Build Your Business Like THIS (You’ll Be Glad You Did)

We’ve got a real treat for you today…

Our faculty member Justin Wilmont of 10-Hour Wholesaler and I had a very open and honest discussion about one of the best decisions you can make to accelerate your business building. It has to do with understanding your end goals.

To say it another way you need to start with the end in mind.

This is one the most common mistakes that Justin and I see in beginning investors – and even with some veterans. The failure to identify the desired end results of your business can cause you to flounder around, waste time and energy and perhaps even slow your business to a standstill.

There are some powerful concepts that we talk about in this audio lesson that, if you can grasp them, will help you grow a more stable and profitable business.

Most of you are aware that one of our three key values of what it means to be a Strategic Investor is cultivating business-building skills. We believe this is every bit as important as any real estate investing tactic or any mindset lesson we might share with you.

So please invest a few minutes of your time and listen. We want you to benefit from this candid conversation with Justin.

Here’s what you’re going to learn:

  1. Why it’s crucial to begin with the end in mind.
  2. Why it’s crucial to create your own business roadmap.
  3. Why it’s crucial to take action steps toward this concept – and what those action steps are.

So, get to it…

Whatcha gotta say?

Remember to leave your comments below.

And just because we’re so awesome, if you don’t have time to listen through the audio, here’s an enhanced, sanitized version transcription:

Build Your Business Like THIS (You’ll Be Glad You Did)

By: JP Moses
Featuring: Justin Wilmot

JP: Hey, guys! It’s JP, director of awesome here at Strategic Investor. I want to welcome back to the table, Justin Wilmot. That’s right! It’s the same Justin Wilmot that we had the opportunity to have on a training call recently where he shared his 10-hour wholesaler business. We got phenomenal response from that training call. It was very popular and well-received.

closeI’m not surprised. I’ve known Justin for well over a year now. Justin has taught me a lot that has helped sharpen my wholesaling business here in Tennessee.

Justin: I’m blushing, JP.

JP: Well, I know for a fact that I’ve done a couple of deals by implementing some of what I’ve learned from you that wouldn’t have happened otherwise.

Justin: Hey, that’s a killer.

JP: Yeah.

Justin: I love hearing that.

JP: I’m excited that you’ve decided to share more with us and you’re going to open up and show us under the hood – letting us see what makes your business and your style unique. I know one thing that makes this style unique is the guy is a total surfer dude. You’ll soon learn that Justin works about 10 hours – or less – a week on his wholesaling business. It’s very profitable – in spite of the fact that he basically doesn’t work.

Justin: Yeah, pretty much.

JP: And, you might hear a little trickle bubbling in the background because he got this Zen fountain sitting on his desk, which I think speaks a lot to his personality.

Justin: You’re calling out my soft side, JP.

goalJP: Let’s start this conversation with kind of the beginning. Okay, we have people reading this who are at all different experience levels. We have a lot of things we can talk about in terms of how your business operates and why it’s so effective and what makes it unique and special. But, I think at the very foundation or at the very core, you like to start with the end in mind. And, you have a vision for that. I’d like to ask you to tell us more about not only what that means, but why that’s so important specifically.

Justin: Definitely. I came up with this concept for my own business, and as I started coaching more and more people, I realized a common trait, or common occurrence, in most people. This lesson addresses that trait and is going to help people stay on track so they can see real results.

One of the things that I’ve realized is that many investors haven’t really defined why they wanted to get into real estate in the first place.

Were you in between jobs? Did you just get fired? Did you just happen to Google: “How to invest in real estate?” Are you doing it out of fear? Fight or flight?

OR – are you determined to strategically build a business, or an empire, and to build wealth?

The investor must define which approach they want to take. Because, depending on the approach, there must be a completely different plan of attack.

One guy may want to work three months out of the year and create a business that’s on almost speed dial. This investor wants to answer a few e-mails and do a few negotiations so he can create a $100,000 to $200,000 annual income so he can have the lifestyle that he wants – travel the world with friends or family, or hang out at the beach and surf. Earning $200,000 a year, and have minimal time involved, is one business model.

dragOther business models would be: “I want to build a real estate empire. I want to fix and flip. I love to redevelopments. I want to build luxury condos. I want to wholesale a thousand properties in the next three years.”

No matter which way you go, you have to clearly define your intent. If you don’t start off with that, then you’re probably going to run into very frustrating roadblocks along your path because you didn’t define what it is that you’re trying to accomplish.

You’ll be like a dog chasing its tail – round and round. This is the common trait that I am talking about. This is the pattern that I’ve seen as I speak to hundreds of aspiring investors. It’s the failure to define what you want in the first place. In other words, begin with the end in mind.

JP: This reminds me of the distinction between real estate investing strategies and business building. Those are really two very different things. Business building involves a different set of skills; one of those skills is having a vision for what kind of business you’re building. It’s a clear vision and not just, “I want to make as much money as I can in real estate.” It’s being specific rather than general in this decision.

Once you have the vision for your business, then you can create the roadmap to get there. A lot of people totally forego that. They don’t have much of a sense of why that’s needed until they are much further into their career than they need to be.

The truth is, many people in this game aren’t even interested in building a business. Some people get into real estate because they may want to buy a house or two a year. They want to take that leisurely pace. They have extra funds and they want to invest in a few rentals. Their goal might be to own five houses free and clear to help support their retirement. I wouldn’t call that a business. But there’s nothing wrong with that.

You have to distinguish between:

Do you want to build a business out of this?

Or, are you investing as a hobby?

