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Stay Motivated With REI Till The Deal Comes
| | Thursday, May 05, 2005 @ 09:35 AM EDT
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Contributed by: John Michael
John Michael Properties
Read more archived articles about Squeezing More Profit
I know many investors step into the game of real estate investing with high hopes of landing the deal that will turn their financial situation around and yes some do and this is not for you - this is for the investors still looking for that first deal!
The best way starting out in this business, staying motivated and sticking to real estate investing has to do with one big factor!
Keep your JOB - Yes you may be "Just Over Broke" but real estate investing comes with no guarantees of doing a deal in 30, 90, or 120 days as a matter of fact deals come and they go. real estate investing has its good times and it's bad times!
You need a source of income and without it the likely hood of failure will soon follow!
Having a stable income is the number one goal to having financial well being and your mental and emotional well being also.
How to stay motivated in this game of real estate investing until you succeed can be a process but in the end the benefits of a successful real estate business outweigh the time from beginning to success.
So number one on my list to staying motivated is to have a stable income - you can do real estate investing part-time!
We all have many demands placed on us from society, family, friends, work and our self that it can become vary confusing on the issue of priorities. With this said your number two goal to staying motivated is to get yourself organized in business and in your personal life as this helps in keeping control.
Without organization, you will loose your sense of motivation and procrastination will set in to help you down the road of failure.
It's all about balance. Balance in your life, balance in your job and balance with your real estate business and yes this is a challenge and the best way to get balance is cut out the clutter in life. Those wasted hours we all have in our daily life such as watching TV.
Starting out in this game you will need to budget effetely and the best way to do this look for area's that you can cut expenses so that you can put the extra funds into your business. Great areas to cut are eating out, cable TV, dropping extra telephone features such as caller ID & call waiting.
Look at it this way!
According to the Bureau of Labor and Statistics, American households in 2003 spent an average of $3,129 on food at home and $2,211 on eating out. This amounts to $260.75, just cutting down and spend $100 a month eating out you would save $160.75 per month.
The national average monthly cost of cable TV service and equipment in 2002 was $40.11 and the average for expanded basic service was $22.02 so cut back to expanded basic and save $18.09.
Just with a cut back on the two items listed about you would save $189.77 per month or 2,227.24 per year for your business. It's not a home run but it can get you started.
The average pre-foreclosure in the Midwest is only behind $2,700 so you save up for a year and learn how to do subject 2 investing you can acquire a property around a value of $160,000.
By taking the simplest steps in life of stabilizing your current income, organization and budgeting in just a short time you can turn real estate investing into a reality.
Therefore, my fellow investors decide what and how you want your life to be! Make a promise to yourself to achieve what you want real estate investing to do for you and concentrate on what's most important to you.
Spend less and enjoy the simple things in life that do not cost and let real estate investing take you to the level of success you are seeking.
This is just the beginning step of staying motivated as a real estate investor.
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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