By: Stephen Cook
I’ve been meaning to write this article for quite some
time on real estate investing advice, and those who
have heard me speak in the last couple of years have
already gotten an earful of this. This topic isn’t about
a neat investing technique or new idea, but about a
mindset. It’s my mindset and one that I believe will
make many other people successful.
Back in 1998 when I took my first step into real estate
investing, I was given strong real estate investing
advice by others around me who believed you had to be
a dominant force in your market to make real money.
They stressed doing as many deals as possible and beating
out the competition. The world around me was saying
that the person who does the most wins. More real estate
deals lead to more profits which ultimately leads to
greater success – all going hand-in-hand.
As a newbie, I took the advice to heart and did over
100 deals in my first two years. I was proud of my real
estate investing accomplishments and knew many around
me were impressed with my successes. However, when I
stopped to look at the big picture, I was doing a lot
of deals and making more money than ever before, but
I had little control elsewhere. My time wasn’t my own
and the deals truly controlled me. In short, I wasn’t
living a life that felt fulfilling.
I’ve talked with many investors across the country
and always ask what draws them to real estate investing.
The answers vary, but typically can be summed up in
one sentence, “I want a better quality of life.” Over
my years of investing, I have come to realize that QUANTITY
does not lead to QUALITY. My advice, if you want real
estate investing to provide you with a good quality
of life, you need to pursue good quality deals, not
a good quantity of deals.
What are quality deals? They’re real estate deals that
contribute to the advancement your goals. They get you
moving in the direction that you want to go. Many investors
start buying homes with no idea of what they really
want to accomplish with investing. As a result, they
buy anything that looks like a deal and, all too often,
get pulled in directions they never intended to go.
Your goals should drive your decision making. For example,
a person who needs money today and buys a property to
keep it as a rental is contradicting or not fulfilling
the original goal. Rental properties will not reap quick,
fast cash today. Let’s say your goal is to free up your
time so that you can do other things important to you.
If you only want to work 20 hours a week and are taking
on deals that require 40 hours a week, you’re not doing
quality deals. You’re focused on quantity.
We need to make sacrifices to achieve the success that
we desire, but need to be careful not to sacrifice the
important things in life. If you are pursuing investing
to achieve a better quality of life, focus on quality
deals and not quantity.
About the Author: Steve Cook
Since 1998 Steve Cook has flipped hundreds of
houses as an active Baltimore-area real estate
investor. Steve’s unique specialty is the “flipping
homes 1-2 punch”, a proven system of real estate
investing that powerfully combines wholesaling
houses. Also the founder of www.FlippingHomes.com,
Steve is dedicated to helping others in this thriving
online community succeed through understanding
and aggressively applying his time-tested, step-by-step
approach to flipping
Get FREE weekly tips from Steve Cook and other
house flipping experts at http://flippinghomes.com