Picture this, you’re a first-time real estate investor, you’re clouded with all of these business strategies, and you don’t know where your starting point should be. It’s frustrating right? Imagine having all of these goals you want to accomplish, but you don’t know what to do with them. That’s a total bummer.
Well, the secret sauce behind all your doubts and confusions starts with building a habit. Yes, you got that right; it’s HABITS. No matter how big or small your business is, if you don’t change a couple of addictive routines and harmful practices, you’ll end up feeling stuck. Want to get to that high level of success? Then listen to the expert herself—Lauren Hardy, as she shares four golden nuggets that can propel you to become the ultimate real estate investor of your dreams.
The 4 Key Habits You Must Have In Place To Become A Successful Real Estate Investor
Before we get into this episode, I want to share something special with you that we are doing. When it comes to real estate coaching, Wholesaling Inc. is the best in the business. There is no equal. That’s why you’re reading this. This show receives anywhere from 250,000 to 400,000 downloads every month. The reason is that we hold nothing back on the show.
Our goal is to arm you with the most current and up-to-date real estate investing strategies to help you become a very successful and profitable real estate investor. We know that while finding deeply discounted properties is the most proven path to financial freedom, we also know that building a rental portfolio from those deeply discounted properties is the way to achieve not only financial freedom but legacy wealth.
I’m talking about building a passive income stream that doesn’t rely on you working on your output. That is why we brought on David Dodge to show you how to not only find properties for pennies on the dollar but how to quickly and easily buy them using none of your money and building a rental portfolio that produces income consistently every single month. Why am I telling you all this? I’m telling you all this for a good reason, I promise.
That is because when you join Wholesaling Inc.’s latest program, BRRRR Method Mastery, you will receive a $2,000 discount off the tuition price. David Dodge is our resident BRRRR method expert and has close to 100 properties in his portfolio. It’s his mission in life to help as many people as humanly possible achieve true financial freedom by using his methods in the BRRRR Method Mastery program.
To take advantage of this mind-blowing discount, head over to WholesalingInc.com/Rentals. Fill out the short application form. Someone from our team will call you to discuss the program. Keep in mind this massive discount is truly one of the biggest discounts we have ever offered on any of our programs. To take advantage and learn from one of the best in the industry, David Dodge, who has written the book The BRRRR Method, head over to WholesalingInc.com/Rentals. You can apply there.
This offer is going out to several hundred thousand people. David can only work with a handful of people at one time. It is truly a first come, first served situation here. If you do apply and all the slots are already filled, please accept our apologies in advance. Hopefully, at some point in the future, you will be able to get a slot when things open up again. Let’s get into this episode.
I see it all the time. You want to build wealth by investing in real estate but the problem is what you want to do might not match where you live or your lifestyle. The truth is that not all real estate investing strategies work in every market. For most people, it’s only natural that you think you have to invest in your backyard because real estate is such a tangible object. You think you need to be able to touch it. For that reason, most real estate investors settle on the problems and limitations that their hometown market brings.
A Very Disappointing Statistic
My name is Lauren Hardy and I’m here to show you that you do not need to live where you invest. You can have location and time freedom as a real estate investor. My goal is to dispel those myths and inspire you to think differently about how you invest in real estate by taking a virtual perspective. My motto is, “Live anywhere and invest where you want.” I’m going to share with you the secret to virtual wholesaling success and a very disappointing statistic.
20% percent of new businesses fail within the first 2 years, 45% of new businesses fail within the first 5 years and 65% of new businesses fail within the first 10 years. I have been consulting with aspiring entrepreneurs on how to set up a virtual real estate investing business. I’ve seen many of them do very well, even better than me but I’ve also seen a lot of them fail. With this experience, I’ve gained some good insights. Two of my favorite subjects are Psychology and Psychiatry.
Creating a daily routine is messy. You need to experiment with it, but the point is to stay in motion every single day. Motion is what you should be looking for, not perfection.