Justin: Absolutely. Once that question is answered and settled, it will help define your daily focus. If you’re going to try to just knock out a few deals because you just want to make an extra $40,000 and you feel like doing that via a few fix-and-flips, well then, you need to define that.

lineBecause if you start running all over the place and start studying information on wholesaling, or on commercial property, or on apartment buildings, but your goal is to make $40,000 the easiest way, look at all that wasted time and effort. There are so many paths to take in real estate, so make it a priority to get focused on your niche and your direction. As a student I was horrible in math class, but, I knew I couldn’t tackle algebra if I didn’t know my times tables. And, how could you tackle times tables until you learned that 2 + 2 is 4.

These are the fundamentals. And one of the most important fundamentals is to start by knowing the desired end.

JP: But, it is one of the biggest common mistakes that we see with people who are in their first couple years of investing. Obviously there is a certain amount of trial and error that’s natural in any direction that you choose. If you were to sit down and create the end in mind in your first month of investing, it’s possible that within six months, you may figure out that that’s not the best end for you and you may pivot and create a different vision. And, that’s okay. That’s part of the process.

But, you’ll accelerate things a lot faster by forcing yourself to sit down and create your road map even if you have to do it several times.

Justin: Absolutely! That reminds me of something. That’s my story, right? So, when I first started, I had a good mentor and he told me, “Come up with a short-term goal. What is the end? What do you want for the next 12 months? What do you want?” So, I made a simple, realistic goal for myself. And I said, “Well, these are the types of deals that I’m doing because I just accomplished one.” It was a HUD property.

So, I said, “I want to be the most successful HUD wholesaler in Central Florida.” So, I set out a plan to start absolutely crushing HUD properties. I made offer after offer after offer, and closed deal after deal after deal. I sold four properties to just one guy in a month in this place called Pine Hills. So, I had my end goal in mind.

directionBy the end of the year, that success led me to other routes. It led me to my fix-and-flip space. Just like you said, JP, it’s okay to change course. That’s the whole point. You’re figuring out what it is exactly that you want to accomplish so that you can take real actionable steps to get there. Accomplish it and see what happens from there. It’s okay to have a bigger goal or a better goal within the next three, four, or five years.

Set something very defined that you can accomplish to give you that boost of success rather than just come into this and spend the time to absorb a bunch of material but have no real plan of where you want to go. Then allow all this stuff to bombard you and overwhelm you. Get serious, and get focused.

JP: A lot of people get into real estate investing because it’s such a fun and profitable journey. And, it is! I mean, it’s like any good road trip. You have a lot of fun along the way. But the best road trip has a destination in mind. You know where you’re going.

Knowing where you’re going allows you to plan a route that’s not only fun, but gets you there in an efficient amount of time. If you get into this, and the journey is fun and exciting, you’re going to get where you want to go more effectively with more satisfaction (and with fewer errors) if you plan your destination, and map out your course. That’s what we’re talking about. Let’s bring this down to action steps then. If anybody is listening to this and this is resonating. They really want to, or it’s hitting them between the eyes, what do they need to do?

Justin: The very first action step that you need to do is define a realistic goal. It’s something that you personally feel you can achieve in the next 12 months. Not everybody is in the same place in life. Truthfully, not everybody has the same abilities, resources, money, connections, and friends. Some people may have already done 20 deals. Some may have done nothing. Some people may have studied a bunch of different courses. For others this is the very first lesson.

Define something that you can realistically accomplish in a year. That success will propel you and push you forward – guaranteed. Get focused. Define what your life should look like in the next year.

Then, define ultimately where you want to be. A five-year mark is a great mark. That would be step number two: define your five-year goal. So, eventually, if you want to make a couple of million bucks in real estate but you don’t know exactly how you’re going to accomplish that just yet, decide to at least be one of the best wholesalers in your county in the next 12 months.

JP: I’m going to add one more action step to that. Have you ever seen the movie “Inception?” One of the ideas in that movie was this concept of a totem as if they were in the dream world. They had to have this item that reminded them of reality that kept them from getting lost in the mix of whatever what’s going on and whatever false reality they were in. They needed something that anchored them as a totem.

planWhen you create this plan, you have a totem that makes it visual. It gives you a visual reminder of what that the plan is and that keep it in front of you. It will serve as the litmus test for everything you do, whether you’re planning marketing, or whether you’re planning how you’re going to invest your time at any given month, week or day. You’re going to scrub it up against this plan.

You can create a whiteboard on your home office wall with your plan summarized and in bullet-points. The end in mind.

Or you might print it off and have it on hand to review each morning when you’re going through your morning routine.

Whatever it is, you keep it in front of you in order to hold yourself accountable to it. And, simply the fact of seeing it, or serving as this totem, on a regular basis it’ll serve as an activator for you.

Justin: Man, that’s perfect! I love it. If we’re going to be in real estate, this is a serious game. This is the big boys’ game.

So, do yourself a favor and write it down. Write the vision down. Get in a quiet room and define what these next 12 months should look like. Do not waver from it. If it’s on a piece of paper folded up in your pocket like you said, cool! If it’s on a whiteboard, cool!

JP: Those are your action steps. The final call to action here is to talk to us with feedback and/or questions below. Those of you who have been around, you know how this works. Scroll to the bottom of the lesson here and there are two sections–one for questions about this lesson and one for feedback. I’d love to hear what your thoughts are. If any of those resonate with you or if it hits home with where you are in your business right now let us know.

Maybe, you realized that you’ve been missing this and you need to reinvigorate yourself and double your efforts to make sure that you have an end in mind and that you need to plan that out. Maybe you have questions about the process. Talk to us below. We’d love to interact with you. Thanks and stay tuned for the next exciting lesson from Justin 10-hour Wholesaler Wilmot.

No comments yet... Be the first to leave a reply!

Leave a Reply