one is a bit overlooked, and not so much talked about. There is rarely such a thing a an overnight success. The success you see in others is often the result of many many years of constant work. Vinney Chopra didn’t just wake up one week with several thousand apartments. Keith Weinhold didn’t just accidentally create what I believe is the best educational resource for personal finance. These people have all taken decisive action consistently for long periods of time.
- Identify your reasons why. These are the reasons you want to achieve success. They should be bigger than yourself. Common examples are yes, financial freedom, or money. There’s nothing wrong with making money a reason why. However, from guests’ experiences on the podcast, such as Rod Khleif, money is not fulfilling enough. It’s a good motivator, but once achieved, is not fulfilling. You’re reasons why should be bigger than yourself, so that if you don’t achieve your goals, you letting more than just yourself down. More examples include giving back to organizations or causes that you support, being able to help others financially or with education, spend time with your family, or use your time to make the world a better place, as you see fit.
- Take action. Without action, goals are just dreams. Every successful person takes massive action to accomplish his or her massive goals. Action can be as simple as going to a Meetup event, reading a book, or analyzing a deal. Massive action is more of a sum game. It’s the sum of constant small acts. These acts add up and soon enough will result in reaching that target.
- Snowball your wins into the next one. We all know the snowball analogy. As a small snowball rolls downhill, it picks up more snow growing bigger and bigger, all while gaining more momentum and speed. Real estate investors, especially, realize great benefits by snowballing their efforts, wins, and knowledge. When you snowball your wins from real estate investing, you’ll experience exponential growth. Many of our guests on the podcast have talked about how important it is to get that first deal. This is because it starts that snowball. At first, it’s small and not that impactful. Soon enough though, you’ll have an real estate portfolio that is growing exponentially and you might not even be able to stop it!
- Network with people who are doing what you want to do. No matter how successful many of our guests are, they make a point to sourround themselves with people more successful than themselves. You too should be doing this. Aim to be the least experienced and least educated person is the room. This is when you’ll grow the most.
- Practice gratitude. Enjoy both the small and big wins. Be thankful for everything you have been able to accomplish. If you never stop and reflect on the things your are thankful for, then you can get lost in your journey.
- Last but not least, never quit learning. No degree, license, certificate, or any other piece of paper gives you the right to quit growing as a person. Soak up as much knowledge as you can. This can be self-taught, self-guided, informal, or any way that suits you. The best investment is the one you make in yourself.
These are the top 10 take aways from the brilliant guests we’ve had here on The Real Estate Way to Wealth and Freedom. I’m sure there are so many more. If there is something you’ve taken away that I didn’t touch on, let me know what it is! I might even give you a shoutout on an upcoming episode. perhaps even put you in touch with the guest who has made an impact on you!