THE INFAMOUS START LINE
And they’re off!! The young racer is in the inside lane and seems to have the ultimate advantage. The older racer is working twice as hard to cover more ground in the same or less time. And the middle age racer is seeming to balance the courage and risk-tolerance of youth, with some of the wisdom of age.
But wait!
It’s not a race.
The best real estate investors we know are focused on THEIR vision, goals and actionable steps. They are deeply committed to WHY they chose real estate. Maybe speed is part of their plan, and maybe it isn’t.
January is a great time to re-visit your unique “start line.” In the image, the piggy bank represents what each of us have as the journey begins or progresses. Maybe you are growing a retirement fund, and this little piggy really is your savings (squealing all the way home?).
But if not, the pig can represent any asset you have to begin or renew your real estate investing journey. Maybe a hidden blessing of COVID is the time you have to learn, and research. Or maybe that piggy bank represents all the contacts you have developed over the years—people who know, like and trust you.
In our opinion, the size of your piggybank=resources at the start line does NOT determine your level of success (although it sure can help!).
However, it is incredibly important to take inventory. I can see a few eyes rolling here! I mean brutally honest inventory—not the glossy Facebook pictures some of us put out there!
Some of us have saved a lot of money during 2020 because of restricted travel opportunities. Some of us have worked very hard since Covid began, and have stockpiled a chunk of money to invest.
Then there will be investors who have turned off Netflix and invested in a learning program, or two, or ten. All that new knowledge is just itching to be put to good use. It’s also possible that some of us have networked and found new team members—maybe part of our plan is leveraging their expertise.
Or maybe we have a piggy bank that is full of a skill or multiple skills. Is property management one of your super-powers? What about a trade? Are you the queen of spreadsheet analysis?
We make an honest assessment of our assets and resources at the start of each year. Sometimes we’re ahead, sometimes we’re behind. But we KNOW that everyone has that piggy bank—even if the current stock is simply passion, energy and determination (we would never underestimate those qualities).
The race is an illusion. A marketing gimmick. Blatant click-bait.
A thorough analysis of all the assets you DO have is the best cure for some of the negativity out there. Many of us will find we have more than we thought.
Whether we are beginning, rebuilding, or growing our real estate investments, each of us has a vision of where we want to be by December 2021. Unlike the race-track, we will not be measured against others, but rather we “win” by creating progress towards our own goals, each and every day. Knowing our assets, and using what we have, is the fuel for that progress.