With Psychology, it’s the messages you got in childhood. It’s your subconscious and your conscious. It fascinates me the way people think can affect their livelihood, financial outcomes and relationships. In Psychiatry, it is incredible how these little chemicals in our brain like serotonin and dopamine can determine if you are going to succeed or fail. It’s those chemicals that determine whether you are going to get up and make those 300 cold calls or sit on the couch and watch Ozark that day.
Being a business consultant consulting a lot of entrepreneurs, there is something that makes me unique. I pay attention to my students’ or clients’ psychology and psychiatry more than your typical investment coach or coach of some business. I have a personal connection to it. My daughter at six years old was diagnosed with severe ADHD. It’s something that I’m very sensitive to because I am a parent of a child that deals with things with their brain, psychology and the chemicals in their brain.
When I am working with students, I am paying attention to their psychology, the way they think, the things that they do, their thought processes and the actions that they take. What is the one key trait of successful entrepreneurs or specifically in my industry, successful virtual real estate investors? You cannot change your monkey mind but there is one thing that you can change. This is one thing I have noticed in all of my successful students, friends and business partners. This one key trait is something that you can change and improve on every day. It’s good habits.
If you want to improve your habits, I am going to share four key habits that I have seen my successful friends and students have. Habit number one, they read and are continually educating themselves every single day. These people are always growing and learning. They’re listening to podcasts, reading books every day and listening to Audible. This daily habit of feeding their mind helps them constantly grow and learn. The direct result of that is that they end up doing better in their life. They end up being more financially successful or successful in their relationships because they have a growth mindset.
I’m going to share my three favorite books. Number one is Atomic Habits. A lot of what you are going to read is from what I have learned from the book Atomic Habits. I also love the book The Road Less Stupid. If you are an aspiring business owner, you need to listen or read The Road Less Stupid. It is for aspiring new business owners or even experienced business owners. Anyone who is interested in business can benefit from that book. My third favorite book is The Compound Effect. If you haven’t read that book, you have to. It is all about good habits.
How do you get better at reading if reading doesn’t come naturally to you? Maybe it’s not your thing. You’re not into it. The key to this one is to make it easy. I get it. If picking up a hardcover book is hard for you to do and you cannot find the time to do it then you need to make it easy and download Audible. You need to make a rule that any time you are in your car driving, you are not allowed to listen to music. Your only option is Audible or podcasts.
Start An Early Morning Routine
The brain is wired to do what is easy and resist what is difficult. If you make reading and learning easier on you, you are more inclined to do it every day. This is what I personally do. In the car, I don’t listen to music. I’m either listening to Audible or a podcast on some topic of self-development, business or anything that’s going to help me learn and grow. Habit number two, they have a morning routine and they get up early. Successful people focus first on prepping their mind and body for what is ahead in the day. An example of this is waking up at 5:00 AM.
That has personally been a game-changer for me. Years ago, I decided that I want to be the type of person that wakes up at 5:00 AM. It was not easy at first but after a lot of repetition, my body got used to it. I’m part of the 5:00 AM club. Working out in the morning every day is something I was not used to doing but I decided that I want to be one of those people that work out in the morning at 6:00. Sure enough, I was able to do it with enough repetition.
It was not easy. What I did is I joined a gym class. It started at 6:00 AM. I happened to have friends that went to the same class. It made it easier for me to build that habit. It’s second nature. I wake up very easily at 5:00 AM and get the gym over with. My body is prepped for the day. It’s a huge stress reliever. It does get my mind focused in the zone ready to work and take on anything that comes at me during the day. Some people prefer to wake up and meditate or maybe read a chapter of a book, say affirmations or whatever it is.
Successful people have a morning routine they do that preps their mind and body for what is ahead in the day. How do you incorporate a morning routine if you are someone who never was intentional about having a morning routine? The key is motion. I am not saying to have a perfect morning routine that you do right from the get-go. It’s not going to be perfect. It’s going to be messy. You need to experiment with this but the point is to stay in motion and do it every single day.
