I recently had a conversation that had me answering a lot of questions about US real estate, normally that would be great because I love talking about real estate in Canada or the US and even abroad. However, in this case the person asking all these questions had just weeks before told me they wanted to do renovations in Calgary. I think that a lot of new investors can get excited by an article or by flipping back through their notes from the last seminar they were at and want to change directions or add a new line of business to their current real estate activities. I was guilty of this at one point in my real estate business for sure – but I got over it and decided to focus more on what I was good at rather than trying to learn something new every few weeks. There is a different marketing strategy, tools, pitfalls, capital requirement, for each and every strategy that you can use in real estate to make money so constantly changing course is a lot of work and takes a lot of time to re-adjust everything to suit the new line of business. I got some good advice from my business coach that verified my new pathway of focusing on no more than 3 lines of business at any given time. Once a certain line of business can be totally (or almost) systemized where it just about runs itself, then you can start looking at what other ways you could make some money. The things we focus on in life and in business turn into a reality but only if you TRULY FOCUS on that thing. Real estate investing no matter what the strategy – is hard enough without taking your eyes off the prize and fracturing your efforts. Imagine that you are doing a renovation project and you have to be on regular calls with trades/suppliers and you constantly have rent to own tenant buyers calling you to get more information about your program – when your marketing stated a 24 hour response time…that could be a bit frustrating both for you and the customer. Focus in business is just like focus in life, if you are planning to run a marathon you have to train like crazy to get ready and if your trying to learn fly fishing at the same time putting a lot of effort into that then it’s likely that your race may go less than stellar! Pick a couple strategies and focus on those until successful – you will be happy that you did.
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To your success!