Today, I want to talk about the 10X Rule and how it applies to you in real estate investing.
Because I foresee that 2023 is likely to bring a brutal economic contraction for many.
But those who 10X will be well-prepared to survive and THRIVE.
Contractions like this one are why I created the 10X Rule.
To recap, there are two parts to the 10X Rule:
(1) Taking massive action to achieve a goal – more than what was thought necessary
(2) Setting goals at unimaginable levels – beyond what was thought possible
The 10X Rule is the one thing that has allowed me to get what I want in amounts greater than I ever thought achievable.
It has worked in every area of my life — spiritual, physical, mental, emotional, familial, and financial.
This is what part (1) of the 10X Rule – massive action – looked like when I was just starting out:
Even though I was broke and struggling to hold down a job in my 20s, I was lucky to have a mentor who pointed me in the right direction.
I hated selling cars at the time, but with his help, I decided to make the best of it.
I spent the next two years developing my sales skills, becoming the top salesman at my workplace, and saving my money.
From there, I used that money to buy the first apartment building that made me a millionaire.
Although I have done well in the first part of the 10X Rule — I had failed the second part of the 10X Rule: thinking bigger.
You see, despite my success, the Great Recession was a big wake-up call for me.
My wife and I had a new baby on the way at the time.
That recession forced me to understand a few million dollars of net worth, two businesses, and a couple of hundred apartments were NOT enough to ensure my future.
In fact, I had compromised my full potential, my family’s future, and my employees’ livelihoods, by thinking too small.
So I had to go 10X bigger.
I had to get 10X customers, start businesses in 10X industries, earn 10X income, invest in 10X properties, hire 10X employees…
Basically 10X everything.
And so, my 10X concept was born.
Just 12 years ago, I only had three employees, two businesses, and 260 apartment units.
Today, I run eight different businesses, oversee more than 12,000 apartment units in assets under management, and do business with almost four million people in 160 countries.
HOW TO BECOME A TRUE 10X INVESTOR IN 2023
There are three things people struggle with most in real estate:
(1) Ambition
My first big mistake in real estate was investing in a single-family residence (SFR).
I couldn’t see the future and think bigger than what I could afford at the time.
If I could go back in time, I would’ve set an ambitious investing goal that was 10X the size of what I thought I could achieve.
I would have realized sooner that investing in apartment buildings – not SFRs – is the way to go.
The moment I realized this, I got serious about finding that first apartment deal that would make me at least a million dollars.
And this led me to take 10X the amount of action needed to achieve that goal – as you’ll see next.
(2) Discipline
It takes discipline to master the king of real estate – apartment buildings.
Once I understood that 1X in real estate was not enough, I developed the discipline to study deals in every spare moment I had.
You see, unlike today, there were no courses or mentorships about multifamily investing.
So I spent three years walking thousands of deals on weekends.
I studied up to 20 operating statements a day.
And I also had to have the discipline to avoid buying every cheap, easy deal I saw.
As you can see, this is a 10X combination of taking massive action and thinking big.
And it paid off – because those 3 years of studying deals helped me find my first million-dollar deal with confidence.
(3) Patience
In real estate, it’s often not a question of whether you could make money.
The question is when.
I wish I had understood this when I first started.
I would have grasped this key concept about real estate sooner:
Patience allows me to invest in an asset and be paid monthly to wait.
And as rents increase over time, so will the value of the property.
But I was young and couldn’t see the future.
Now I know, real 10X wealth is created over time, not quarters – much less, minutes.
So, all I can do is point you in the right direction.
I hope you cultivate in yourself more ambition, discipline, and patience than I had when I was starting out.
HERE’S WHAT YOU CAN DO TODAY
(1) Write down your 10X goals. Word your goals as though you’ve already accomplished them. And write them out every morning and night.
(2) Choose goals that are just out of reach. This opens you up to your full potential, which you can use to fuel your massive action each day.
(3) Don’t overthink the steps you need to take. Figure out your first step. Is it joining a real estate network? Is it getting a promotion at work?
Commit to the first step, then figure out the rest later.
Be Great,
Grant Cardone
Disclaimer: This content is intended to be used for educational and informational purposes only. Before investing, you should always do your own analysis based on your own financial and personal circumstances before making any investment. Grant Cardone is an industry expert who has been investing for over 30 years and his opinion is based solely on his own personal experience and circumstances. Individual results may vary. You should perform your own due diligence and seek the advice from a professional to verify any information on our website or materials that you are relying upon if you choose to make an investment. Investment involves great risk and there is no guarantee of performance or results.
We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice. We recommend seeking the advice of a financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.