If you do money-making activities every single day, it will eventually compound into massive results.
Motion is what we’re looking for, not perfection. Start tomorrow and come up with a handful of things that you like to do in the morning to prep your mind and body. Maybe it’s getting up a little bit earlier, saying some affirmations and reading one chapter of a book. Maybe it’s getting up a little bit earlier and going to the gym a couple of hours earlier than you’re used to. Whatever it is, start doing it. It doesn’t matter if the workout isn’t perfect or your meditation practice isn’t perfect. It’s the fact that you get up and do it every day.
Eliminate/Moderate Time-Sucking Addictions
We’re looking for motion because your brain is going to start recognizing the pattern that this is what you do every morning. It’s going to prep your body for what is ahead on that day. Habit number three is they eliminate or moderate time-sucking addictions. Successful people seek to eliminate or at least moderate anything that is making their performance worse. What are those things? It’s alcohol, drug use, binge-watching too much TV and social media bingeing.
I was listening to a podcast with Hugh Jackman on it. He does not drink alcohol because he said it affects his performance and ability to remember his lines. Anything that could suck your energy so you don’t perform as well or suck your time because you end up wasting hours a day on it when you could be performing the tasks that would make you successful in your business are eliminated and controlled. How do you eliminate these addictions?
The first thing is being aware of what your addictions are. Is it social media? Are you spending a ton of time on your phone, scrolling through Instagram? Are you drinking on Thirsty Thursday to Sunday Fun Day and then on Monday you have terrible brain fog, you’re super lazy, lethargic and you’re not getting your work done? What are all the addictions that are making you not perform in the way that you would like? Be aware. The key is to remove the cue and make it difficult. What is a cue? A cue is whatever you see or hear that makes you think about that addiction.
That could be the ping of your iPhone because you got a message on Instagram or your wine cabinet that you have very visible in your kitchen and you see every single time you walk into your kitchen, which makes you think, “A glass of wine or five would be good.” Maybe it’s having the television in your bedroom. Instead of going to sleep, you end up turning on the TV and you watch way too much of The Wire. You’re up until 11:00 at night then you wake up extremely tired the next day and skip your morning routine. Remove the cue and then make it difficult.
If you do, for whatever reason, think about, “I want to drink tonight,” it’s Thursday and you’re trying to break this addiction, if you didn’t have wine in your house, you would have to get in your car, drive all the way to Albertsons and go get that wine. Sometimes making it difficult and creating those obstacles to get that addiction will make you think twice about doing it. You might say, “It’s not worth it. I don’t feel like getting in my car.” I noticed that social media was sucking a lot of my time on Instagram.
It was so easy to compulsively grab my phone, click the Instagram icon and scroll through Instagram. The next thing you know, it has been two hours of Instagram watching throughout the day here and there in small little spurts. I would be at a red light and I instinctually grab my phone and scroll through Instagram. It was psychotic. I knew I had an addiction. What did I do? I took Instagram off my phone. I don’t have any social media on my phone. If I am going to check Instagram, I have to get on my computer, log in and check it.
Making it difficult like that has made me not think about checking Instagram. I never think to check it anymore. Making it difficult is a ninja trick for me anytime I have something that I’ve noticed I’m a little addicted to. Maybe it’s eating too much sugar. Sugar affects me, the way I feel, my brain and my brain fog. If I notice that I am eating way too much sugar, I will remove the cue. I’ll make sure there’s no sugar very visible in my kitchen and eliminate it from the house. If I do want to get sugar, I have to get in my car, drive to McDonald’s and pick up that McFlurry.
