I recently sat down with a couple struggling to become real estate investors and property management, consultants. They had a pattern of not winning auction bids, their flips were not selling, rehabs shooting past budgets and timeline, partners not being honest, lack of motivation, etc. They were still eager to invest and wanted the income but they both felt too overwhelmed and exhausted to press on.
One of their first issues is they didn’t know where to start. It was as if they were standing at the edge of a massive landfill holding broom and dustpan and told to clean up the mess. They began to imagine the mess was too big and their strength too weak. Even if they wanted to make things work, they doubted it was possible. Walking away seemed like the only option left.
I tried to encourage them but also told them the hard truth that there are no easy options. Fixing your investment portfolio would be a very difficult challenge, but giving up would also be extremely difficult. The key wasn’t in trying to solve all their problems all at once, but in identifying some ways to start solving their problems one step at a time. I encouraged them to invest the effort into more focus and work instead of investing the effort into trying to start again with investing in other markets.
Every real estate investor or property manager has struggles and maybe you can relate to this. You feel like all hope is lost investing. Maybe your portfolio is just going through some bumps in the road, and you want to take immediate action to prevent your portfolio from getting to a crisis point. Regardless of the level of struggles you might be facing right now, I’m convinced that any investor can survive and thrive if you will commit your whole being to making it work.
How to Become a Real Estate Investor and Property Management Consultant
If you’re looking for a place to start, here are six action steps that can help in saving a struggling investor. Buying a rental home and handling its property management aspect is never an easy job but with the assistance of knowledgeable people and having the right mindset, you’ll thrive in this field.
- Make the “I will not be negative guarantee” with yourself.
Being negative is a cancerous tumor with investing. When you’re already struggling, being negative could be what ultimately ends your investing. No more being negative, or hanging around negative influences. Now is the time to start being positive in all things. Make sure you’re being influenced by people who encourage and strengthen your character and removing yourself from people to attempt to compromise your character. Total positivity is the only way your investment is going to reestablish health.
- Focus on your investment portfolio.
If you have children, family and a job, you obviously need to make time to be a good investor. Your investing can’t survive without consistent, uninterrupted time. Make time nightly to turn off the devices after the kids are asleep just to focus as an investor. I’d also encourage you to get away for a weekend without kids so you can focus on investing; perhaps in a real estate and property management seminar to gain knowledge.
- Talk openly about past road blocks, present concerns, and hopes for the future to other investors.
Most struggles investing are complicated by past failures. Talk openly and honestly about the wounds you’re still carrying, but also start dreaming and focus on the good things you want for your family in the future. Focusing on a positive vision of the future is an important step to bring you out of the present rut.
- Surround yourself with a like-minded community of investment property management consultants.
In addition to positive, loyal friends, I would also strongly encourage you to find a good investment club. Our investor meetings have done more to enrich and encourage our own investors or property managers more than nearly any other factor. It reminds you that people still do invest and there are investors out there that are highly successful at what they do. Learn from their example of action and success!
- Refuse to give up.
Make the choice to remove the word “I give up” from your vocabulary. Instead of planning exit strategies, focus your energy on finding solutions to your struggles and a path to success. You will get through this if you show up and work hard! Becoming proficient in real estate investments and property management does take time and hard work.