We are ramping up our 2019 and I hope you guys are getting after your goals. One of the things I’ve been thinking about is the amazing interviews I’ve had on the Bulletproof Cashflow podcast. I’ve been fortunate enough to meet so many successful syndicators, authors, and masters in the field of real estate and share some of their biggest lessons with you.
There are some commonalities with all the people I spoke with so far – from mindset to taking massive action. There are still many lessons to be learned from their journey. I’ve narrowed it down to 5:
1) You Must Have a Focused Plan: Without fail, every real estate entrepreneur I’ve interviewed has a detailed and very focused strategic and tactical business plan. They are experts in the asset class they are working and very rarely deviate from their asset class. Whether it’s multifamily, retail, storage, or land, they stick to what they know and only expand if their team can expand with their plan. They know their market inside and out. They are focused on chasing one rabbit versus chasing many rabbits all over the country.
2) You Must Have Good Relationships: Building strong relationships with everyone in your circle is important for you and your business. These relationships will not only propel your business to new heights in the way of investors, vendors, and deal flow, but it will also allow you to help others with their needs. In any business, it’s about giving first to get back and building good, strong relationships. In real estate, some of the best deals are found off-market and the only way to find these deals is from your strong relationships. In the end, it all comes down to deals and dollars and the relationships you have developed.
3) It Takes a Little Patience: It sounds simple, but the best deals are taken down by those that are patient. I have looked at many deals where the price and terms just didn’t make sense. In those cases, I wait it out. I never take down deals outside of the set parameters because I have an obligation to my investors. In several cases, we waited over a year before the deal made sense for us to pursue and close. In any case, I always part ways on good terms with the broker and leave the door open for that seller to reach out. We make it easy to deal with us and those on the team.
4) Take Massive Action: The people I interviewed did one thing extremely well – they continually executed their business plan relentlessly. They also continually refine and improve their business model so that it becomes more efficient and profitable. They push through barriers and do whatever it takes to deliver.
5) They Invest Heavily in Personal Development: Aside from investing in buildings, they spend a lot of time investing in themselves. Without fail, every successful entrepreneur invests in improving themselves. Whether it’s reading a book a week to improve their mind, hitting the gym to improve their body, or going to conferences to build their network, they are committed to improving themselves. They are not complacent with the status quo and work to be at their best.
Anyway, make 2019 your breakout year by checking out the Bulletproof Cashflow podcast on your favorite media channel.
There, I interview some of the most successful real estate syndicators. You will hear about their experiences first hand and you can implement some of these great lessons into your business.