Total dedication can be an intimidating prospect. Most of us like to keep at least a small part of ourselves held back. It’s a self-preservation tactic. When it comes to investing in anything, there’s inherent risk, and because of that risk, we don’t always treat our investments as we should.
Risk management is an essential piece of the puzzle. We have to be smart and strategic, making the best use of our time, resources, and assets to ensure that we secure and maximize our cash flow in the long-term. The mistake we make, however, is allowing the presence of risk to stop us from personally investing ourselves in our role, in the process, and jumping in with both feet.
If you’re going to truly succeed as a turnkey real estate investor, you have to learn how to be “all in.”
It’s more than just writing the check or making that first step. Being “all in” takes much more than that.
4 Ways Being “All In” Brings Success to Turnkey Real Estate Investors
Be all in relationally.
At Memphis Invest, we’re all about the experience and the relationships we build with our clients. We love when current and prospective investors come and visit us at our offices for that very reason. We can meet face-to-face and really engage on a personal, meaningful level. Our clients can see who we are, what we’re all about, and get a real feel for who they’re entrusting their investments to.
And it leads to this: being a turnkey real estate investor is a highly relational act.
What do we mean by that?
In order to succeed in turnkey real estate investment, after you’ve jumped in and purchased a property, vetted a turnkey company, and formed a partnership, you have to dedicate yourself fully to actually having relationships with the people who matter to the success of your investments.
At Memphis Invest, for example, we invest ourselves in the success of our clients and in their experience. We want to foster a relationship. Part of helping our investors succeed is in this element of relationship and communication—in fact, it’s crucial.
Investors have to be able to trust and communicate with the people who not only operate their properties day-to-day but the people who help them navigate the world of real estate investment. As a turnkey real estate investor, having a close and amicable relationship with these touchpoints in the industry is critical. If the company you’re working with isn’t offering you that level of relationship, you may be working with the wrong company!
Be all in strategically.
In passive real estate investment, there is always a balance to achieve between engagement and passivity. How much do you, as the owner, have to do and work versus let your investments be what they need to be?
Part of being “all in” is being engaged strategically. This doesn’t mean you have to always be doing strategy or planning ahead. What it does mean is that you do what you do regarding your real estate investments with purpose. It means engaging with your financial future with a care for the outcome. It involves intentionality in your decision-making, setting clear and defined goals, checking in with yourself and the people who are guiding and helping you achieve your ambitions, and working to improve your strategy and change as you grow and learn from experience.
Be all in ambitiously.
As a real estate investor, it’s already safe to say that you have some level of ambition. You already made it this far—to a place where you want more for yourself, your family, and your financial future than what you have. You know that the trajectory you were on wasn’t cutting it and that you have more potential than you are tapping into.
You have ambition. The question is, are you truly utilizing it to its full potential?
As a turnkey real estate investor, what does ambition look like? Too many investors are content with so little in terms of what they are actually capable of. They let fear stop them. They let doubt hold them back. Maybe you need to scale your portfolio and work on increasing your streams of cash flow. Maybe you haven’t been prioritizing acquiring assets like you need to.
Whatever it is, you need to ask yourself if you have been as dedicated to the ambition of investing in real estate as you were when you started.
Be all in passively.
Lastly, turnkey real estate investors have to be “all in” passively. What does that mean, exactly? You have to learn to be on board with being passive. Some people really struggle with this, but it has a lot to do with trust, too. If you’ve trusted a turnkey company and done your due diligence, you’re in a position to let yourself be passive.
Don’t make your role more than what it needs to be. You’ll end up getting in your own way as a real estate investor, especially when you’ve already gone through the lengths to find a great turnkey company with a stellar property management team. If you know they have it handled, you don’t need to try to handle it, too.
Be content with a hassle-free investing experience. You’ll be far more successful as a turnkey real estate investor if you allow yourself to embrace your role as the owner—sticking to strategy and getting your paycheck!
Ready to be "all in"? Check out our free resources for committed turnkey real estate investors.