OfflineAs a mentor I am always faced with a student trying diligently to get through that first deal. Whether they have been at this for a few days or a few months there is only one thing on their mind… that first deal! ” If I could just close that first one to pay a few bills, to prove to myself I can do it”
Sadly many give up before they even obtain it. They try so hard that they literally burn themselves out. Why? As I have seen time and time again it’s because they are pushing without structure. Their Zeal is way ahead of their knowledge… they are so fixed on the end result that they take no time to effectively learn the process or to build their team. Their zeal for that first deal takes over their life causing them to burn out before they even get a deal done.
Don’t get me wrong zeal is a good thing but only when it is managed in such a way that it is in line with your knowledge. I have students who were running so fast and so hard towards that first deal they neglected many steps in the process. ” did you build your team?” ” Did you read everything you can about the process before you dove in?” The answer most of the time is “NO”. I have had students flying solo, making offer after offer, looking at properties, trying to evaluate rehabs, doing their own comps, putting out their own bandit signs, looking for deals, researching sellers, looking for buyers etc…. doing it all themselves and getting no where.
The first thing that you MUST do is build a team! Delegate some of the process! YOU DO NOT HAVE TO BE HANDS ON EVERYTHING FOR IT TO WORK!!! Recruit bird dogs to put out bandit signs, find a contractor that will do estimates for rehab, get help from your kids for some of the simple things etc…
Second, take time to learn the process, whatever process you are doing whether buy & flip, wholesaling, whatever, take time to learn the entire process first before you jump in. Don’t get stuck in the middle of a deal and not know what contract to use or what to do next. Know it, learn it and then do it!
I know that first deal is the most important one. After all you have to prove to yourself and your family that it is possible. But if you take the time to build a team and learn the entire process first then you will be less likely to burn out before you even get there.
NOW… Put a leash on that zeal until it’s fully trained and go get that first deal done!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
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To your success,
Carol Stinson
..and I thank you. As someone who has not gotten that first deal done yet, I welcome your guidance.
"I can do all things through Christ who strengthens me" Phil 4:13
Great advice Carol. If I would of had help from someone on my first deal I would of got it done quicker LOL
Reynold Orozco
Your point on delegation is SO true!! You don't have to know and study every aspect of this business before taking action. Get help to do the small stuff and delegate important stuff to lawyers, title companies ETC You can spend a lifetime learning and worrying about every little detail and never make an offer!
Thanks for the great post!
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
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http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Hi Carol thanks for that valued info.Thanks every one else for your comments, what a family, success to all, sincerely, Jim
jbischoff
Hi Carol I really need to say this, you really have come such a l-o-n-g,l-o-n-g w-a-y so very proud of you!!!!!!, all I can say as well is w-o-w !!!!!!!.Your not the only one but you have come very far with quality!!!!!!!!! Great success to ever one!!!! Jim
jbischoff
I have seen people jump in before they are ready and get sued or heard of such cases. Yes, you need a team and your local reia club is a good resource for realtors, contractors, buyers, title companies and even to get your comps. We have realtors that will pull comps for us. Learn a strategy and follow the steps and get your lawyer and title company, and whatever else you need to do your deals.
www.tw4homes.com website
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Thank you Carol for the guidance. I think your first deal came quickly but that is not always the case and we need to stay with it. We've got to stay here, Have Zeal, Build a Team, Learn the Process and Change Ourselves, then maybe others.
Dan in Seattle..
I see the same all the time.
LEARN b4 you leap or look stupid and Quit!
Ever shot a gun or thrown darts or horseshoes?
You HAVE to have a target and LEARN HOW to hit it.
LEARN- get team- set goals - set PLAN and follow steps!
FOLLOW INSTRUCTIONS, get training - NO SHORTCUTS!!
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools