I graduated college, was living with my mom in Atlanta, and had a dead-end job. However, my mind was set on being a real estate investor. I just thought it would be cool to own multi-family properties and have people send you checks in the mail.
However, that wasn’t the case at that point in time. Then, I got a better job with the government in New York City six months after graduating. While in New York, I joined a real estate group in October 2009 and met the group’s facilitator.
He was 40 years old and owned a ton of rental properties and businesses in which he purchased with creative financing.
One day, I met with him before the real estate group meeting began, and he told me these very important words in which I will never forget, “My goal for you is to quit your day job.” I’m thinking, “Quit my day job?!” I never thought it would be possible to live life without a job. I never thought someone actually believed that I can accomplish such a great feat. With the two documents discussed below, I was able to accomplish this goal five years later at the age of 30.
Like most people, I didn’t have money and I had poor credit at the start of my real estate investing career. So I wondered how will I be able to get out of this situation and be a full-time real estate investor without the confines of the “9 to 5”. I learned that I had to get my focus off of the problem and keep it on the promise only, for what you focus on expands. My mentor advised me to begin by drafting two documents. At first, I didn’t give them much weight, but I decided to take his advice being that he’s in a position that I hoped to be in. So if it worked for him, it should work for me too. Here are the documents:
i. Creed: “If I don’t buy my first multi-family investment property by xxxx (5 years from today), I ought to be ashamed of myself. I have all the resources necessary to manifest this burning desire. I am a winner–winners never quit and quitters never win”
ii. Resignation Letter: There is no template for this one–feel free to write a resignation that is very personal to you. This is a letter that you will actually turn in to your boss about five years from today. Therefore, keep it professional.
The creed and resignation letter must be posted on your bedroom door. They serve as a constant reminder of your goals every time you walk in and out of your bedroom.
Become emotionally involved with them, see yourself closing your first deal, and see yourself submitting your resignation letter with a smile on your face. Keep your mind set on these things throughout the day each and every day. These documents serve as your own personal billboards.
If you were driving down the highway, and saw several billboards advertising a particular hamburger, you may not be hungry at first. But in time, you may be hungry and decide you want to eat a hamburger. So, you will pull off the highway and take the exit to buy the hamburger.
Your personal billboards will do the same thing. After seeing them repeatedly, you’ll get over your fear, you’ll get over your laziness, and you’ll get over your excuses and take corresponding action towards obtaining your goal. Goals are only realized when you become emotionally involved with them.
As you start taking action, you’ll notice that pieces start to fall in place. The money, networks, mentors, deals and answers will come just so you won’t be “ashamed of yourself”-just so you can retire young by buying multi-family properties using business credit.
When you close on your first deal, you can use the same creed for your next goal. You can cross out “first” on “If I do not buy my ‘first’ multi-family property… ” and replace it with second and change the date. Then when you get your second multi-family property, cross out “second” and replace it with “third” and so forth. When you are at the point where you realized your dream of owning enough rental properties that replace your paycheck, make sure that you turn in your resignation letter with a big, fat smile on your face. Then, make new goals and play a bigger game.
One last thing, you only have one life. Live that life doing exactly what you dreamed about despite what society tells you to do. I hope you can take something away from this article that adds tremendous value to your real estate investing career and life as general.