Go Small to Go Big in Real Estate

Hmmmm… according to Gary Keller, if you want the best chance to succeed at anything your approach should always be the same. Go small.

So, what does going small look like when you want to build a real estate portfolio?

First, recognize that everything does not matter equally. If you want to buy real estate and build your portfolio, you will need to work from a clear sense of priority. Every action you take each day should be a stepping stone toward your goal.

Start With the Basics

Success in life — and in buying real estate — is more about doing the right thing than doing everything right. So, start with the basics:

1. Meet with a well-regarded, qualified Realtor
2. Speak to a lender and get pre-approved
3. Focus! Ask yourself, “What is the one thing I can do that will move me closer to the goal?

Think of buying real estate as a path you go down instead of just a destination. Yes, the ultimate goal is to own real estate, but focus on the process not the outcome. When you narrow your concentration and focus, you will succeed. Success is built sequentially and it is one thing at a time.

I’ve learned over the years that those who achieve great success typically start small, but they stay the course. Highly successful people are clear about their own role in the events of their lives. So, adopt the right mindset and continually seek your goal. You can and will become successful at buying real estate when you allow yourself to believe that you can and will own real estate.

Start Small to Go Big

If you can’t afford a house, buy a condo. If you can’t afford a condo, do those things that will position you to make your first real estate purchase. A lot of people are just too lofty and aren’t willing to smart small. But, those who are willing to start small typically end well. Maybe you will have to settle for a studio or perhaps an outlying neighborhood. Maybe you have to go the fixer upper route. Whatever it takes, just do it. Get into the market. You won’t regret it. Trust me. I know so many people who regret not buying. I honestly don’t know anyone who regrets buying.

Go Big to Go Small

For a real life example, consider my own story.  Frankly, I came from nothing. Zero. At least zero when it comes to real estate assets. Or, any other kind of asset for that matter. My husband was pretty much in the same boat. We both had loving parents, but no money to speak of and no real estate. But, we both believed in the value of owning real estate and we were willing to start small. From studios, to fixer-uppers, to out-of-state properties, to a small house, and then to a somewhat (but still small) bigger house. It took time to build a real estate portfolio and we’re not at all uber wealthy, but real estate has provided a strong foundation. We have wake up money, i.e., income from investments, plus built-up equity, which provides a sense of security for our future.

We know and believe in going small to go big and we’re grateful for the small steps and the big outcomes. So, if you want to build income and equity over time, start small. Do whatever you have to do just to get into the market. Don’t be picky. Just begin it. Work from a clear sense of priority and take the right steps to achieve your real estate goals.

Call me…..I’m happy to share my story and to give you some tips on starting small to go BIG!