Today’s REI Classroom Lesson
Pete Asmus discusses the need to focus on a specific goal instead of spreading yourself thin and never becoming an expert in a single niche. You should focus on building a foundation and becoming proficient instead of moving onto something else.
REI Classroom Summary
Keep your goal concrete, but allow yourself flexibility in the application. Realize that your goals won’t be met overnight and build connections as you go!
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the flipnerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Pete: Hey, guys, I am Pete Asmus, the Turnkey Investor and today’s host on the REI Classroom. Now, today’s topic is going to be on focusing on a specific goal to get the desired result.
Mike: This show was sponsored by passiverental.com
Pete: Now, why do I talk about that? Why do we talk about focusing on a specific goal? And more than that a lot, of people will think, “Well, if we’re going to focus on a specific goal isn’t that something that we already do?” We already know I want to get this or I want to get money, I want to have more deals, I want to do more flips. And we have all these different types of goals.
The problem is, a lot of times, we will start to shift our focus. What we’ll start to do is go, “You know what, I want to do flips.” And so we’ll attempt to do that for maybe a month or two, and when we’re not getting the desired results that we’re looking for we start to shift. And what they call that is “shiny object syndrome,” because we’re literally bouncing all over the place, looking to get something.
A lot of times, that’s going to come when we’re in survival mode. And really, to me, that’s the beginner investor, the beginning entrepreneur because your biggest thing is you’re looking to increase your money. You want to make money. You’ve got to survive. I mean, that’s the very first thing to do, is to survive. So you’re looking for any way possible to make money.
Here’s where the problem lies with that. It’s that because you keep jumping all over the place and you’re going from notes, to deeds, to flips, to wholesales, to this, to that, you’re not becoming proficient in anything. And in fact, you’re not even really a jack-of-all-trades because nobody in any of those spaces really knows you at this point and you haven’t begun to build a foundation.
And the problem with that is with anything in life, it takes time. It takes time to build up not only the credibility piece, it takes time to build up the connections, the resources, the people that will know you that can create that desired outcome. A lot of times, when we see these big deals happening, we think, “Man, that’s so awesome. I wish I would have been part of that.” And what we don’t realize is that there were two or three years of planning in that, of somebody staying focused on that ball going, “I’m going to flip this big property. I’m going to flip this big development. I’m going to create that.” And they go through all these challenges.
And we’re going to talk in another video about staying focused and how failure can help. But the reality is, when we go down that path and we’re focusing on a specific end goal, what I want you to do is this: I want you to keep that goal like concrete. So if you want to make a million dollars that goal has to be like concrete. You’re going to make a million dollars.
However, you want to make sure that you have flexibility in there. If your goal was to make a million dollars by flipping property and all of a sudden the economy shifts and there isn’t that ability to do that, now, all of a sudden, you’re in a rut. How are you going to keep flipping properties if there isn’t that ability? So the goal needs to stay concrete, but the application to get to that goal can shift. What we don’t want is the goal to keep shifting because then, we’re not staying in one strategy.
One of the things I think that Mike with FlipNerd did so well was he kept it focused, FlipNerd, we all know what that is. We know that the brand is. The branding was phenomenal on that and that’s because he kept with it over and over and over and you kept seeing the same logo, the same brand, you kept seeing him saying the same things. And with that focus, he was able to get the results that he was looking for.
Now, it didn’t come overnight. And that’s really what the point of this whole entire segment is. Stay focused on what you want and realize that if you would have started this a year ago, you’d be that much farther ahead. We always look at it from the standpoint of right now. Well, gosh a year from now, that’s so far away. But look at it in reverse. If we would have started this a year ago, that time’s passed like that and the time will pass like that again in the future. It will happen. That year is going to go by no matter what.
The difference is are you going to be building one thing that at the end of that year is going to start turning results for you and it’s going to be a product? Or you’re going to keep shifting around and so that when that year is over, you’ve got nothing but a whole lot of empty promises? A whole lot of empty everything because you haven’t stayed focused.
When you’re beginning anything, when you’re getting involved at all, stay in one direction and stay focused on what that is that you want. It’s going to be challenging and it’s going to be hard. But that’s okay because all of those challenges, all of those failures, all of those things will end up creating you to be the person that you need to be to be able to do what you want to do. The reality is the things that you want right now, you’re not even ready for, you’re not prepared for.
I just acquired the largest group in the world and I’ve wanted this goal for about three years. And when I was focused on it in the beginning, I wanted it so bad, but the reality is if I would have got it at that point, I would have not known anything. I wouldn’t have known how to monetize it, I wouldn’t have known how to utilize it, I would have basically been floundering. I had to build up and create all of the skill sets that I have now to be able to produce that opportunity to create value there.
And we’re going to be talking about that later too. So with that guys, hey, look, if you want to know more about me, what I do, check down below. There’s an author box. You can find out everything you want to know there, but, besides that, I look forward to seeing you on the next video. And as always, go make something happen. Bye, guys.
Mike: passiverental.com is your source for turnkey done-for-you rental properties. If you’d like to be an investor and not a landlord, please visit passiverental.com to learn how to purchase cash flowing, professionally managed rental properties in the hottest rental markets across the country. We can also help connect you with financing for your next property. Invest the easy way today and get started by visiting passiverental.com.
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