I've been meaning to write this article for quite some time on real estate investing advice,
and those who have heard me speak in the last couple of years have already gotten an earful of this.
This topic isn't about a neat investing technique or new idea, but about a mindset. It's my mindset and
one that I believe will make many other people successful.
Back in 1998 when I took my first step into real estate investing, I was given strong real
estate investing advice by others around me who believed you had to be a dominant force in your market
to make real money. They stressed doing as many deals as possible and beating out the competition. The
world around me was saying that the person who does the most wins. More real estate deals lead to more
profits which ultimately leads to greater success – all going hand-in-hand.
As a newbie, I took the advice to heart and did over 100 deals in my first two years. I was
proud of my real estate investing accomplishments and knew many around me were impressed with my
successes. However, when I stopped to look at the big picture, I was doing a lot of deals and making
more money than ever before, but I had little control elsewhere. My time wasn't my own and the deals
truly controlled me. In short, I wasn't living a life that felt fulfilling.
I've talked with many investors across the country and always ask what draws them to real
estate investing. The answers vary, but typically can be summed up in one sentence, "I want a
better quality of life." Over my years of investing, I have come to realize that QUANTITY does
not lead to QUALITY. My advice, if you want real estate investing to provide you with a good quality of
life, you need to pursue good quality deals, not a good quantity of deals.
What are quality deals? They're real estate deals that contribute to the advancement your
goals. They get you moving in the direction that you want to go. Many investors start buying homes
with no idea of what they really want to accomplish with investing. As a result, they buy anything
that looks like a deal and, all too often, get pulled in directions they never intended to go.
Your goals should drive your decision making. For example, a person who needs money today and
buys a property to keep it as a rental is contradicting or not fulfilling the original goal. Rental
properties will not reap quick, fast cash today. Let's say your goal is to free up your time so that
you can do other things important to you. If you only want to work 20 hours a week and are taking on
deals that require 40 hours a week, you're not doing quality deals. You're focused on quantity.
We need to make sacrifices to achieve the success that we desire, but need to be careful not
to sacrifice the important things in life. If you are pursuing investing to achieve a better quality
of life, focus on quality deals and not quantity.
Since 1998 Steve Cook has flipped many hundreds of houses as an active Baltimore-area real estate investor. Steve’s
unique specialty is the “flipping homes 1-2 punch”, a proven system of real estate investing that powerfully combines
wholesaling and rehabbing houses. Also the founder of www.FlippingHomes.com, Steve is dedicated to helping others
in this thriving online community succeed through understanding and aggressively applying his time-tested,
step-by-step approach to flipping real estate. Get FREE weekly tips from Steve Cook and other house flipping
experts at www.flippinghomes.com
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