Come up with some goals. Figure out what you need to do to reach them. Just Do It. Decide you are going to be a real estate investor. Read some books. Just Do It. Buy a piece of property. Slap on some new paint. Rent it out for a massive profit! Just Do It.
It always sounds so easy, right? If you’re bothering to read this blog, you probably have goals related to real estate investing. And if you have them, then chances are, you want to reach them, right? So come up with a game plan and execute it. How hard could it be?
We get asked that question almost daily and sometimes it is not a question at all. Sometimes we are told how easy it is to do what we do. Whether it is run a real estate investing company or buying single family investment homes for our portfolio...the assumption that is so easy is always the same.
Well, if you are a model of efficiency and if self-discipline comes to you naturally, maybe it is a piece of cake, but let’s face it: very few of us fall into this category. Most of us constantly struggle with bad habits that are keeping us from reaching our full potential. Most of us fail to have all the necessary disciplines in place to help us make good decisions and work our way out of tight situations. Most of us...are set up to fail!
I’m not in the life coaching business, but I do know a few things about organizing your life in such a way that equips you for success. Failure cannot be an option when buying real estate. I know what that feels like. I know how hard it is to go through that and I always try to give advice to avoid it! This is one of those times. Yes, time management is a big part of being disciplined to help you be successful, but it goes deeper than that. If you want to take your real estate investing to the next level – if you’re serious about becoming the kind of investor whose success others want to emulate – then pay close attention to the following self-discipline tips from your Memphis investment group.
1. Do the Thing You Want to Do the Least First
You know that task that you dread? Whether it’s crunching some numbers for a deal, taking care of a maintenance issue at one of your rentals, or having a heart-to-heart with tenants about their consistently late rent payments, we all have those tasks that are unpleasant and we’d rather just not even think about. But if you knock that task off your to-do list first instead of putting it off as long as you possibly can, it will take a huge load off your mind, and you’ll be able to accomplish your other tasks with a lot less stress hanging over you. For us, as a business, we teach our staff to pick up the phone and call clients immediately if there is news they need to know about their investment property. As managers, this is not only good policy, but it teaches the ability to handle stresses quickly. The longer you wait, the harder it is for everyone involved and that is the same with every task that is on our least favorite list!
2. Always Assume You’ll Have Less Time
Crises pop up. It’s just part of life. Make it a habit of accomplishing important tasks before you have to. That way, when the inevitable complications arise, you’re already ahead of the game. Know the difference between what’s important and what’s urgent and how to keep the former from becoming the latter whenever possible. Check out this article on the Urgent/Important Matrix to learn more.
3. Take Care of Yourself
It’s very difficult to have the mental or physical energy to be self-disciplined in other areas of your life if you’re not self-disciplined enough to take care of your body. Get enough sleep. Stay hydrated. Consult your physician to come up with a cardio and strength plan that’s right for you. Some of you may question how working out can make you a better real estate investor, but trust me: your physical state affects how efficient and productive you are in every single area of your life. Your physical condition has a huge effect on you mental condition and is vital for you energy level. You want to make sure you have the energy to power through your days and be physically and mentally tough when you are challenged. If you can show self-discipline in your health and fitness, you can show self-discipline anywhere.
4. Be Careful Who You Take Advice From
It is unfortunate, but it is also a fact of life that not everyone who claims to be an expert or even a leader is really either one! Often, they are trying to sell you their version of get rich quick. In my experience, I have learned more from those who are humble and gladly tell you about their failures and their successes. When a person (or company for that matter) is having great success and they are still humble enough to take time out of their day to work with new investors or new business owners, then you have found someone worth listening to.
On this same note, if you are taking advice from the out-of-work cousin or the crazy neighbor who is starting a new venture every few months, shame on you and you you will get what you deserve. Have more respect for yourself and build your inner circle of advisers with those worth listening to. The six people you surround yourself with and take advice from will shape who you become. So choose carefully who you listen to when it comes to advice. Be disciplined enough to see through the smoke of those claiming to be your friend and take advice from those with enough experience to have both success and failure.
Investing in real estate is a great way to put your family on solid footing and a great investment tool for planning for your future. But, like anything else in life, without the proper disciplines in place, things can go awry. Make sure you have good, fundamental disciplines in place and you make them habits. At some point, you will look back and be very glad you did!
Do you have any self-discipline tips that have helped you to be a better investor? Please share them in the comments section!