real estate development careerWhen it comes to constructing your success, sometimes you need to break down barriers before you can build up. Whether something needs to be demo’d or simply re-paved before you can lay down your foundation, it’s important to know what it is that’s holding you back from construction – and it’s equally important to make plans to take care of the issue.

For many real estate investors, deciding when to say yes to the deal isn’t always second nature. In fact, many of us hem, haw and ponder before finally taking the plunge forward. Sometimes it’s too late and we lose a deal that could have been great. How many times have you found yourself in the position of saying – “If only I had acted…” Don’t beat yourself up over this: It’s just one of those things that goes along with investing – especially when you’re first starting out! By knowing that there are obstacles that prevent you from getting the success you want, you’re already on the road to true wealth creation. Create an actionable plan of attack: identify your blueprints, identify your hurdles and then move on it.

Identify Your Blueprints

Know what it is you want to build – and know what building materials you’re going to use to do so. What kind of wealth do you want to create? How do you want to create it? In order to achiee, you need to know exactly what it is that you want as an investor. Are you looking for immediate cash-flow properties? Do you want to put some elbow grease into a distressed property? Are you more of a right-now market investor who looks for a good deal in a rising market with solid fundamentals?  Do you buy and hold? Do you buy and flip?

Identify Your Hurdles

So – you know your blueprint. You have a clear picture of what you want to build and you know what you’re going to use to build it. Next up? What are you going to need to clear away before you build? Many expert investors say that the number one thing that stops them from enjoying further successes is being skittish and not wanting to make a mistake. They have tales of the deal that got away – and they talk about those deals wistfully. Though you don’t want to rush into deals without knowledge, if you find you keep backing away – that might be a hurdle to overcome. What are other examples of hurdles? If your credit score isn’t where you want it to be – you may want to look at ways of upping it. If you feel your current cash-flow could work better for you, you may want to meet with a new financial advisor who can provide more guidance. If you feel overwhelmed by too much information and too much data, find an advisor or real estate pal who can help you make sense of all the noise out there.

Move On It

Once you’ve drawn up your blueprint and identified your hurdles, you need to start moving on it. Action reigns supreme in all things – and especially when it comes to real estate investment. Don’t lose sight of your goals – keep your end results close to your heart, breathe and —– jump! Go forward into the world of success and lifestyle design with confidence, guidance, goals and real action.

Key Takeaway
Before we build anew, sometimes we need to clear out old trees, old buildings, old cars… you name it. As an investor looking to build a successful portfolio, you may have things lurking in your mental closet that are holding you back from yielding the results you really want. What to do? Craft a plan, get an overhaul – and get going!

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Comments
  • Martin Howard
    Reply

    Thanks for sharing your thoughts, Scott. As I always say to my clients, plan and assess everything before anything else. It’s a risk, but if you have your bases covered, you’ll be fine. Just make sure you know what you’re getting into. “Don’t lose sight of your goals – keep your end results close to your heart, breathe and —– jump!” Nice closing remark!

  • Scott Costello
    Reply

    Found your blog after looking through some posts on bigger pockets’ blog.

    Hemming and hawing is a way of life for some people. I got advice from someone about what makes a good leader…it’s someone who chooses a direction a goes with it. Even if they are unsure which direction is correct.

    Make your decision and be confident that no matter what happens you can handle what happens.

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