30 Apr Tips for Succeeding in the Real Estate Game
With the right motivation, mindset, and support, practically everyone can succeed as a real estate investor. Here are four tips for succeeding in the real estate game.
I know Link Ervin as a student and a business partner.
Given how far he’s come and where he started, I believe that he has a wealth of valuable insights. And it will be helpful for anyone thinking about investing in property themselves.
You see, Link comes from a family that has been involved in the real estate business for four generations.
And when he was growing up, his family owned 11 dime stores, including Roses and G.C. Murphy's. So, business was almost always part of the dinner-table conversation. Discussions about tenants, hiring, firing, and sales were a part of his childhood.
But Link only really became involved in real estate after the market crash of 2008.
By then, he had decades of working experience. He’s worked as a sales and finance manager in the auto industry for nearly two decades. And he also became part of the fastest-growing nationwide insurance agency in The Carolinas.
Today, Link is one of our High 6 Associates, working with us to take his six-figure real estate business to the next level. And his personal familiarity with family-owned and run businesses keeps him really grounded.
When I had Link as my guest on my podcast, he shared what he did to achieve the level of success he’s enjoying now. And in this article, you’ll discover his four key tips for success as a real estate investor.
The Four Tips
Tip #1: The Mental Game is as Important as Techniques and Strategies
Based on his own experiences and observations of others, Link realized that most people can learn the ins and outs of being a real estate investor. However, many of them overlook one thing:
How their prior conditioning and subconscious thoughts can hold them back – especially as they start out.
Everyone can learn the same skillsets, techniques, and strategies to succeed as a real estate investor. But at the same time, they come into this space with their own set of prior beliefs, experiences, and preconceptions.
Now, you might think that these personal beliefs should be kept separate from professional matters. The truth is that your mental game will inevitably impact your business, whether directly or indirectly.
Take Link, for example.
Before he took the plunge into real estate investing, he was almost ready to sign up with another guru. He believed that this other guru could help him achieve his goals.
However, that guru wanted him to immediately get money from other sources to do his deals. It’s because the guru was comfortable with using other people’s money to invest.
But Link was overwhelmed by all the different working relationships he had to navigate to make it happen. He had to negotiate with buyers and with sellers…
And then he had to go out and try to find money from investors.
All these layers made Link uncomfortable and held him back.
But the family atmosphere that I described when I made an appearance in one of that guru’s podcasts? That really struck a chord with him.
And the rest, as they say, is history.
Tip #2: Creativity is Key
Link’s second tip for succeeding in the real estate game is a broad one that applies to your real estate business in many ways.
Because we’re not just buying houses, right?
We buy houses and we sell them to other people in creative ways.
It’s not about finding a formula that works and repeating it again and again. Instead, we're constantly learning new ways to do things.
In most cases, our buyers need a little help from us. A little nudge, a little direction to help them make one of the most significant financial decisions in their lives.
In other words, we all have to get creative when it comes to our relationships with potential customers. We want to nudge people into buying the houses we are selling.
And we aren’t just using our own money for such transactions, right? We also have to be creative when it comes to putting together all the funding we need for our projects.
Tip #3: Absorb the Resources Out There
It’s possible for anyone to learn the ropes of real estate investing on their own as they start out. After all, there’s plenty of free but invaluable information out there.
That’s why Link recommends reading the classic and foundational books on real estate investing. Then, start making casual conversation with other people in the real estate investing space.
And even if you’re not ready to sign up for a coaching program, there’s no harm in reaching out to coaches and mentors that inspire you.
You see, many of them offer free webinars and strategy calls as part of their marketing program. That can be a great way to get free advice and network with like-minded people.
Tip #4: Look for True Support (Rather Than Warm and Fuzzies)
When most people hear “support”, they think of things like high-fives, pep talks, and pats on the back. But that’s not the kind of support that Link has in mind.
From his perspective, you don’t want everyone to be super polite with you. And you don’t want them to sugarcoat the truth to try to “protect your feelings”.
Rather, they should tell you everything you need to hear – especially when you’re going to hate it.
To explain why, let’s use Link’s example here.
When he first visited our office, he wasn’t sure of what to expect. After all, he had invested a large amount of money. Were we going to roll out the red carpet and serve him some champagne? Or would we treat him like the other Associates?
So, he was somewhat surprised when we simply told him, “We’re working. Follow us around.”
But we nevertheless hit it off immediately. Link didn’t want all the fluff anyway. He’s a direct and extroverted person who wants to be hit in the face with the job at hand.
Link wanted to work with people who would cut to the chase instead of beat around the bush. And that’s what he got, which worked great for him and his real estate business.
It’s not surprising, really. Because at the end of the day, it’s often the ugly and painful conversations that will help you grow and succeed the most as a real estate investor.
But by ‘ugly’, I don’t mean mean-spirited or spiteful conversations. I’m talking about constructive and ultimately positive criticism here.That’s what true support in this context means.
What Was Your Key Takeaway for Succeeding in the Real Estate Game?
Did any of Link’s tips spark an “Aha!” moment while you were reading this?
I hope these four tips will inspire you to take a concrete step forward.
It will definitely take time, effort and some ingenuity on your part to fully implement all of Link’s suggestions. But that’s ultimately what it takes to become a successful real estate investor.
And if you are looking for additional resources, do check out the programs and recommendations at our Wicked Smart Academy.
Our Quantum Leap System is a great way to accelerate your career as a real estate investor.