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Awesome images from Business Insider that show you the deference in two mindsets. Comment below if you agree with this point of view or not.
Many of us have started to think about becoming an investor because we read a book like Rich Dad Poor Dad or went to a class on real estate investing. At least I did. Actually my mom gave me Kim Kiyosaki’s Rich Woman back in 2009 that she got from an Amway meeting. She brought me a bunch of books, but the network marketing idea wasn’t for me so I didn’t touch those books for at least a year until a regular spring cleaning. Kim’s book sparked my interest and I loved the fact that there were rich women out there who do not depend on their men and know how to make money while not going to a job they hate.
Needless to say I hated my job. Well I didn’t use to because I was lying to myself that I wanted a career in my field. I spent all my adult life in the restaurant industry going from a hostess to a GM of a nice restaurant on Capitol Hill owned by a Star Chef. I loved my progress and I studied hard to be a good resta, learning leadership skills, learning to cook the traditional French cuisine in the prestigious (and expensive) Art Institute of Washington, going to TV shows with my Chef and thinking I want to be like him when I grow up. Little did I know that I would get burned out by bossing people around and pleasing customers and the boss. I started to long for a quiet day without incidents, so that every employee shows up to work, every plate goes out the way it supposed to, every customer leaves happy and the boss stays pleased with the shift. That just never was the case. It was super stressful, aggravating, tense and upsetting, although I was listening to positive audio books and working on my personal development day in and day out.
But one day I got lucky, I didn’t think that way at first and cried for a couple days feeling betrayed and mistreated, but my impulsive and irrational boss decided to fire me out of nowhere when I just showed up for one of my shifts. Of course now I see it as the best thing that ever happened to me because I don’t think I’d ever have the guts to leave although I was so unhappy and tired. It was just a piece of a puzzle that fall into a perfect place and made a big picture of my life to start to come together.
I was waiting for my wounds to heal while looking for a new job. That’s when I got my spring cleaning going and came across the books I mentioned above. If I still had my management job, I’d never have a chance to read them. Long story short here I was swallowing one page after another. Next thing I know I was shopping for Rich Dad Poor Dad on Amazon and making plans for investing. After Rich Dad Poor Dad, I found a free real estate investing class coming to my area and the rest is history.
People often complain how much money they spent on their education and that it was scam, because they haven’t learned anything and weren’t able to make their money back using the knowledge from classes. I always feel sorry for those people because for me it was the best thing ever. Although I did spend all my savings to buy an expensive Rich Dad package, I never turned back! Did I become a millionaire like my first 3 day trainer who drove a Bentley and wore a Rolex? No (or should I say not yet). But I certainly changed my life and started to invest – my money, my time, myself – all I can into my future, financial and spiritual. It has never been easy but as they say, it was worth it. Every failure and every success! Every bad partner and every new like minded friend! Every experience, every phone call and every FSBO lead!
Now back to our topic. I wanted to talk about it because all of you going into investing must understand, that in order to succeed it this venture you have to start with the end in mind. To travel to China, you gotta first figure out where you are departing from, if you are going from the US, a train is not an option; however if you are traveling from Russia, you may choose to take a train, a plane or even a car. You know what I mean? Figure out where you want to go, then where you are starting and then choose your transportation! Not in any other order.
People say “I want to be a real estate investor so I will wholesale a house”. Hmmm really? I don’t think so! First of all you must understand that there are so many things that can be considered as investing:
- Rehabbing properties
- Wholesaling/Assigning contracts
- Lending money and so on…
Do you want to take on a new career and build a business or you want nothing to do with showing houses and speaking with sellers? What are your strengths, talents and experience? Be honest with yourself, don’t get hung up by people telling you “Just do a deal”! Oh if I only closed one assignment deal after each time I heard that in my first year!
My suggestion, follow these steps and listen to your heart (not other people) when you do that:
- Figure out what you love doing and whether or not you need a new career
- Decide where you want to be financially, how much money would make you financially free. Be realistic and don’t go straight for “millionaire” because it could also mean many things, e.g. in DC or LA many home owners are millionaires just because they own one home, so be careful with what you wish for.
- Consider where you start: how much time you can realistically spend, how much money you can invest on recurring marketing efforts, how much help you will get. Note: not how much help you would like to get from your spouse, children, neighbor or a realtor friend you know… Who will commit to help you and what will they put into this venture?
