"A journey of a thousand miles begins with a single step."
- Laozi
My real estate investing journey has not exactly been a stroll down a straight path with a clear destination in the distance; instead, it has been a series of fits and starts. For a while, I often wandered off the trail, distracted by shiny things and the occasional squirrel. It wasn't until I finally determined where it was I wanted to go, my investing goals, that I was able to chart out a path and stick to it. I’ve determined the best vehicle to meet my goals is by investing in multifamily real estate and helping others to do the same.
But as Laozi points out, it's not enough to know where you want to go, you have to get off your ass and start walking. Trust me; I know how easy it is to convince yourself you're making progress on your investing journey because you're getting educated. To be sure, building that foundational knowledge is necessary, but it doesn’t necessarily get you any closer to your goals. You could study real estate investing for years, able to underwrite deals in seconds with your Excel ninja skills, but without action, you haven’t made any notable progress toward your investing goals. The example I most often hear cited is that of riding a bike. Despite reading a bike-riding manual (is that a thing?), it can’t really prepare you for that first time you get on without the training wheels.
Still, many convince themselves, that if they just read one more book, order one more course, go to one more conference, they will have the knowledge required to take action. This not only has the potential to waste a lot of money, but also your most precious asset, your time.
I don’t want this to turn into a Tony Robbins-esque mindset speech, but I would implore anyone reading this who has not done a deal, to take one actionable step this week toward that goal. Call a broker, talk to a lender, or tour a property. Try to exercise some of the knowledge you've already gained. Sure, you may be asked questions you don't know the answer to, and you may hear words you don't understand. That's ok. Write them down, look them up, and do it all over again. In other words, don't say you're on a journey and then just stand there reading the map. Take that first step.
In this blog, as with my business, I will strive to be as transparent as possible. I want to share what I've learned so far on my real estate investing journey; my successes, and, more importantly, my failures. I will talk a lot about investing in multifamily real estate (because it’s awesome) but I’ll explore other niches as well. I’ll also examine those things I believe are fundamental to success in investing regardless of the sector, like personal finance, legal considerations, and mindset. Acknowledging the limits of my knowledge and experience, I will have guest writers or interviewees from time to time.
I will do my best to present with humor and humility, but most importantly, strive to add value with every post. If I can help even one person believe they are capable of reaching their goals, or I can shorten the learning curve for one aspiring investor, then I have succeeded.
Thank you for reading and welcome to The Journey to Multifamily Millions. If you want to be with us every step of the way, make sure you click here to subscribe. I'll let you know when new posts are out and provide valuable "pro-tips" associated with that week's topic.
Ready to start passively investing in multifamily real estate and want to see if our opportunities might be a good fit for you? Click here to visit our website to learn more or reach out to me directly at Tim@ZANAinvestments.com.