By Patrick Francey
Thats an in-your-face title, isnt it?
Maybe it caught your eye because you thought, this doesnt sound like the kind of article Patrick would write. Or maybe you started reading the article because you LOVE the idea of making a million dollars while on the beach and youre hoping for my secret step-by-step method to riches.
Well, keep reading because youre correct on both counts!
Im not a fan of these styles of hype-heavy headlines and sales pitches like make a million dollars while on the beach but sadly they are common in real estate investing education marketing.
In my opinion, theyre common for two reasons:
- These pitches work very effectively to sell the want to get rich quick and easy type of investors. Many people suffer from what is sometimes called the easy-breezy shiny object syndrome where they flit from one investing strategy or opportunity to another, to yet another, attempting to find the one opportunity that will be the magic pill to easy overnight riches!
- The pitches are true in a way. Many of these opportunities are surprisingly similar: theyre selling a simple system or methodology. Yes, theyre dressed up in an overly-hyped way but they often hint at a hidden truth that rests below the surface. Many of these get rich quick in real estate offers boil down to one thing: build a system and work that system until you are successful. The context is simple enough really, but quick and easy? Rarely, if ever!
The problem is that those two points are in conflict. They capture the attention of shiny-object-syndrome wannabe-investors, yet they require the solid stick-to-it focus and long term persistence to actually work.
So let me peel back the layers of hype and get to the root of the one (and only one) way that will make you truly successful and able to live the life of your dreams on the beach, on the golf course, traveling the world, or just in your own backyard
Step 1. Model Success
Find someone (or an organization like REIN!) who is successful doing what youd like to do, and learn their formula. As Jim Rohn said, Success leaves clues, so seek out the people (or a community of people) who are achieving success (life worth) and take the time to learn how they did it. What was their proven formula? Can you model it? (One quick truism: remember that success is not JUST financial wealth a rich and successful life should be holistically rich in health, family, relationships, finances, and all other aspects).
Step 2. Build Systems Into This Formula
Systems may include automation software, operations manuals, and the simplest system of them all a checklist. Create checklists for everything that measures outcome, creates flow, increases efficiencies and eliminates duplication.
The power of systemizing creates repeatability, which leads to scalability. Systems are really the secret sauce or trump card that allows you to create a business that pays you money while you sit on the beach. A system creates the space and makes the difference between working in your business and working on your business.
Step 3. Measure, Adjust, Repeat
This third step often gets missed when theres a shinier opportunity nearby. But for those who can stay the course and get to this step, this is where the real magic happens! If you can test and measure the result, and know what you did to achieve it, then you can improve upon it because you have a benchmark to compare against. Then you can repeat it!
A very wealthy friend once shared some invaluable wisdom with me that I now paraphrase and pass on to you. He said, I dont make mistakes, I just get a result. Its either the result I want, a version of what I want, or not what I want. Then I simply put in the correction and repeat. I dont get stuck on feeling I made a mistake.
Step 4. Hand Off To Others
Now you can delegate your proven, repeatable, measurable system to others on your team and train them to take over. Its easy because you have the systems in place already, and you have a measurable benchmark to assess performance. Note that I said delegate, not abdicate. Dont hand it off and forget about it. Always have a benchmark to measure others success.
Start small, delegating the time-consuming administrative activities to a virtual assistant (VA), for example, and grow your team by adding competent team members with increasing levels of knowledge and responsibility. Remember this wisdom: you are the source of your results and that means surrounding yourself with people who support your vision, and who have experience and expertise in areas where you do not.
Step 5. Build, Grow, Prosper But Most Importantly, PERSIST
This step is about changing your level of focus to raise your business to the next level. Your system opens the door to having others trained to do the hands-on work, allowing you to expand your bandwidth, grow your brain trust, focus on your best skills, leverage others skills, get the greatest return on your investment of time and (of course) do what you love to do, whether its growing your business or spending time with your kids.
But most importantly, you need to stick with this system, going all the way back to earlier steps if necessary to correct, adjust, improve, and keep building. Persistence is key here, especially when there is so much shiny object education making even more hype-filled claims. Pick one thing, follow this formula and PERSIST. Theres a saying that applies here: FOCUS means Follow One Course Until Successful.
You Already Have What You Need To Achieve This
I hope things are clicking for you as you read this. Now heres the great news you have everything you need right now to succeed at anything you want as an investor:
- You now have the plan; I just shared it above. This is the totally hype-free, proven method to achieve success whether youre a real estate investor (or in any other type of business).
- You already have the formula. Every product and process and blueprint and education system that youve invested in over the years requires you to follow the steps in the order I listed above. Perhaps youve found that formula through REIN (such as our ACRE program) or maybe youve bought one from an industry guru. Pick one and move forward with it.
- You have people to help you. This is another way that REIN can help you can connect with so many great people to help you with any step Ive listed above. Whether the REIN team, or our REIN REIA Coaches, or any REIN Member. Were a powerful community that you can tap into whenever you need to.
It doesnt matter if youre looking at residential, multi-family, commercial, rehabbing, long term rentals or rent-to-owns in Canada, the US, or anywhere else in the world. Every type of real estate success boils down to the five simple steps that Ive laid out for you above.
Theres a lot of hype in the investing industry but if you peel it back, these five steps are the fundamental success steps to follow no matter how you want to invest or what your definition of success is. Follow these steps and you MIGHT find yourself cashing checks from the beach (if thats really what you want) but more importantly, you WILL start living the life you want to live.
Patrick Francey is the CEO of REIN. As a serial entrepreneur he owns many businesses and has been a real estate investor for nearly 20 years. The majority of his holdings are located in Edmonton and Grande Prairie.