Soooo many people ask how to make a LOT of money in real estate, but we all know there are TONS of answers. Flipping houses, foreclosures, auctions, land sales, etc. etc…the list goes on. If you’re anything like me, you want to make a killing with real estate and dominate all of the million ways to make money.
The problem is that the more things you try to do and do well, all at once, the less progress you will tend to make.
So, the best thing you can do is slow down, stay focused, and simplify.
How to Make a Lot of Money in Real Estate without Losing Your Mind
I am the kind of personality that gets so many new ideas all the time. My mind goes a hundred miles a minute and comes up with so many great ideas. The problem is that if I actually chased down every single one of those shiny object ideas, I would be broke.
I had to learn how to target my actions very specifically so that I was also seeing results.
I have clients all the time who come in and all they have done is basically go to the real estate buffet: tried a little bit of this, and a little bit of that, but ultimately went nowhere. This always leads to burnout and frustration because results cannot follow.
Another thing that happens is that people often try a bunch of different strategies to make money. This confuses any sense of clarity for which method really works well for you and which gives you an “upset stomach.”
Not all strategies of real estate investing are right for everyone.
This means you need to figure out the best answer for how to make a lot of money in real estate for you.
You can’t achieve this kind of knowledge when you are drowning at the buffet.
When I was just getting started investing in real estate I tried several different strategies. I really did want to learn how to make a lot of money in real estate, but I also wanted to find the right fit for myself.
I tried a foreclosure and made sure that I did all the work up and through close. But, by the end of that transaction, where I made almost no real money, I knew without a doubt that I hated foreclosures. They were just NOT for me.
But, I never would have known that if I didn’t actually go through the entire process.
The other thing I made sure I did as I tried lots of different methods was to only do ONE at a time.
I know, I know. You probably have Shiny Object Syndrome…I can really get sucked in by it all, too.
However, you learn WAY more when you take things one strategy at a time. You can really be all in and learn the ropes. Then, if you find it does not work for you or you do not at all like that process, you can scrap it and move onto another one.
Here’s the kicker: don’t be afraid to drop strategies that you don’t like. It is better to thin out what you focus on than to keep dead weight just because.
Drop the strategies you don’t want to do anymore and move on.
Then, once you find a strategy you really love and jives with you, you can go all in. When you focus on one strategy at a time you can learn how to make a lot of money with that single path without being distracted.
For me, my perfect fit was with creative financing, lease options, and owner financing. I tried auctions, short sales, land purchases, etc. While I was able to make some money, it took forever to get it back. This just did not work for me.
I wanted to learn how to make a lot of money FAST, not over a long, long time.
So, when I jumped into lease options and creative financing I started making thousands of dollars within weeks of getting started. AND, with less than half the hassle and a fraction of the paperwork (by now you probably know my story, but if not here you go).
I was in LOVE!!!! We had a WINNER!
Now, here’s the kicker. Once you find something you like, stick with it for a while. And when you have gotten really, really good at it, and it is part of you, you can feel free to move into a new strategy, if you want. If you already know how to make a lot of money doing one of the methods for real estate investing, you have a freer hand to learn a new strategy.
For instance, once I got really good at creative financing, lease options, and seller financing, and had multiple houses and properties in my portfolio making passive income, I decided to add in multi-family units (i.e. apartments). I did not continue to look for new houses during this time, but I did continue to collect the checks from all my renters.
So, the passive income I already created never stopped coming in. However, my attention turned onto a new strategy that I wanted to learn how to do (apartments). See how that works.
It is kind of a real estate investing snowball strategy, but you just have to slow down enough to really master one strategy before adding in a new one to start learning.
Got it? Awesome.
Now You Know How to Make a Lot of Money (without Losing Your Mind)
I hope this was helpful to you and let you shake off the crazy squirrel syndrome that chases every possible option. I get it, really I do. But, learn how to really dig into one strategy at a time to feel out whether or not it is right for you before moving on.
If you are itching to learn more, then check out my FREE resource guide for 10 Steps to Your First Deal where I give away the most helpful tips to get you started. Click here to get yours now!
If you have any questions or confusions, comment below and let me know, or leave a comment on the YouTube video.
I know you can achieve amazing things by investing in real estate. Now, get out there and conquer!