When it comes to real estate investing, there are dozens of different strategies for making money. I am often asked which of all the strategies is the best or the most common question I’m asked by aspiring real estate investors is, “which strategy do you think I should do?”
I’m asked, “Should I do wholesaling? What about rehabs? I’ve heard apartment buildings are the best. My buddy does lease options and that sounds interesting.”
The real concern here isn’t which strategy is the best or which one should you do. The honest truth is they’re all good and I have no idea which one you should do.
Success in any strategy (and life) requires discipline over an extended period of time. In other words – FOCUS.
Too many investors and would-be investors suffer from a lack of focus. They are always chasing after the “next best thing.” They start in one strategy only to see something else that looks better to go after.
There is even a name for this. It’s called “Shiny Object Syndrome (SOS).” It’s when something new comes along that captures your imagination and you get excited about it and run off in a new direction. The problem is there is always another shiny object around the next corner.
Of course, lots of new investing strategies get started but nothing ever gets finished and countless hours, money and resources are wasted.
During the past 10 years as a fulltime investor, I’ll admit I’ve chased after a few shiny objects but for the most part I’ve stayed very focused on my core investing strategy – Flipping. As a result of staying extremely committed day in and day out, I’ve been able to become very proficient and specialized at it.
In his Book, Outliers, Malcolm Gladwell “repeatedly mentions the ‘10,000-Hour Rule’, claiming that the key to success in any field is, to a large extent, a matter of practicing a specific task for a total of around 10,000 hours.
You want to make a lot of money in real estate? You want to become an expert investor?
Put in your 10,000 hours!
It’s the only way. In fact, check out this presentation I gave to a group of home school kids about how to unlock your greatness.
Learn How to Unlock Your Greatness:
Now if you suffer from SOS, there is hope for you…
***Always start with the end in mind. When you are clear about what it is that you really want, then you will only start something new that aligns with your end goal. In you are unclear about what you want, then you will always be enticed by the shiny objects.
By the way, “make more money” is not an end goal. Money is a means to an end, that’s it. You end goal is to attain your own personal freedom (see my article, “The Four Freedoms Your Real Estate Investing Business Should Provide”)
Whenever I do one-on-one mentoring with students, the first thing I focus on is helping them get clear on what it is they want as that will dictate their day-to-day decisions.
Here is a list of six self-evaluation questions you need to ask yourself before you decide if you should start something new:
- Does this align with my unique talents and abilities?
- Do I have the time, resources, energy, and money to put into this to make it successful (10,000 hours)?
- Do I have too many open projects that need to be finished before I begin something new?
- Do I have the ability to finish this new project, plus implement and maintain it?
- What has to drop off my radar in order for me to start something new?
- Is this right for my business?
If you can answer those questions clearly and objectively, then you have your focus in check and can keep SOS from negatively impacting your life.
Leave a comment below and let me know if this article was helpful to you and what you do to combat SOS in your life. If you found this article helpful, be sure to share it with others!
Until Next time, Happy Investing
Click here to get a FREE copy of Jerry’s best selling eBook, “How to Make a Million Dollars a Year Flipping Houses.”