I saw a fellow Facebook friend post a video the other day on a football player discussing his interpretation of success. In short, ‘success’ is living, breathing, and doing nothing but focusing on what one defines as ‘success’ and sticking with it night and day. Personally, it was a good reminder of what I needed to stay focused on as I paused about the definition of success for me.
For us real estate investors and business men and women, success is building up a portfolio of positive cash-flowing rentals, profitable sales on rehab-to retail homes, and an ever-growing balance sheet with healthy equity on it. Nothing about providing good habitable homes for families, re-investing in communities, nor one’s own family with physical or mental rewards that can come with the cycle of productive work.
You see real estate investing as just a discipline. Not much different than your job, business, stock picking or whatever it is in your life that you aspire to master. The basics are just as simple; however, I’ll contend that a true master of one’s discipline never stop’s learning, nor comes close to mastering until at least 10 years of full, outright work.
Usually I run into potential real estate investors that believe rentals are passive, selling rehab to retails are easy, and that anyone can go out there and identify, control, and sell for a quick profit on a wholesale deal. It just ain’t going to happen sitting in your underwear in front of your computer – unless you’re the guy selling the “Get Rich Quick Real Estate Course”. The programs and courses are merely tools – it still takes work!
Of course, success may not mean working 60, 40, 20 hours to achieve your financial goals. I’ve not reached mine – yet I’ve had to step back (or at least try to) to focus on my own personal health and our growing family. My kids are both growing and demand more attention, guidance, and help every day. While it’s a joy and a blessing, it takes work to make the time. I’ve been so geared to thinking that “Success” is complete financial independence and dedicated to doing ‘what it is I do”, that I’ve neglected the spiritual, family, and social aspects of my life. So, I know what I need to focus on!
How about you? What is your definition of success?
Tyler McCracken is an active member of the Metrolina Real Estate Investors Association, www.metrolinareia.org, which provides education, networking, and mentoring to investors in the Greater Charlotte area. Tyler has been actively investing in residential and commercial real estate in Charlotte, North Carolina since 1994. He can be contacted at Tyler@graydoginvestments.com.