So you've decided to start investing in real estate. Wonderful! But where do you go from here? Do you start by rooting through the data available in your market on what type of investing has the most promise of profits? How about discovering the most current, hottest investment technique and rushing into that? No. When you make the decision to get into the real estate inesting arena, you should start with YOU. That means you do what the Real Estate Heavyweights do: discover your Core Competency first.
You know you've found your Core Proficiencies in Real Estate investing when it satisfies the following criteria:
1. You can complete it almost perfect every single time
2. You can do it repeatedly.
3. It could almost be a hobby for you, i.e. you're charged every time you get to work on it.
4. You make good cash flow from it because you're offering a valuable service.
Let's look at these one at a time...
The first is the most significant. Sure, you may enjoy lots of activities, but if you can't pull it off with proficiency every time than it doesn't qualify as a Core Competency. You may really enjoy haggling with banks while trying to work foreclosure deals, but if you can't actually get a good deal negotiated, then you should NOT view it to be a Core Proficiency. Many people overlook this measure. They tend to suppose “the freshest trend in Real Estate investing right now is technique X, so that is what I'll work on.” Sorry, It simply doesn't play out that way. The bottom line is, If you can't do it with near perfection almost every time, without faults, it doesn't qualify.
Being able to do a job consistently follows from the first point. If some technique or skill is your Cor Proficiency, you should be able to see good results each time you try it. Not only do you not make mistakes in deals as mentioned above, but you get great, moneymaking returns when you practice this technique or skill. If you aren't getting uniform results, move on.
Your Core Competency has to excite you. As crazy as it sounds, numerous people don't think about this step. I didn't at first. I used to work short sales a few years ago, but I don't anymore. Why? Because even though I was able to get some deals closed, I hated doing it! The very idea of having to negotiate with another negotiator in loss mitigation made me dream of doing something else, anything else. So, I stopped wokring them. I know some people who get a real charge from working short sales. Not me. It'll never be my Cor Proficiency.
The power to get cash flow is plainly an important point. What is the signifigance of doing something well in this line of work if you can't get paid for it? Not only will you speedily tire of Real Estate investing, you'll speedily run out of money to do it!
Once you determine your Cor Proficiency, you'll have taken a huge step toward succeeding in Real Estate investing. Learning that “sweet spot”, that niche that you can do well, enjoy, and get paid to do, will put you head and shoulders above your rivals. It's the first thing the Real Estate Heavyweights do, and it's the first thing you should do.
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