Which do you prefer…
- Android or Apple?
- PC or Mac?
- Meat sauce or creamy Alfredo?
Does it really matter if the things you just chose work for YOU?
- For some (like me) Apple and Mac will always be the answer.
- For others it will be Android and PC or Android and Mac.
- Some people are gonna love pasta with a certain type of sauce and some won’t touch pasta with a 10-foot pole for their own reasons.
Right now you’re probably wondering what any of this has to do with choosing your path in real estate investing.
Short answer: everything.
Stick with me here…
There’s a question that comes up almost daily by people in my audiences, in my online activities and livestreams, during one-on-one’s and, well, just all the time.[tweet “Which is better… meat sauce or creamy Alfredo?”]
They ask, “J., so what should I do in real estate? I mean, should I be a fix-n-flipper… do wholesaling… buy rental properties so I can earn income every month? I just don’t know what I should do!”
The answer to their question is YES…
…but it has to make sense for the individual who is asking, which requires them to understand their Investor Identity.
Maybe this short video will help you understand why this is so important, because there’s a process you’ll need to use once you know your Identity:
It’s not like one is any better than the other as a means by which to generate income as a real estate entrepreneur and/or investor.
In short, what do YOU want to do… what do YOU like?
There is no right or wrong answer. You get to do what you want in real estate in the market that’s right for you. And you need to work with buyers, investors and sellers who share those traits.
If you’re not familiar with your Investor Identity, listen to this episode of my Cash Flow Diary podcast:
It’s important to know who you are as an investor, because it affects all your decisions.
For example, if you have been following me for even a short time, you may have heard me talk about your I, M, T, D… which is explained really quickly in this recent article.
It has some helpful recorded livestreams. Take a look:
The Deal comes last.
Regardless of whether you want to flip properties or buy them as rental properties, the deal will come last. You’ll need to know your Investor Identity first… the Market next… who will help you, which means building your Team… and only then go find the Deals.
The problem is that a lot of people do it backwards.
As for what type of deals you do, that is up to you.[tweet “What is your Investor Identity? What type of deals do you want to do?”]
Lots of people like to start as real estate entrepreneurs through becoming wholesalers. It’s a good way to get your feet wet while you’re learning how to do deals in creative ways.
Heck, that’s how I started out.
Quickly I learned my Investor Identity. Then I determined that I like a certain market. Then I put a team together to help me do more deals faster.
You can watch a real quick video on team-building (so you can retire when you want to) below:
With the help of my team and over time I started doing different types of deals.
Your path will be different from mine… or maybe very similar.
While I started out wholesaling single-family properties, I quickly added skills to be able to do the same with duplexes and then I got my first little apartment building. Then bigger buildings.[tweet “In real estate investing, where you start out is not where you’ll end up.”]
Very early in my podcasting beginnings, I talk about my path and why I jumped into real estate in the first place. If you haven’t gone back that far, give it a listen. (I think you’ll agree that over time I’ve improved, but it’s still good information that I hope motivates you.)
As my skills improved and I learned new things I found that my Investor Identity adjusted along with them. I learned that I really enjoy doing commercial real estate deals!
That’s the beauty of being a real estate entrepreneur.
Where you start out is not where you’ll end up, but in the beginning you need to find your feet, keep learning and keep doing deals.
The more you immerse yourself the better you become.[tweet “The more you immerse yourself in learning new skills the better you become.”]
Truth is that you can’t look good while learning new skills. You’re going to make a few mistakes. So what? Now what?
You’ll see a good number of articles here on the blog with that theme… for a reason.
Read them… start with this one and work your way backwards.
Because I want you to get good information that will motivate and inspire you so you will take steps forward toward your goals more quickly.
In fact, here’s a great first step…