You consistently think about real estate investing, talk about it, and even occasionally dream about real estate investing activities. When you are not with your family, you’re researching leads, searching for homes to flip and working on your marketing. When you are with your family and friends, you’re still mentally distant, thinking about tenants, sellers, and other real estate investing activities that need to get done.
Are you ready to use real estate to start down the gradual road toward financial freedom? There is certainly not a single answer. The list below will give you a glimpse into habits you’ll want to adopt if you choose this path.
7 Daily Habits of Real Estate Investors Who Seek Financial Freedom
1. Decide and conquer.
Focus, focus, focus. You, the person reading this, are a gifted person with many talents. However, you still have a limit as to how many things you can do successfully at one time. Real estate investing is no different. Choosing a real estate specialty to focus on and dominate in your desired market will allow you to put your energy and daily action towards helping one group of sellers.
Pro Tip: Be loud and proud. Make sure to network with other real estate investors to find out what they do, and inform them of the properties you are looking for. You can always partner or wholesale unwanted leads you get to investors with other areas of real estate expertise.
2. Make incremental improvements.
Aim to not make the same mistake more than one time. At the end of each week, write down all the successes and failures of the week. Mentally walk through each day with an open mind to objectively point out what actions have produced results or continue to waste time and money.
Pro Tip: Always be reading and continuing to educate yourself. Consider joining or forming a book club with other like-minded real estate investors and entrepreneurs.
3. Keep your eyes on the prize.
It is too easy to let hours pass by without being productive. These hours turn into days, which turn into weeks and longer. The real world oftentimes has a habit of distracting us from our long-term financial goals and ambitions. For this reason, a prudent investor may write down and hang up a list of weekly/daily must-dos. Hang this physical reminder around your home and office to help keep you on track.
Pro Tip: Motivate (or guilt) yourself into consistently producing results. Post reminders, quotes, and pictures of goals and achievements you wish to attain through your real estate investing all around your home, office, and car—a dream board everywhere you go. However, also make sure to include the custom list of action tasks to perform daily to help grow and maintain your investing business.
4. Consistently advertise.
When does the advertising stop? With enough time and data collected, an investor will begin to see which advertising methods work better than others. You’ll be able to work out how many dollars spent on advertising equal what specific profit from real estate deals closed as a result of that advertising. For many investors, advertising and marketing is a consistent and ongoing necessity of the business.
Pro Tip: Multiply your efforts by partly outsourcing advertising and marketing when possible.
We all have the same precious amount of hours each day. There are certain things you can outsource with the help of technology, but other things need to be outsourced to actual human beings. These workers can be local or based in another country, depending on their role within your company.
Outsourcing costs money. Depending on your specific investing niche and strategy, you may be able to outsource:
- Advertising and marketing
- Screening sellers and buyers
- Presenting offers and negotiating
- Closing and paperwork
- Repairs and maintenance
- Management and evictions
6. Be a sponge.
Consider joining a local real estate investment club. Still, hold onto your wallet closely, as some real estate clubs are more about selling you programs as opposed to providing quality content.
Pro Tip: Aim to ask a minimum number of real estate-related questions daily. Asking questions and gaining answers from knowledgeable folks in the business is a great way to network and grow your knowledge.
7. Take daily action.
Nothing happens without action. As explained above, aim to have daily clarity on your everyday must-do list. This list may include calling and seeing sellers, buyers, owners, advertisers, real estate agents, brokers, clients, etc. These calls, appointments, offers, follow-ups, etc. all need to happen within your already busy day. Plan when to take action daily and aim to not burn yourself out with too much work.
In conclusion, always remember why you began your real estate investing career in the first place. It was most likely to be able to spend more quality time doing things you love and enjoy. This may include spending time with your family and friends.
Just like investing in the stock market, real estate investing is absolutely a journey and rarely a destination. Always aim to love and appreciate your family and friends daily while on the path toward financial freedom.
What habits do you practice daily on your journey towards financial freedom?
h/t BiggerPockets & John Fedro