Justin Wilmot explains how we are limiting ourselves by putting a cap on your goals. If you’re thinking in terms of how many deals you want to get per month, Justin explains that changing it to a monetary goal might be better.
Don’t limit yourself to what you think you’re capable of. Set the bar higher and let go of smaller goals that are easy to achieve.
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.
Justin: How are you? My name is Justin Wilmot. Today, I’m going to be your host of your REI Classroom. Today, I want to talk to you guys about setting the bar much higher.
Mike: This REI Classroom real estate lesson is sponsored by theinvestormachine.com, FlipNerd’s private investor coaching program and your blueprint to investing success.
Justin: See, I see, all too often, again, I’ve been blessed to help people all across the country in their real estate business and grow their businesses, and I see, all too often, where people just think of a dollar amount. “Man, if I could just make $5,000 a month,” or, “If I could just make $10,000, or $15,000, or $20,000, or $30,000.” And the problem with that is, you’re setting it too small, and you really need to be thinking in terms of deal count.
So let’s just take wholesaling, for example. If your average wholesale fee happens to be around $10,000, which is a pretty safe general number to talk about countrywide, right, unless you’re in California, where, less deals but bigger profits. If you are putting a monetary cap on your monthly income goal, I guarantee you, you are suffocating your opportunity, what you really can achieve. So one thing I learned was to start looking at things in terms of deals.
So when you break your business down in terms of deals, all of a sudden, the tasks that you need to do become much more realistic. So such as, how many leads do I need in order to make a real offer, and how many offers does it take to get a deal under contract? And once you have those real numbers you can decide, “Wow, it’s realistic for me to go from two or three dependable deals a month, to four, five, six,” whatever it is that your goal is. So I want to encourage people to start setting the bar a lot higher because what you think you can achieve is truly, at the end of the day, only a quarter or a fraction of what you really, really, really, truly can achieve.
Again, I’m also blessed to hang around some of the smartest investors in the country. And I just got back from a mastermind, and every time I do these masterminds, my mind just expands even more. So wherever somebody’s at, there’s always another level to reach. As a matter of fact, my mentor that I just left, he’s got a half-a-billion-dollar portfolio.
So there’s levels to this stuff, and when you’re around and associating with people that are, it doesn’t matter where you’re at. Whether you’re a city guy and you’re doing six figures a month or maybe even more than that, or whether you’re aspiring to get your first deal done, it is so important to set the bar higher and not use monetary terms to say, “I want to make $50,000 a month.” Break it down into realistics.
And this really helps, too, with seasoned people, where you understand what it takes to get one deal under contract, and market and sell that deal, or two or three deals, or four deals, or five deals, and now you can look at your process and say, “All right, well, what’s it going to take to realistically double this?” Right? And what’s interesting, or what’s awesome, is that once you’ve hit in that mark and you do achieve the doubling of your deal count, now you can double from there. So it’s actually scalable, and these are real numbers that you can go off of.
So I just want to continue to encourage everybody to think much bigger, to think a lot higher, and set the bar higher, and sit back and look at the deal count, not the monetary. Look at the deal count, and watch your business absolutely blow up from there.
Mike: Are you looking to change your life through real estate investing? If you’re interested in either getting started or taking your business to the next level, please check out FlipNerd’s private program at theinvestormachine.com. This is the most robust real estate investor coaching, networking, and mastermind on the planet and designed for your success.
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