What is your motivation for investing in real estate?
It is no secret that Chris and I are actively looking for real estate investments. In doing so, we are working with a great group of real estate investors and recently someone posed the question, ‘why is it you are investing in real estate?’
This is a great question! Many times our first answer is that we want more money, stable income, retirement money or so on. That is more of the nuts and bolts of what it is we truly want. For example, you might tell me that you want to buy enough rental units to generate $1,500 a month in positive cash flow. But the real question is WHY?
What is it that that $1,500 in cash flow will do for you? You need to drill down and get to the core of why you want that money. What will that money change in your life? Who will it help, what will it allow you to do? It can be a tough question to answer sometimes. Your true motivation will almost always have an emotional reaction in your core.
Why is it important to know this? Because there will come a time when you need motivation. There will come a time when things will get hard. You may have just had a seller kick you out for making a tough offer. You may be needing to go talk to a seller that you know is about to lose their home and are nervous. There may come a day when you are burned out and want to quit. That is when you need to have your true motivation clear in your mind.
Do your digging and write down your true motivation for investing in real estate on a card. Put a copy on your mirror in the bathroom, one on your desk, and one in your car. You could even put one in your wallet or purse. When you are wavering and wondering what you are doing, look at that card. It will give you the push you need to keep going.
This will keep you up and going when other people would have given up. That is often times the difference between those of us that succeed and those who fail. Write down your true motivation for investing in real estate and use that to keep you driving forward!
So, what is your motivation for investing in real estate?