Step 1: Assess where you are today It’s not possible to get where you want to be unless you know where you are today! Sit down with your paychecks and your bills and get an honest assessment of how much money is coming in and what’s going out on a monthly basis. Do you have a positive amount or a negative amount? A negative amount means that you’ve got some work in front of you, but if you get honest with yourself and stop spending more money than you make, you’ll have a fighting chance!
Step 2: Control what you can control Namely YOU! No one can control your thoughts or actions except you. Now is the time to take control! Becoming responsible for your actions and what happens to you is the way to start.
Step 3: Seek out the Information that you need There’s lots of information about Real Estate investing out there. Sometimes it’s difficult to cut through the clutter and get the right stuff. Here’s how to get good advice; find someone who’s already been there, done that Find out the good and the bad about this business. Look at the various strategies and decide which one you would be passionate about Listen to the online property webinars with various property experts Ask questions Ask questions Want a shortcut? Look at the attitudes and behaviours of successful investors and act ‘as if’ you are of the same mindset and start living the life you have always wanted!
Step 4: Decide if Real Estate investing is for you
Now that you know what Real Estate investing is all about, decide if it’s for you. It’s not for everybody, after all. There are some people who are better off saving money in the bank. If you’re scared to death of investing, it’s probably a smart idea to stick with low yield investments.
Step 5: Get a Property Mentor Success leaves clues, so there’s no need to reinvent the wheel. Borrow someone else’s successful system and adopt it as your own. A Mentor will help you decide what moves to make that will get you closer to where you want to be!
Step 6: Take Massive Action That means do as much as you can in as short a period of time as you can possibly handle. Don’t get tired and don’t get lazy! And never, ever give up!
Step 7: Celebrate ALL wins! When a Seller accepts your offer…celebrate! When you close your first deal…celebrate! Celebrate everything and have fun! It doesn’t need to cost much to celebrate, a picnic at the beach (weather permitting) we used to go to Georgie Pie with the kids to celebrate any good things happening as a family.
Step 8: Reinvest your profits Don’t blow your first check on junk. Your dollar’s job is to get back out there, go find some new friends and come back. Money is like a rabbit – if you leave it with another rabbit, it’ll multiply!
Step 9: Treat Real Estate investing like a business If you treat it like one, you’ll also get to enjoy the tax benefits and legal protection that only Businesses get in this country.
Step 10: Commit to Never Stop Learning! Your own mind is the greatest asset you own. It’s your responsibility to develop it!