Gone are the days of stability - where you could spend 40 years working for the same company and retire comfortably. Nowadays, people are looking for alternative means for generating wealth and financial security.
Ten years from now, this will be called the 'Era of Disruption and Wealth Exchange'. Consider Uber and Lyft. Industries can change in a blink of an eye. And those nimble enough to ride the changing markets benefit the greatest.
So where is the next shift? Eyes are on Real Estate Investing more and more. But, how can a beginner investor expect to come in and compete with seasoned investors?
I asked Cody Sperber, founder and CEO of CleverInvestor, who has 1000+ real estate flips in his 12 year career, for his thoughts. More than once he reiterated - being fresh in the industry is actually an advantage.
Here's Cody's 3 steps (in his words) to follow if you're serious about getting into the investing game with little to no money and turning it into a 6 figure business.
Step 1: Get Specialized Knowledge (but not too much)
The biggest mistake I see with new investors is that they get stuck in 'study' mode. It's true, you can't expect to start investing or flipping houses without a base knowledge, but investing is a relationship game first and foremost.
Real Estate Investing is so vast, it's easy for new investors to get intimidated. There is so much information and so many types of strategies, that if you think you're going to wait until you "know it all" you won't ever start.
Remember, sometimes it's true - "it's not what you know, it's who you know". So get out there and start meeting potential buyers and sellers.
The truth is, you can kind of "suck" at Real Estate Investing in a technical sense and still make more money than everyone else in your area by applying the next 2 concepts.
Step 2: Focused Accountability (Fast Track Your Success)
You've got to get focused. Focused attention creates clarity. You can't have 10 plates spinning at one time. Focus on what really matters in the situation and don't be afraid to "fail". Entrepreneurs fail all the time, sometimes that's way to figure things out. It's not about learning NOT to fail, it's about learning how to pick yourself up and maintain your focus no matter what happens.
The reason so many people I mentor are beating out the veteran real estate investors is because they have less fear about failing. They don't know what they don't know. They are teachable and adaptable.
So what would happen if you are more risk averse? How do you find a fearless attitude and maintain your focus if you do have more to lose?
The key is to find a mentor like myself or a group of other investors who already have succeeded at what you are trying to accomplish. That way, you are leveraging their experience and elevate your game in the most effective ways possible. Having a mentor provides you a competitive edge. Mentors instill confidence, focused accountability (super important) and the constant check-ins to keep you on your path.
Want to outpace others in the space? Mentors fast track success. Their insider knowledge makes all the difference. When an expert says, "You've got this. I know it's scary and new, but follow this system and you can do this." it changes how you feel about yourself and the entire experience.
And look, we all need that. Being a real estate entrepreneur can be lonely and scary at times. Take me for an example, it took me almost 2 years to do my first deal! I wanted to throw in the towel so many times. I was laughed off porches for looking too young and seeming inexperienced. I stuttered when I talked to potential sellers and buyers. If I didn't have someone vested in my success and keeping me focused during that time, I never would have achieved the success I have today.
That's why I choose to mentor others, I want to provide the same type of support that was provided to me.
Step 3: Marketing Stamina (Be Consistently Present)
Today, social media and the internet make it easier than ever to market and connect to your audience, but are not the only ways to market as a real estate investor.
The trick is figuring out how to stay relevant and make others understand what you do. Ask yourself, "how am I going to distinguish myself from every other Jane/Joe in the marketplace?".
First thing, figure out your handle. A handle is something that make you unique, it may be it a signature style, funky hair, or even dare I say, glasses. There is always something that you can use to make yourself stand out.
Once you figured out your handle - own it and get in front of your audience and let them know who you are and what you do. It's not enough to set up marketing systems and expect them "to do something", you have to work them consistently!
Remember, you don't have to be perfect. Think of this like guerrilla marketing, there is no specific guide to gaining an audience. Keep trying different things until you figure out what works for you. And be original and authentic. People can tell a fake a mile away!
Based on what works, create a marketing ritual for yourself and keep at it. Marketing stamina is different than having an online presence or sending out direct mailers once. You need to keep going, keep working, and keep thinking how to connect with your audience. Stay relevant!
And above all, don't give up.