The 3 year plan to purchase a multifamily property PART 2

Would you travel to an unknown place without a map? The most common answer would hopefully be “no” So let me ask you another question;

Why do so many new(and old) investors attempt to invest in real estate with no map?

A little over a year ago, I came up with a very bare bones map to get to a multifamily purchase in three years. If you want to read it you can check it out here.

Reading the words I wrote over a year ago makes me smile today because it seems I had no shortage of motivation. My motivation is still there today, but I feel that it has been put in check by the knowledge, and perspective I have gained since I wrote the plan. I am no longer someone who is consumed by the initial excitement of the thought of achieving my goals. Let me share some of the lessons learned, and what I have accomplished over the last 16 months. Hopefully you can benefit from the information

Motivation is not enough

How many new investors have you seen talking about how they with break down any wall in their path? (This was me in my initial 3 year plan write up) Im curious how many of them actually go on to break down wall, after wall, after wall while keeping the motivation up. Motivation is great, but it is not the fuel that will get you to the end, and in my opinion there is no end. Most anyone who solely relies on motivation will most likely quit. Roadblocks will come up, and they will drain you in many ways. Find ways to prepare you mind for these.

Mastering my life before attempting anything else

This all started as one goal for me. Purchasing a multifamily property. As I gained knowledge I quickly realized the importance of mastering my own life. What I do in my personal life, will automatically carry over into my business life. I have trained my brain to accept that there are no shortcuts, and no “easy way” Instead I seek the fundamentals, I study them, then take action by consistently performing the fundamental tasks associated with whatever I am trying to accomplish. Mastering my life has included improving my credit score to over 700, saving sizable cash reserves, improving fitness, eating healthy. How many people have you seen attempting to purchase a property with zero cash, and horrible credit? Yea, it can be done, but is it really a model for long term success?

Getting my mind off results, and focusing on consistent action

I had to throw away the scale, and just focus on getting in the gym every day. In real estate the equivalent would be throw the purchase idea away, and focus on improving credit, financial skills, cash savings, and knowledge of your market. The purchase will be a natural result of those consistent actions.

Expanding my knowledge, and letting it be the guide

At the start I was mostly reading real estate related books, but I came across Tai Lopez on social media, and his message of improving health, wealth, love, and happiness every day really resonated with me. I started to read a few books a month on a variety of topics, and this has grown into a habit that has me reading a book or three every day. Do I read the books from front to back? Sometimes, but mostly I run through the table of contents, find something that interests me, read it, and implement it into my life immediately. This has contributed to me establishing my blog  where I share simple tips that may help improve the lives of anyone who may read, these tips include improving credit scores, health, wealth, love, and happiness related tips and observations. I have plans for the future to build the site out into a community where users can help each other improve their lives one small step at a time, and use a group approach to solve the problems of everyday life. I guess it would be a bigger pockets for life instead of real estate.

Learning to be selfish until I can be generous

The most valuable asset we have is time, the second is mindset, the third is cash. If you try to be the person that solves every problem that friends and family have, you will have no time, no money, and your mindset will be in the dump because of all the negativity you are absorbing from others. Be selfish with all three, until you get to a point you can be generous with them. Saying no will be extremely hard, and some may be upset with you over this. Push through it! This is your future that is at stake, let everyone else choose their own path. They will become better individuals by sorting out the problems that plague them.

Thank you for reading this, I hope that you can take some value from it. I want to end this update by saying that after 16 months I have been able to acquire the knowledge, credit, and cash to purchase a multifamily unit well before my 3 year deadline. I recently accepted a federal position in the Washington D.C. area, and I plan to make the purchase after relocating there. I feel the time I invested in myself will be a valuable asset for years to come. Feel free to comment, or reach out to me privately with any questions., and if you are in the DC area lets meet up.