If you want to make millions investing in real estate and have around 10,000 units, here are eight things you should tell your “just-getting-started” self.
- There are really only THREE bottlenecks that stop real estate investors from unlimited growth: deals, financing and management.
That’s it. Obsess about continually breaking through the bottleneck you’re on. - Make real estate investing a team sport. In other words, find people who are incredible at specific skills: JV or hire them. Rather than 100% of what you can do, get 25-50% of 10X.
- Master marketing: finding great deals, and being able to scale those acquisitions up and down as needed, is not overly burdensome, but it is a lifeblood of a real estate investor. Master it.
- Go work for someone else. Your ego initially tells you that you must handle everything on your own. However, if you had spent a year working for someone a decade ahead of you, you would have been drawn to their level.
- Track Processes.
At the end of the day, “you get the results of what you repeatedly do” and tracking it is the only way to know you are doing enough.
Track offers made, deals analyzed, meetups attended, coffee with investors, etc. - Grow exponentially, outside your comfort zone.
Don’t grow your door count like “1+1+1…”. Instead, grow “1+2+5+20+50+100”.
Always strive for bigger deals. They’re easier, more fun, and you can do it. - It’s hard to grow beyond the level of your mentors. They will guide you to where they are, but no further.
So continually seek out higher and higher levels of successful people to surround yourself with. - The only thing holding you back is you. Believe in yourself, and know that you are 100% capable of having a massive portfolio without sacrificing your personal life!
