I do a lot of meetups and talk to many that say they want to get into real estate and multifamily real estate. There is always a recurring theme of reasons why they don’t start up their real estate dream. It’s either “I’ll wait until the crash,” “I’ll wait until my kids get into grade school so I have more time,” and my favorite one, that is “I don’t have any money”.
Then, they go back to watching the news or some reality show only to wonder why that rich person on TV has it so easy.
I’ll tell you something I discovered about the self-made wealthy: They are rich today because they took the time to understand how money works and how to use tools such as bank leverage, to multiply their money. They also took time out to network with others that have money. They dedicated their time to learning how to become masters at one single thing and filling in what they are not good at with a strong team. They didn’t spend time watching TV, going to sporting events or clubbing on the weekends, unless they used these activities as opportunities to network with others or to 10x their relationships. They trained hard knowing that at some point in the future, they could spend their time doing the fun things later.
You see, all of us have been sold a lie. We were told to work 40 hours a week for 45 years and save our money for retirement. While you are doing all this, you buy a house, spend your weekends chilling, and start it all again on Monday. For many, it’s living in fear for those 8 hours because you just don’t know if you are the next one to get canned. But it doesn’t have to be this way. If you believe in yourself, you have the potential for more.
I spent years doing the single-family and small multifamily thing early on. Later, I dedicated my time to studying real estate, getting in front of banks, finding amazing partners, and putting together a team that helps me run my business. Now, the only thing I do is large multifamily. The motivation in all this starts with the definition of “why”. I want to leave a legacy for my family when I’m gone – not just in terms of money but also in terms of education. My “why” is strong enough for me to pull me forward even at the end of a long, exhausting day. Maybe your “why” hasn’t appeared yet or you are not sure of it. For some, it takes years to find their “why”. But when you do, you won’t shake it.
When you set aside the reasons and focus on your “why”, there will be no “buts” or “someday”. I started in real estate using my own money and the rest from the bank. Today, we have investors that put money into our deals and the debt is provided by the U.S. government via agency debt. If you believe you can do the same thing, you will. It just requires to modify your priorities and focus on what you want to change in your life.
Anyway, have you defined your “why”? Are you still trying to discover it? Let me know. I’d love to hear from you.
If you liked this, go ahead and give it a thumbs up. Also, check out the Bulletproof Cashflow podcast on iTunes or Stitcher, and subscribe to our YouTube channel. We are working on getting new content out all the time to help you build your success in the world of multifamily.