What if you did one thing well?
With life today, opportunities seems to pop up everyday. Especially on social media. Stocks, bitcoin, drop shipping businesses, real estate, side hustles. It’s hard to focus on one thing because when the market takes a huge dump and I see stocks drop a huge amount in like "this is the time to get in I could make thousands I will just have to do a little research and some money". Or a side business opportunity comes up and I think of diverting my attention there.
The people that I know are successful a few things well and are strict about what they do. The CEO of the How Group: Gary Jonas does builds 50 unit buildings mostly in Philadelphia. He has plenty of opportunities brought to him all the time for other projects but the how group is an expert in that. Which is why they have 750+ units today and are growing!
One multifamily investors I have tried to find deals for had a strict criteria and whenever I brought something outside the criteria would just say it’s not in my criteria I’m not going to entertain it. He has 70+ units and manages them well!
To the outside it seems short sighted. Why don’t you try new things, are you afraid to expand leave your comfort zone? But to the person on the inside they are clear on their goals and their vision to get there.
For me the goal is a clear number of passive income and the vehicle is real estate. However real estate is a large field: commercial, Airbnb, wholesaling, flipping, etc.... should I do the construction myself it saves me money but it dilutes my focus and weakens my visions, drive, and opportunities elsewhere. I decided to focus on long term buy and hold rentals this could be single family or multi-family investments but the premise is the same. I am not doing flipping, wholesaling, etc... I am buy properties I can see myself owning for the rest of my life and pursuing the BRRR strategy next to help add these assets.
Buying properties and the BRRR strategy are all driving towards my goal of my monthly passive income number. Not to say the other avenues are not great but they are not for what I am trying to achieve.
My fiancé and I recently renovated my kitchen and bathroom and thought We would do that on a few more houses. We quickly realized while the outcome of the project is awesome It cost us way too much in time. We could have paid a tiler 500$ what took us a week to do. What if we had spent that time networking with people in the multifamily industry about how to scale? I would say that’s worth more than $500. It’s easy to feel the need to do everything but you have to ask yourself the question do I want to be a great tiler or do I want to be great at real estate? So we will be hiring out tile from now on!
I will still do little things like painting and landscaping because I know what I'm doing. But the hard stuff that takes a ton of research I am hiring out.
Block out the need to do everything DEY Mentality - Do Everything Yourself and do one thing well!
In addition to this I use the Bigger Pockets 90 day Intention Journal to help me stay clear on my goals. This has been a game changer for me! As someone who is scattered and has 100 things going on a day using this is key. You write down your three big goals for the quarter everyday, what you are thankful for, and your schedule. I highly recommend using a planner everyday. Another great resource is the book the One Thing by Jay Papasan. This book puts into perspective what is the one thing we need to do each day to get us closer to our goal?
Have a clear goal for me : Have X amount of passive income monthly.
The How: I will use long term buy and hold rentals to get there.
What are my next steps: I need to network with individuals who have accomplished what I want and ask how I can reach that goal. What is the fastest path?
Matt Tallent is a Realtor with The How Group. His passions include rental property investing and helping others achieve their real estate goals.
Real Estate Investing
Buy and Hold