- Identify your budget. No, it’s not the same as #3 where you just through a number in! Look into your finances, figure out how much you can commit spending each month. Is it $3000 or $300? It’s very important because it will bring you to the next step
- Identify what marketing strategies you can commit to for your budget. Commit for at least 6 months! Here is the tricky part, 100 yellow letters each month will not bring as good of a result as 1,000 letters. But even 1,000 letters must be sent right, and you need to follow up with your lists. So here calculate very carefully how much it will cost you to buy a list, material for the letters, pay for the help of people who will handwrite your envelopes, or if you THINK you will do it yourself, again, be honest! Are you willing to spend a full 8 hour day weekly to prepare a campaign of 300 letters? Because that’s how long it will take to handwrite these letters. Ask me how I know…
- Look into your local REIA offers and see if you can get on some sort of an apprenticeship program where you will work as a team member and get a small cut of a deal. Or see if any guru in your area might take you on. Be careful and don’t fall in the trap of overnight success for $15K! Again, ask me how I know. The best advice and help I ever got were FREE from people I became friends with. So use your charm, be likable and remember your Network is equal to your Net worth!
- Never give up! This is probably the most important step on this list.
Be ready to make mistakes and deal with many failures. Be ready to waste money on marketing that doesn’t work and even be ready for bad partnerships.
Not all people from your 3-day class will really DO it, most of them are just talk… And many of them will simply give up and say these education was spam and they want their money back. Some of them will try but won’t handle the failure. And only a few will push forward and get to their first deal! What’s the true percentage of people who become full time wholesalers or rehabbers no one knows, but it’s tiny. Those people spend a lot of money on marketing and a lot of time on follow up, they build teams and systems, they learn from failure and keep working on their personal development. Because…
Business is a tough game that spits out the weak ones very quickly!
Do you want to be a real estate investor, or you just say you do? It’s up to you and there is no shame in either answer. Just follow the steps above and decide for yourself! Forget other people, we are all unique and we have unique life situations. Good luck!
Since starting Outsource Hub, a lot of folks have asked precisely what it is that we do as a company. We take great pride in providing an opportunity to help other entrepreneurs understand not just the value of outsourcing aspects of their business, as this is not a new concept, but also making it more applicable – especially in the arena of real estate investing.
So this got me thinking – we don’t have a groundbreaking, cutting-edge invention that’s new to the marketplace. But the same is true for a myriad of other products and services out there. Innovation alone does not create value. However, the application of someone else’s innovation used effectively and ethically in the right context has the power to create massive value. And this is our approach, whether offering automated services and techniques, training courses, or consulting services.
This takes me back to an old 1990s commercial by BASF, the largest chemical producer in the world. I grew up in the 90s and remember this ad clearly, but may not have understood what it is BASF was. But I love their slogan: “We don’t make a lot of the products you buy, we make a lot of the products you buy better”.
No, this is not a shameless plug for Outsource Hub (hint, hint)… but this post is actually to inspire you to challenge yourself, and ask yourself if you see the world differently than others, and if so that’s OK. Don’t get stuck with the mentality that you have to create a product from scratch to make a difference in this world. Build on what other creative geniuses have done before you. And this is not just about creating products or services either, but is applicable even in your own current business. Take real estate investing for instance. Many of you have bought countless products, softwares, services, etc. — and honestly, some are amazing, while others are scams. It’s the nature of the beast. However, just because one product is advertised to be one way if followed precisely to the letter, doesn’t mean that it will be perfectly applicable to you. Only you know that. So take the tools & skills you learned, but add your own personal touch that makes it work for you. And as a result, make it better.
Stand on the shoulders of others, but let your uniqueness shine. And re-coin BASF’s slogan to be “You don’t make a lot of the products you use, you make a lot of the products you use better!”
Fake it till you make it. How many times have you heard that spiel back when getting started as an entrepreneur? Confidence and experience count for beaucoup points when delving into the entrepreneurial realm, so many times newbies feel they are at a disadvantage when going up against more polished individuals in their industry. So the newbies do one of 2 things, typically — 1) assume their position on the bottom of the totem pole and do very little, if anything, to get going in the business; or 2) someone somewhere tells them to “fake it until they make it”. I personally don’t agree with either tactic. I believe there is a very fine line between maintaining your unique character, and pushing the boundaries to become someone greater than who you currently are.
I, for one, took the 1st scenario, and remained on the sidelines…knowing that my lack of action wouldn’t produce results, but at least I knew I was learning day by day, in theory at least. I’m not saying this was right – it was just what I did. Yet many people I knew faked it until they made it. Which is admirable, because they took a hell of a lot more action that I ever did starting out. However, while in the midst of “faking it”, not all of them “made it”. In fact some of them did irreparable damage to their character by taking this approach. Mind you, some of them did “make it”, and made it big! So there is no right or wrong. This blog post is only to shed light on my opinion on the matter.
