Today’s REI Classroom Lesson

Scott Carson goes over how success entrepreneurs focus on 1 thing at a time instead of spreading themselves too thin. Get one idea up and running before moving on to the next great idea.

REI Classroom Summary

It takes time to build and grow your idea into something substantial. Nurture the one idea to allow it the full potential to succeed.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Mike: Welcome back to the 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.
Scott: Hey, everybody. My name is Scott Carson, and I’m excited to be the guest speaker on the REI Classroom today. And my topic for you guys is “One focus equals one success.”
Mike: This REI Classroom real estate lesson is sponsored by, FlipNerd’s private investor coaching program and your blueprint to investing success.
Scott: Now, for those of you guys who don’t know, my company is Mike and I go way back a while, and I’m excited to be here on the REI Classroom. But over the last, really, 15 years as a real estate investor, I have found through trials and tribulations, and all the successes and victories that the successful entrepreneurs, which if you’re a real estate investor you’re an entrepreneur, the successful entrepreneurs focus on one thing, and one thing only to achieve the type of success they want.
Now, don’t get me wrong, a lot of successful entrepreneurs have multiple businesses going, but they don’t start something new every time. They start on one thing, get it up rocking and rolling, they get systems in place, they get it running like a well-oiled machine, and then they bring on management, they bring on somebody to help run the thing, and then they start something new. But they never try to start five, six, seven, eight things at the same time like a lot of real estate entrepreneurs try to do.
Don’t get me wrong, I understand it’s exciting when you’re a new real estate investor to take things in, you want to add tools to your tool belt, and so you’re going to the REI clubs, you’re seeing the different speakers, you’re signing up for workshops, you want to get a broad knowledge base. I get that. But what most of us struggle is implementation of those ideas.
Yes, you take a class on short sales, yes, you take a class on wholesaling, yes, you take a class on asset protection, yes, you take a class on notes. Wait, wait, it’s the only class you need. But anyway, I see it time and again that the success rate of entrepreneurs and real estate investors is low because they’re too spread out. They can’t focus their attention on one singular item, on one singular action, and give it enough time to achieve the type of success that we all look for.
Now, I say this as a voice of experience. Back in 2007 when I was really a full-time investor, I’d left my mortgage company. I was doing wholesaling, I was doing short sales, I was doing notes, trying to raise some capital and doing some rentals. I was making money, but not near the type of money that I’m obviously making now. And I had a kind of “come to Jesus” meeting with a partner of mine who said, “Scott, hey, wake up man. You’re doing all this stuff. You’re kind of Jack-of-all-trades and a master of none. What’s going to make you the most amount of money?”
And I said, “Well if I focused most of my money, that answer will be notes for me.” So I stopped doing everything else, and I focused solely on the note business. I said, “Give me a year on this.” And it was the right time, obviously, with everything hitting the fan in 2007, ’08 ’09, to focus on.
But a lot of entrepreneurs don’t realize that it takes time to build experience. Habits are made not in 21 days, but in really 66 days. So you have to realize you’ve got to give yourself some credit, you’ve got to give yourself some time to grow, and even to fail a little bit. You’ve got to learn from your actions and mistakes.
One of the best advices I can make and give you guys out there is a lesson I learned, is to quit listening to advice and start seeking counsel. Go talk to people that are successful in what you’re focused on, and listen to what they say. Quit listening to people who’ve never been where you’re wanting to go, because they really can’t give you true advice. They can only kind of give you an opinion. That’s what it is.
So one focus, one success, it all comes down to numbers. We all would agree to this. You’ve heard of the parental rule, the 80/20 rule? Most of us are making 80% of our income from 20% of our activities. Well, if you were to flip that number, and spend 80% of your time on that one activity, you’d be making 400% the income and some.
That’s what I’ve got for you today in the lesson at the REI Classroom. Scott Carson, We Close Notes, I just want to thank you for watching this. Make sure to share this across the social media platforms, it it’s helpful or you know somebody else who’s struggling with focus. We’ll see you guys at the top.
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