If you know me, you know I’m an unwavering fan of having a coach or a mentor—or, better yet, of having lots of coaches and mentors. These are the people who will always be in your corner, helping you fight the good fight and, beyond that, helping you navigate the ups and downs of real estate investing, especially when you’re just starting out.
In my career, I’ve been lucky enough to have lots of mentors, coaches and role models who have helped guide me to success. These incredibly intelligent, incredibly creative and incredibly motivating people helped paved the way for my now booming real estate investing business, and I couldn’t be more grateful. In fact, I still count many of them among my friends, confidantes and mentors today.
Not surprisingly, when I first started out in real estate investing I watched every single move my mentors made. It made sense—they were leading by example, and I was eagerly following behind, hoping to soak up even an ounce of their wisdom, know-how and momentum. I wanted, for better or for worse, to be THEM. To run my business like them. To find, fund and flip deals like them. To make five- and six-figure deals like them.
And I did for a very long time. Until one of my mentors taught me the most valuable lesson of all—one that trumped all the others. That lesson?
Stop trying to be ME. Just be YOURSELF.
Just like that, the pieces fell into place and I was suddenly smacked with a level of clarity I hadn’t had before. While my mentors were some of the most important people in my life—and still are—their job wasn’t to walk me through how to be them. It was to give me the skills and confidence I needed to flourish on my own—to be the real estate investor I was destined to be.
To be ME.
Finding YOUR Way In Real Estate Investing
In a lot of ways, I think most new real estate investors find themselves in this same scenario. You’re trying to absorb all you can, and that can make it even to harder to figure out what your unique path looks like. You’re so focused on learning The Way that you forget to find YOUR Way. Because that’s what’s going to help you keep pushing forward when things get a little bumpy (they will). That’s what’s going to take you from five figures to six to seven, even. And that’s what’s going to turn you from a real estate investor to a powerhouse, who’s created enviable financial freedom and a passive income source that just won’t quit.
And that’s what YOU want to achieve—am I right?
So the big question: how to get there? If you have a mentor, coach or teacher, you’re heading in the right direction. While, like I said, it’s important to differentiate yourself and figure out what works for you, it’s also important to have a solid foundation of understanding and insights in those early days. And that’s where your mentors come in.
But it shouldn’t stop with your mentor. As you’re learning the ropes, go out and find every piece of advice, every “must try” and every trick of the trade. Read all the books. Subscribe to all the trades. Dig into all the websites and blogs. Take it all in. Some will stick, some won’t. Each piece, though, will give you food for thought and various tactics to try out in your real estate investing business. And, more important, each new idea, concept and strategy will push you closer and closer to discovering your strategy for success.
What YOUR Strategy Looks Like
There’s no one right path and, chances are, there’s a very good chance that when you do find yours it will grow, evolve and shift over time. But, for now, let’s focus on finding that starting point—where your real estate investing journey begins.
With the insights and intel you’ve gathered from your mentors and other sources—those books, articles, blog posts and events, let’s say—start thinking about what feels right to you. Is there one path that seems to mesh well with your lifestyle, your talents and your interests? And, equally importantly, is there one path that seems to make sense right now? For example, if your market is saturated with rehabbers, you might be wise to try and establish yourself as their go-to wholesaler, finding the best deals for those investors. Or is your local market in a major state of flux, with new buyers flooding the market but not enough high-quality properties to meet their demand? Maybe rehabbing is in your immediate future.
At this stage, it’s also important to determine how much time you can commit to your real estate investing business. You might want to do this for five hours a week. You might want to do this full-time. You might land somewhere in between, for now. But that’s also part of the “right now” conversation—what can you commit to right now? Some methods are more time consuming than others, and some will likely require a bit of 9-5 work, which can be tricky if you’ve already got a 9-5 gig. So weigh that, too. Don’t commit to a full-time load if you’re already stretched too thin with your “day job.” And, likewise, don’t let yourself slack if you’re aiming to make this a full-time career from day one.
Once you’ve identified a potential area of focus that aligns with your interests, market conditions and commitment level, suss out the competition. Ask yourself, if I entered THIS immediate market RIGHT NOW, who would I be competing with? And what’s unique/impressive about THEIR businesses? If it’s clear your competitors are already struggling, then this might not be the right time to dive into that particular corner of the industry. But, on the flip side, if they’re thriving and there’s a place you fit in—maybe a need they aren’t filling or a segment of the population that’s underserved—jump on it. Use their successes and shortcomings to help guide your initial weeks and months as you start to structure your business.
Your NEXT Step—Get To It!
The next step? Get yourself out there—literally start. Pick one and dip your toe in the water. If it’s wrong—or not right right now—you’ll know. But reading blog posts (this one included!) is a lot different than actually rolling up your sleeves and investing. And once you get started, be deliberate, be persistent and be patient. Like anything worth having, finding your path in this incredibly crazy, incredibly lucrative and incredibly rewarding industry takes time.
So what does your strategy look like? Who knows? You’ll figure it out, though—and then you’ll make that niche your own. And that’s the power of finding your path. You’ll be able to cut through the clutter and hone in on what makes sense for you, your personality, your lifestyle and your goals. Maybe you’ll be an expert wholesaler, focusing on suburban starter homes. Maybe you’ll have hundreds or even thousands of units driving massive wealth for you month after month. Or maybe you’ll become a pro rehabber, able to fix and flip properties with the best of them. It’s up to you.
We’ll dig into all the possibilities at the Nick Vertucci Real Estate Academy (NVREA). Check out my site to see when the next class is enrolling. I’m looking forward to answering your questions, offering my guidance and, ultimately, helping you find your path to success.