I’ve observed that for those newbies who are faking it, the experienced industry leaders see right through it. And while it may not harm them, as many experienced folks just chalk it up to the fact that that newbie has gumption and confidence…but inevitably he or she is not there yet. And it may behoove that newbie to be more humble and admit to his or her shortcomings, than to put on this facade of being more than they are. You do not want to appear glib, as this is often a hindrance to forward personal development.
I’m sure many may be thinking that this article is meant to put down those who try to get to the top as fast as possible, by any means necessary. However, I reiterate that I actually admire those who do it, and do it ethically. I do, however, also believe that you must also understand who you are and what your strengths (and weaknesses) are.
When people tell you to “stay in your lane” — it is generally to tell someone to not aspire for more, and to play it safe.
My assertion is this: “Stay in your lane, but quickly figure out how to accelerate out of your lane while not causing any accidents”… emphasis on accelerate! Too many people try to immediately jump out of their lane and accidents ensue. To do it the way I suggest will show true growth, and will enable you to truly never have to fake it! You’ll be (and more importantly belong) in the fast lane!
So never be guilted into having to fake it till you make it. Don’t come off as being glib. Stay in your lane, but plan your exit and don’t stay in that lane too long (you don’t wanna become the Mayor of the Slow Lane!). Life is a 5-lane highway, and the fast lane may be all the way over on the left side and you’re 5 lanes over on the right. Continue to merge one lane at a time and end up in the fast lane — don’t cut across 5 lanes in one fell swoop. Trust me, I live in Miami, Florida — I physically see cars doing that every day on the highway. It is not safe on I-95, and it is not safe in your entrepreneurial adventures.
Really – are you a likable person? Or do only your parents and close friends like you? In business, people like to do business with people they like. Heck, in life in general – people only really like to be around people they actually like! It’s not a topic to gloss over. And this is not a self-help article about how everyone can be likable (hint: skip to the end of this article, I have a nugget that will surprise you!).
If you are honest with yourself, you’ll know from your past experiences meeting new people whether you have that likable trait or not. How would you know? When you hear the direct or indirect feedback from those people that you recently met! It’s just a natural feeling, one that’s hard to describe.
Here are some basic traits (note: I am approaching this from a business networking perspective, not just whether you are likable in general):
1. Have a pleasing personality. I stole this from the book How to Win Friends & Influence People by Dale Carnegie. What defines a pleasing personality? This goes beyond just being positive all the time, but are you the type of person that actually just reduces the stress of the people you come into contact with? Like, you actually see their blood pressure going down each minute they spend with you.
2. Be dynamic and engaging. Just being positive alone isn’t enough. Can you relate to the industry or common threads of the person you are talking with? Showing your knowledge/intelligence and wit, while speaking with a certain charisma add to your interest as a person. I’m not talking about showing off your smarts here, but being an engaging conversationalist is a very important trait that makes someone remember you for the right reasons. Think about the most engaging public figures (movie stars, politicians, presidents) – what makes people just gravitate to what they have to say and like them overall?
3. Don’t be overly talkative. Now being a dynamic and engaging conversationalist doesn’t mean talking all the time. Even while listening, what are your mannerisms and responses?
4. Be sincere and genuine. Better yet, don’t be glib. People can spot a fake person a mile away, and can tell if you’re just trying to get something from them as opposed to forming an actual friendship first. Of course, in business, there is always the goal of “What can you do for me”, and never lose sight of that. Sure you’re not just there to make friends without the potential of business. But don’t be mistaken, you must make the friendship first… then business will follow. For if the business doesn’t follow, you’d at least have made a friend!
5. Don’t be annoying. This one is controversial. Of course no one thinks that they are annoying. However, tell that to the people that have been annoyed by them! My mantra is always “it doesn’t matter what I, or all of my friends think about me… what matters is that person’s perception of me”. Be self critical, and read the cues from the person you’re speaking with. Don’t invade someone else’s personal space, and read the cues if the person you’re speaking with isn’t reciprocating with being engaged in the conversation either. It’s a tough topic, and you’re not gonna win ‘em all, but the less annoying you are the more likable you’ll be.
6. Maybe you just are NOT likable. That’s OK! You know what, maybe you’ve got one of those personalities that the majority of people don’t like. I’m not insulting you here. Maybe you are one of those negative, sullen, brooding, annoying people who gets annoyed with those smiling, happy, outgoing people out there. Be honest with yourself. Sure, it’d be awesome if you could transform yourself, as you’ll do a whole lot better in life if you did. But if you can’t, figure out what works best for you. Just don’t complain when certain people won’t do business with you, or want to hang out with you, etc. Prove the world wrong!
Let us know what you think in the comments below. Was this article helpful and did you learn something new? Please share it with your friends who might need to read it, we all have that one friend!
