What does it take to be successful.

Question

Can  you share your daily routine. What does it take to be successful in real estate. Your daily marketing .YOUR BUDGET ?

James Vermillion · Answer

The number one thing I spend my time on is finding our next property.  We have found most of our investment properties on the MLS (although it has been a little tougher lately).  I spend at least an hour each day looking for the next property and becoming more familiar with my market.

Additionally, I spend time each day reading about the real estate market in general and my specific market.  I try to identify trends that could impact our investing strategy in the near and long term.  I also try to spend some time on BP everyday (some days I have more time than others).
I also spend some time with daily/weekly tasks:

- reviewing financials
- updating bookkeeping
- checking on on-going projects
- putting in offers
- updating website/social media sites
- updating contact database

The rest of my time spent on real estate investing is dealing with specific things that may not come up every day.  I end up talking with my lender every once in a while, updating my annual and 5 year plans, discussing ideas with my business partner, etc.  I also have a day job, so all of this is in addition to my 10-12 hour days at work…making for some very long days sometimes (but it is well worth it).

J Scott · Answer

The absolute best way to be successful in this business (or any business) is to find someone that is already successful, figure out what you have to offer that person that helps them, do so, and then hope they will return the favor by mentoring you and helping you in return.  Almost everyone I know who was able to learn from a successful mentor has been successful themselves (myself included).

For example, I've mentored three people over the past two years:

1.  A guy who started out as a private lender for me and wanted to get into rehabbing.

2.  A pair of new rehabbers who bought a wholesale deal from me (their first flip).

3.  A landlord who was doing his first couple flips and hired us to stage and list his properties.

In each case, the person was willing to provide something I wanted/needed (without expectation that i would mentor them), and I was happy to return the favor.

And when I started in this business, I was a private lender for a multi-family developer who basically acted as my first mentor (though again, I didn't have the expectation that he'd mentor me, which made it even better from both sides).

As for daily routine, everyone is different.  In terms of real estate, on a daily basis I focus on finding properties, accounting and managing the team.  I no longer do a lot of on-site work, but that's because it's what I least enjoy and is ultimately the most automatable part of the business (in my opinion).

Dale Osborn · Answer

To answer your question of me as to marketing - I like the words FREE in my style of marketing. When I first started, I used to use the Thrifty Nickel and local papers for trying to get tenants. It was not too cost effective so now just use the sign in the window on the property and word of mouth advertising - tell everyone what you do and what you have available. Offer a referral fee to make it worth their time to send you referrals.

Monica Breckenridge · Answer

Mike Andrews Mike is right, I started with zip!  I was 25 and working a job and just graduated with my masters.  I worked my way up little by little.  All the money I made my first year went towards marketing to get more leads and starting up my business.  I didn't even have a fax when I started and I was doing short sales.  I had to drive to kinkos to fax paperwork.

If you are motivated and want to do this and think about your success, it will happen.  The law of attraction will work for you.

Mike Andrews · Answer

It's been said already, but I believe strongly that the key to success is education. I would have to disagree with Eric Michaels about being able to invest with little money. There are so many great methods you can use to find financing or use little money to pay a down payment and get started. Don't think you need to be a millionaire or even a hundred-thousandaire to get started in real estate.

Monica Breckenridge · Answer

http://www.biggerpockets.com/blogs/2849/blog_posts/21649-attributes-and-mindset-of-a-successful-real-estate-investor

I wrote a blog recently about this.  But I also agree with J.  I was able to find a mentor who mentored me through the whole short sale process.  I started out by just working for her as an assistant and went with her to all her appointments.  I learned a lot by doing this.  She knew up front that I wanted to do short sales as well.  She never asked for a penny, but we did lots of deal splitting at first when I started.  I can never thank her enough.

James Vermillion · Answer

Altin Velaj, to answer your questions:

I am a rehabber and have never sent out a single letter and have never used a bandit signs.  The daily routine is going to be vastly different depending on what type of real estate investing one is doing.  Hopefully some of the wholesalers and note guys will be able to answer better.

Jeff Arndt · Answer

From a very top level and general viewpoint, I really enjoyed the book "Think and Grow Rich," Napoleon Hill.  It was written in 1937 as a suggestion by Andrew Carnegie.  In the book he outlines his "16 Laws" of success.  One of my favorite books that I have ever read.

James Vermillion · Answer

There are entire books written on this subject but I believe one of the keys to success is consistency.  It is very easy to start strong and fade, becoming complacent and lazy.  Find a way to structure your life so that you do not become burnt out and can find success over the long term.  I have seen so many people become suddenly passionate about something; only to find out they have quit 6 months later.  I am a firm believer in the balanced person!  
I am not located in my investing market at the moment, so my business partner handles the on-site operation.  Like J, I focus on a lot of the behind the scenes tasks: accounting, website management, etc.  Find a daily routine that works for YOU and is sustainable.

James Hiddle · Answer

The key to success is hard work and dedication.

What does it take to be successful.

Most Popular Reply