5 Important Sacrifices Every New Investor Must Make
By JD Esajian on November 23, 2016
Being a successful real estate investor is much harder than you may think. Almost every new investor realizes the importance of hard work and sacrifice but few are willing to put their money where their mouth is. The successful investors you see on TV have often struggled and sacrificed for years before they got to where they are now. They have faced many bumps in the road and times when they thought about giving up. What got them through these difficult patches is hard work and sacrifice. The real estate investing business is filled with opportunity if you willing to put the work in. Here are five important sacrifices that every new real estate investor must make.
- After Hours Networking. The more contacts you have the easier the real estate business is. There are many different ways to grow your contacts and expand your network. The most popular options are through networking meetings and real estate investment groups. The downside with these scenarios is that they are typically held in the evening after you have finished your business day. Even the most experienced investors lack motivation about going to networking meetings all the time. You may have just finished a twelve hour day and all you want to do is change your clothes and jump on your couch. However the hour or two that you spend at these meetings can completely transform your business. Not only can you gain valuable education but you will meet people that can help your business grow. Very few people like meeting new people and socializing after a long day but it is an essential part of your career. For just a couple of hours a few times a week you will see an immediate impact. Your couch can wait until you get home.
- Not Enough Sleep. As a real estate investor you can dictate your work schedule. Since there is nobody telling you what to do and when to do it you have the ability to start your day when you want. The temptation is always there to hit snooze a few more times and get an extra hour of sleep. While it may not seem like much an hour a day is at least five hours a week. Think about what you can do if you have five extra hours. You can probably tackle a project that you may have been putting off for some time or find a way to generate a few extra deals. The bottom line is that everyone likes a little more sleep you need to stay disciplined on when you go to bed and when you wake up. The sooner you can develop a good sleep routine the easier it is to give your day some structure. If you are one of those people who want extra sleep you may need to change the way you work.
- TV. There is no greater productivity killer than TV. Technology and mobile devices have given TV a good run but TV is still atop the list. There has been an increase in recent years of binge watching TV shows. In fact a large segment of people won’t even watch TV in the old weekly program model. This is great if you want to bang out a few episodes at once but terrible if you are trying to do work. Most people that try to work after hours will put the TV on just to give them a distraction. What they find is that they will start out with it on low and before too long will stop working and put the sound all the way up. If you look at any successful person TV ranks low on their list of after hours priorities. It is ok to have a show you watch as a distraction but you can’t let TV or electronics consume you.
- Spending. Spending is important in any business. When you are just starting out in real estate your spending habits are critical. It can be a big adjustment getting paid only when you close deals as opposed to every two weeks. If you spend money before you have it or rely on credit you take two steps backwards for every step forward. Eating in on the weekend or taking your lunch to the office may not be glamorous but it can help save hundreds of dollars a month. That money can be used to grow your business or help keep you away from credit cards. If you do not keep a close eye on your spending you will not be able to enjoy the business as much.
- Old Habits. If you really want to become a real estate success you may need to change some bad habits and step out of your comfort zone. Talking to people or cold calling may not be strong suit but it can be a better alternative to emailing. There are many bad habits that can bring your business down. Everything from showing up late to the time you wake up can be a hidden factor in your success. You need to be able to sacrifice your way of doing things and be open to trying something new.
Real estate investing is different from many other lines of work in that what you put in is usually reflective of what you get out. You are in direct control of your income and the potential is limitless. All of this is possible is you are willing to sacrifice and put the work in.