We live in a society that is generally very skeptical. We’re surrounded by more people who tell us “we can’t do this or that” or try to pull us away from our dreams. Most entrepreneurs have a choice to make, once they’re on their journey towards building their businesses, to filter out all of the negativity and be as optimistic as possible. But is this the big secret that makes every entrepreneur successful?
I, myself, have always been a fairly positive person. I was borderline skeptical, but generally open-minded. Things shifted as I delved into the entrepreneurial world, and I started surrounding myself with like-minded people, people striving for similar outcomes. However, I quickly realized that optimism alone is not the answer. Yes, it is HUGELY important. But far too often I came across what I like to call “optimistic idiots”. Some of whom were friends, some just passing acquaintances. And while my nature doesn’t allow me to chastise those people, I instead sympathize…because there must exist a healthy balance between optimism and reality, in what I like to call the “Optimism-Reality Quotient”.
The Optimism-Reality Quotient is simply this. Someone who is very optimistic, but not realistic, is a dreamer. And someone who is realistic, but not optimistic, is going to find a way to talk himself or herself out of ever moving forward.
Of course I’m sure you’re asking what defines “realistic”, and the answer is it’s all relative. But in most cases, this relates to having some semblance of reality when it comes to your own strengths and talents, as well as your weaknesses and limitations. Of course, I’m not suggesting that every optimistic person must step back and over-analyze his or her own realities, for many successful people have become successful by taking blind leaps of faith, or employed the “ready, fire, aim” strategy. However, I’m sure those folks either consciously or subconsciously were aware of what their own personal realities were.
So I say always be conscious of who you are, and what constitutes your reality, and at the same time be very optimistic in what you set out to achieve. But just be careful of the landmine of ONLY saying “Yes I can” just because it’s the cool thing all entrepreneurs are supposed to say. I mean, if you have a choice between being an Optimistic Idiot or a Pessimistic Idiot, then by all means make the right choice. But you are NOT an idiot (or at least I hope you’re not, otherwise you wouldn’t be reading this post!), so why not add a bit of substance behind your optimism?
So you’re a morning person. You love to get up at the crack of dawn (or maybe earlier!), and get a headstart on your day. Or perhaps you’re a night owl, burning the midnight oil maybe because this is how you got through all of your college midterms and exams, and the habit sort of just stuck around.
But I do notice that I’m my most creative and inspired to work between the hours of 10:00 pm and 1:00 am for some crazy reason. But almost every success blog or book will tell you the secret to success is waking up at 5:00 am, maybe even 4:00 am to tackle the day and set yourself up for success. And this post is not meant to discredit this, as I am a firm believer in patterning yourself after others who are more successful than you. So I figured I had to start going to bed no later than 10:00 pm in order to even attempt to get close to 8 hours of sleep and get a headstart on my days as I tried to become a morning person.
However, it’s not always that simple. Years and years of your body being conditioned to being up late did not make it easy to fall asleep before midnight. There’s something called the body’s natural sleep phase that is not as easily corrected…or perhaps my will power is too weak (or too strong, depending how you look at it). And then of course there’s the fact that my most creative and productive hours are now being sacrificed for this experiment.
So I decided to try a new experiment — something that I’ve been routinely doing for over 2 years now. Being both a morning person and a night owl — simultaneously! WARNING – this isn’t for the faint of heart
(or those who love to sleep). For some strange reason I have a hard time falling asleep before 2:00 am. Yet I do strive to wake up at 6:00 am every morning (let’s face it — 2 hours of sleep is a nap. 4 hours of sleep is a bit more do-able). Sometimes this becomes 6:30 or 7:00 am, so I would get anywhere from 4 to 5 hours of sleep per night. To me, this is PLENTY!
Do I feel tired and groggy in the morning? Honestly, no different than when I get 7 or 8 hours of sleep – so what’s the difference?! My secret is that I hit the gym and get a good morning workout in to start the day…which energizes me and has me sharp to start my day by 9:00 am (which was when I’d wake up normally when I was only a night owl).
There is no science behind any of this, and this goes contrary to all other blogs, books, or general logic. Or those telling me “you need to have 8 hours of sleep”… I hate people telling me “I need to”……I am just telling you what’s been working for me. And I don’t want to sound like every other motivational blog out there that makes it look like the author is Mr. or Ms. Perfect. I slip from time to time and sleep in a bit…or maybe miss my workout occasionally (rarely!!). But I have successfully established a routine where I can achieve the best of both worlds! I am highly inspired toward achieving my goals and dreams, and I don’t allow sleep or life’s typical conventions to restrict me from moving toward that target!