Hey there, it’s Casey Denman here with TaxSaleAcademy.com. Thanks so much for joining me for this week’s quick tip.
Before I get to this week’s tip, don’t forget to check out the links in the description of this video for lots of great resources when it comes to learning about investing in tax defaulted real estate.
This week’s tip is all about consistency. And I understand that this is a hard one for some people to stomach, especially when they’re starting out. So many people are driven by the results of what they think should be happening.
I hear all the time from people that think they should buy their first property within 30 days. And believe me, it’s great to have goals, to have a target to shoot for. But, something like this is pretty haphazard since we can’t control the property selection, auction time, competition and so many other things that play a role into our investments.
What we can do, however, is something that can substantially increase our chances of long term success as a tax sale investor. And that’s consistency. Continally being consistent, however, sounds much easier than it is in practice. Especially when you’re not checking off goal after goal. Yet, that’s one of the primary determining factors of success in this business and most other businesses.
So let’s go over a few ways that YOU can be consistent in your business. And truthfully, there are just three primary ways, so I’ll lay this out as easy as possible for you.
The first is to learn continually. Obviously, initially this is everything. This is such a simplistic business from the outside looking in. But until you’re deep into this business, you don’t have a clue what you don’t yet know. So take the time to learn what you’re doing before getting involved. And even still, be consistent with your learning efforts. I’ve told the stories before about the old timers who failed to evolve and eventually ended up with failed businesses. Sure, the principles behind investing will always remain the same, buy at one price and sell at at higher price to make money. BUT, the business world changes routinely. Marketing methods change. Approaches change. The way we operate changes. And once you see just a little bit of success, you tend to forget this. You almost get stuck in your ways. I write about this in tax sale playbook, where I nearly lost my entire business after 2008. If you focus on consistently learning then you’ll succeed.
The next one is research. If you’ve ever hit a period where you research property after property and become hopeless you’re not alone. The fact is that we aren’t the ones in control of the properties available. The properties available are there as a result of tax foreclosure. Sure, there will be periods of time when property research is boring or just doesn’t produce the properties we’re looking for. You must remember, that’s ok. That’s part of the process. It’s not a time to simply give up because we aren’t happy with the selection. It’s a time to go back to step one, see what we can learn, how we can change strategies and possibly find different locations or seek out different properties types and keep moving forward. This is the time that so many people throw their hands in the air and say it’s not for them. The fact is, if you’re willing to put forth the effort and you are consistent, you’ll be perfectrly fine.
Then the last part of consistency is with the act of investing, of course. I get email frequently from someone who went to their first auction or maybe two auctions and this business, in quote, doesn’t work. The reason is doesn’t work is becuase you haven’t given it enough time. You aren’t consistent enough. How about adjusting your approach as needed, then going to 20 auctions and telling me it doesn’t work. Don’t try to take the easy way out. I’ve been in this ubsiness for close to two decades and it works, but even still I hit patches where I don’t win a single property. No problem, just keep pushing away. The same can be said of my students. I have a student I’ve mentioned before. She went to ten auctions with zero success. On the eleventh one, she bought her first property. Made like $15k, then went to the next auction and bought a rental property.
The fact is that you must remind yourself constantly that you MUST be consistent. It’s easy to browse a list now, forget for a few months, come back, go to an auction, get discouraged and forget about this business entirely. That’s not how you operate as an investor though. Be consistent in all you do, learn daily, research properties as frequently as possible, go to auctions a frequently as possible and use all of this to refine your business and become a better and more successful investor daily. Consistency is such a key to this business. Please, don’t ever forget that.
Hopefully you enjoyed this week’s quick tip. Don’t forget to hit that red unsubscribe button so you don’t miss out on future tax sale training videos.
Take care and make it a successful day. See ya!