Today’s question is from Erna P. about motivation, accountability, and networking.
Uncle G – I am excited but need a little motivation and accountability to follow the 10 weeks to my 1st deal. I am currently in your Real Estate club. I joined in September after the AZ Summit, and I am learning a lot and looking at deals.
Hey Erna, I appreciate you writing in.
It’s good to hear you found my 10-week plan for finding your first deal helpful.
Erna, you already sound like a committed and motivated person, since you’ve joined the Real Estate Club and you’re studying deals regularly.
You’re on the right track.
That said, consider this article the “motivation and accountability” you’re looking for.
I presented my first Austin deal (30 units) at the club back in October. Unfortunately, the seller and I could not agree on the price.
Good on you for presenting your first deal last year.
Remember, no deal you’ve looked at ever goes to waste.
By presenting your deal to the club, you’re building up your experience in analyzing and pitching deals.
Also, make sure to save the deal in your Real Estate Club Deal Analyzer spreadsheet, and keep tracking these deals.
You never know… the opportunity might present itself to you again one day.
Since then, I’ve been waiting and preparing myself for the barriers: experience, net worth, and networking. As I learn to be able to sign PSA (purchase and sale agreement) and get a lender to sponsor me, they need experience and net worth equal to a total asset value which I do not have currently.
That experience and net worth you’re talking about?
They will likely matter less if you’re networking with more experienced partners…
Which is why showing up and making yourself known on our weekly club calls is so important.
So I hope you bring more deals to the club in future.
I am an engineer by trade and by trait – we don’t socialize well. We are too proud and too busy to do that. I am really stretching myself to be uncomfortable – good thing for me but at the same time scary too.
It’s awesome that you’re embracing the discomfort.
Learn to love the fear.
Fear is an indication of what you should do, not what you shouldn’t do.
See, the 2008 recession was one of the great gifts of my lifetime…
Because the immediate danger got me completely outside my comfort zone.
It got me busy making myself known to people who didn’t know me.
It was scary reaching out to new clients, new industries, and new people who didn’t know me at all.
I wasn’t a big shot in these areas; I was a nobody.
Every day reminded me of how small and how dumb I had been.
As I accelerated right through the fear, I felt I was alive again for the first time in a long time.
These are the times when I have always done my best…
When I am on the move, putting myself out there, meeting new people, and learning new things…
If you do this often enough, you’ll convert fear into power and confidence.
That said, don’t expect fear to go away, and don’t try to eliminate it.
Fear will always be there, so the question becomes what you will do with it.
I would also encourage you to avoid telling yourself that you don’t socialize well, that you’re too proud, or you’re too busy.
It’s really important to watch what you tell your mind…
Because what gets the most attention is what will grow in your mind and shape your reality.
Instead, focus your efforts on everything that will fuel you for the long run.
Focus on why you’re doing real estate, what your purpose is, and what your full potential is.
Ignore, eliminate, or block out anything that drains you or causes you to doubt yourself.
Take responsibility for what you pay attention to in your mind.
However, I am committed to following the 10 weeks plan to my first deal and will network as much as I can. My plan stretches from 12/5/22 – 3/3/23 with a 2-week holiday break built-in.
Sounds like a plan to me.
This is what commitment looks like!
I’ll hold you to your word, and I hope you write back in March with a success story to share with us all.
Here’s wishing you all the best in your real estate journey.
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