I had an opportunity this week to evaluate some qualities one needs in order to be successful as a full-time investor or real estate professional. It started Monday morning as I was heading to the office for our weekly staff meeting.
The project at forefront of my mind was completion of the rehab on a flip that was about to sell. We were running behind on it and needed all hands on deck. As I turned the corner to my office, my lead man phoned to say he wouldn’t be at work that day.
That call completely changed the dynamics of my schedule.
You see, our deadline was 9:30 a.m. the following day. And without a lead man to guide the crew, it was now up to me to finish that job.
At the house, the crew and I realized the punch-out list was much larger than we had anticipated. This was not good news, since we were a man down.
We worked our tails off outside in the heat.
At 5:15 that evening, the first worker ran out of steam and called it a day. At 6 p.m., I sent the other two home. Now remember, my work day began at 6:30 a.m. and there I was still going at 7 p.m. determined not to miss our deadline. That was until the rain came in.
As I cleaned out my paint brushes, I was upset that we hadn’t finished. Ashley offered to return with me at 7 a.m. the following morning to wrap things up. I love my wife. I’m so glad I have her to rely on. She, like me, is willing to do whatever it takes to get the job done.
That’s one of the qualities you must possess in order to be a successful real estate professional. You must be willing to persevere, push through and keep grinding even when everyone around you stops. If you are planning on going full-time, you must adopt this quality and implement it.
You also need to be able to recognize and seize an opportunity when it presents itself. Like my friend and accomplished real estate agent Justin Childress did recently.
Last week, a couple who’s moving here to be part of my congregation let me know they wanted to buy a house in Calhoun and had $180,000 in cash to do so. They wanted to purchase a home as soon as possible and asked if I had anything that met their criteria. I didn’t, but I told the couple I would ask some agents to see if they did.
I started with some new agents thinking they would jump at the chance to make a 3 percent commission on a $180,000 cash sale, which would come to $5,400. But they all came back with “there is just not that much out there right now.”
(I personally think this phrase has become a modern-day mantra that’s detrimental to a real estate professional’s performance. As you will see in a second, someone who is driven to succeed will find a way to make the deal happen.)
Next, I called Justin, knowing he would see the opportunity and seize it. Justin understood that having a “cash buyer” meant an almost guaranteed payday, since the buyers wouldn’t have to worry about getting a mortgage.
Not only did Justin jump at that chance, but he acted quickly.
This ability to recognize an opportunity and react swiftly are two very important qualities a real estate professional must possess to be successful.
Justin located a house the couple fell in love with, and he had it under contract to purchase within three days. And since the buyers were paying with cash, they scheduled the sale for one week later.
Justin recognized the opportunity, seized it and pushed forward quickly. And that is one of the many reasons he is so successful.
Back at our rehab, Ashley and I showed up at 7 a.m. She and I got it done, and we met our deadline.
If you are willing to keep going when everyone else quits, if you can recognize and seize opportunities when they present themselves and if you can act quickly, then go full time. If not, real estate will just be an expensive hobby. The decision is yours.
Joe and Ashley English buy houses and mobile homes in Northwest Georgia. For more information or to ask a question, go to www.cashflowwithjoe.com or call Joe at 678-986-6813.