Perform Money-Making Activities Daily
That leads me to our fourth and final habit, which is performing moneymaking activities every single day. Successful people who have had success in any type of business focus on the activities that drive revenue and do it every single day. Consistent imperfect action is what I’m looking for here. You need to do it every day because it builds that habit of doing it every day. There is a compound effect where a little bit of activity every single day eventually will compound to amazing results. You have to do it every single day. The brain needs that consistency to build on that habit.
An example for our business as a real estate investor can be that you make three offers to sellers on properties every single day, rain or shine. You will follow up with twenty sellers every single day. It could be that you make 300 cold calls for new seller leads every single day or whatever that is. I’m giving you a couple of ideas. If you can do this every single working day and get in that habit of doing it at least five days a week, your brain will be stuck in this habit. It will be something that comes naturally to you.
The key to becoming a successful real estate entrepreneur is not in having a great business idea or being in the right market. It’s having good habits.
Keeping Yourself Motivated
If you do consistent habits and moneymaking activities every single day, eventually it will compound into massive results. This is a big one. How do you keep motivated to do those consistent activities every single day? I know this is the hardest habit. That’s why I saved it for last. You need to tell yourself the kind of person you want to be and prove it to yourself every single day. I want you to think hard about the kind of person that you want to be. Who is it that you want to be?
Do you want to be the person that invests in five properties? Maybe you’re wholesaling virtually five properties a month. There’s one property a month you pick up for yourself either to flip or keep as a rental. Get that in your head. What kind of person do you want to be? If you want to be that person, you need to visualize and decide that is the type of person you are and then prove to yourself that you are that person. That is doing that consistent action every day. Get a way to track it. Get a bullet journal. If you don’t know what bullet journaling is, go ahead and google it.
That’s what I do. I get a bullet journal out and write my moneymaking activities for the day. I am checking it off when it’s done. When I look at the bullet journal every day at the end of my workday and see checkmarks, I’ve proven to myself that I am the person that I want to be. When I see that I didn’t do it, I’m proving to myself that I’m not that person. It’s a mind hack. You have to prove it to yourself. Get a way to track it. Get a bullet journal, an app, whatever you want to do or whatever works for you where you’re going to consistently track it so you prove it to yourself. Do it.
This is a mindset thing. Think about the type of person you want to be and be that person. Prove it to yourself that you are. I personally fall into bad habits all the time. I always have to check myself. I’m always looking at my behaviors objectively, being aware of them and going, “I’m noticing that I’ve been drinking more wine than I’d like to. I’ve been watching more TV when I should be opening up that course I got on multifamily properties.” I’m always observing my behaviors.
Anytime I notice that I’m falling off-track, I think about the type of person I want to be and put a plan in place to eliminate the negative behaviors and pick up the good habit that I need to get there. The key to being a successful real estate entrepreneur is not a great business idea. It’s not even being in the right market, knowing the right people or having a bunch of money. It’s none of that. It’s having good habits. You are doing those moneymaking activities every day.
It’s having that tenacity to push you through when you don’t want to do it or you don’t feel like doing it and doing it anyway. That’s what it takes. It takes constant imperfect action every single day. I have seen people that you wouldn’t necessarily think are the smartest people but they take action every day. They have good habits. They’re constantly learning and growing. They do all the things that I said and end up being successful. I see people who are geniuses but they’ve got bad habits. They’re not working on themselves and they fail. I hope that you are motivated to get some good habits.
A good place to start is by reading the book Atomic Habits. It has helped me a lot in my business. I hope that resource alone can change your life because it did for me. If you want help in your business, especially your real estate investing business, I want you to check out www.VirtualInvestingMastery.com where I am consulting several students and helping them in their virtual real estate journey. I hope you got something out of this. I will see you next time.
- Wholesaling Inc.
- David Dodge
- BRRRR Method Mastery
- The BRRRR Method
- Atomic Habits
- The Road Less Stupid
- The Compound Effect
- Be sure to join the Wholesaling Inc Facebook group
About Lauren Hardy
Lauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.
Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.