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all right now we're in step number five of seven in the steps to quitting your job in one to three years and this step number five is to build your pipeline so the launch step of quitting your job one or three years real estate investing is all about activity and not so much about outcome however if you do the work you will invariably get an outcome without even trying you can have a pipeline of deals and investors you're gonna have your team on the ground ready to go so the pipeline step is all about continuing to make offers and raising money to build your pipeline and the bigger your pipeline the faster you're gonna do your first deal now in addition to making offers you'll also have to deal with mental challenges to survive what i call the graveyard of apartment building investing well stick around to the end of this video where i share three tips to overcome these setbacks hey i'm michael blank i'm a full-time entrepreneur investor and coach and i'm passionate about helping others become financially free in one to three years by investing in real estate through investment company nighthawk equity i control over 300 million dollars of real estate more importantly i've helped my students acquire over 14 000 units at the time of recording so go and hit that subscribe button crush the notification bell so you get more videos like this in the ultimate guide to financial freedom with real estate investing let's do this okay so here are the keys to surviving the graveyard of apartment building investing because after a few months the excitement begins to wane and the entrepreneur becomes frustrated by the apparent lack of progress and as a result many give up their quest for financial freedom for two primary reasons number one is lack of support and community and number two is delays setbacks and challenges now after having worked with hundreds of students i've found that these feelings of despair affect every entrepreneur at one time another sometimes more than once the key is how you respond to it so let's drill down on each of these so that you're in the best position to handle and overcome that let's first talk about the lack of support and community because being a real estate entrepreneur and seeking your first apartment building deal is kind of a lonely sport right chances are you don't have a single friend or family member who has done what you want to do in fact many of your friends and family members think you're kind of crazy okay and they're doing nothing to encourage you on your journey and that's that's the issue if who are you going to return to when you have a question now even the best course or seminar won't be able to address every possible situation that you might encounter because every deal is going to be a little bit different and so the question is who are you going to turn to when you have a question when there's an issue are you buying right are you analyzing correctly are you too eager to do a deal now what you should do about the mold issue or the uncover that you uncovered or the foundational issue are these major issues or these minor issues and the thing is many of these questions can paralyze you if you don't have someone to turn to for support now the key to succeeding in this step is to get some kind of support and join a community of like-minded entrepreneurs ours is called the deal maker mastermind several hundred people and they're just as crazy as you uh pursuing their dream of financial freedom and doing deals so you might want to consider joining that but like as an example for this community thing like my wife was doing this insanity max 30 for a while right it's this dvd workout program and you try to hang out with drill sergeant sean t until you have to take a break at which point you've maxed out okay truly insane workout now i play tennis competitively therefore i'm in pretty good shape okay or so i thought until i did one of these sessions sheesh so i maxed out at minute 10 and never really recovered my wife was egging me on at first encouraging me and then called me a little baby and that worked for a little while until i finally got it gave up around minute 20. then it dawned on me if i really wanted to get in shape i should exercise more and maybe even do this insanity max program the problem is i don't really love exercising so completing this program is a major challenge for me what would really help me though is for someone to hold me accountable be supportive it's the same thing for most new real estate investors a lack of support in community is one of the major reasons they quit but not to worry here are three tips to help you overcome this particular challenge as well so three tips for your a better community one is to find an accountability partner it's a proven fact that for every 100 people who attend a seminar only 10 will actually take any kind of action now if you're one of the 90 of people who don't naturally stick with something after they start it you will need an accountability part someone is going to encourage you hold you accountable keep you on track now this person could be a spouse great or friend or someone you pay like a coach or mentor it doesn't matter so much which one you seek out but you must align yourself with a person like that otherwise your efforts will peter out soon after uh sooner than later tip number two is to surround yourself with like-minded people so for the exercise session for example my accountability partner was my wife who encouraged me to join her and then reminded me my goal to get into better shape but as much as she tried she failed to get me through the entire 30 minutes she was only my wife right and if i embarrassed myself in front of her well it wasn't a big deal i'd do this all week you know what i mean but what if there were six other people in the room right surely i would have to try a little harder because i don't want one embarrassment of six other people now the same is true of your real estate startup business make sure you surround yourself with a community of like-minded entrepreneurs or work it towards the same goal and who can support you on good days you want to share your successes that's awesome but who can truly understand what you're going through right now on bad days you need to tell someone uh and and you know it's someone's going to tell you hey it's okay keep on going right who are really understands what we go through very few people right and it's unfortunately not really friends and family it's going to have to be other people like you and that's why you need to have a community of like-minded entrepreneurs again it doesn't matter as much what kind of community you have but it does matter that you're part of one the community could be a mastermind group that you create or maybe you join someone maybe people you meet at a seminar or a boot camp in person of course is best but a virtual one is an excellent often a more practical alternative now either way unpaid or paid in person or virtual you must be part of a community because this will ensure the longevity of your actions in the eventual success of your venture and i invite you to check out ours which is called the dealmaker mastermind at the michaelman.com forward slash dmm tip number three is to find a mentor advisor or coach look at all the top athletes or even top ceos they all love coaches top actors have coaches in fact the most most successful people in the world have coaches let me ask you a question do you have a coach right why not now if you don't have a coach you may struggle to achieve your goals you'll eventually i'm convinced that you eventually achieve your goals so that's going to take you a lot longer and you're gonna make a lot more mistakes than or otherwise necessary you're gonna encounter situations you've never seen and a mentor can help you navigate those uncharted waters you can recruit a mentor who agrees to meet you for lunch every so often and answer your questions and you may be able to find someone like that at your local ria or by asking around uh or or not but in general i recommend that you maybe build a bit of an advisory board of experienced investors they're absolutely invaluable now i found that most of the time you're not going to get the kind of support you really need from a volunteer mentor especially in the beginning that's why i think it's best to hire a coach or a mentor who can help you do your first deal not every successful real estate entrepreneur has a paid coach sometimes you can't afford one but they've always had a mentor advisor of some sort of another here's the reasons that some people quit there's two reasons and one of them is that they did not address the issue of support one way or another the solution is to find the accountability partner start or join a community like-minded people and to find an experienced mentor or coach if you follow these tips your chances for success literally skyrocket but again if you're still a bit stuck on this step and you're looking for the right community looking for support then talk with us about that we have all kinds of resources something for everyone wherever you are just book a call with us go to the forward slash call let's have a conversation let's see how we can support you reason number two delays setbacks and challenges okay reason number one why people fail is there's not enough support the other one though is a practical matter of experiencing delays setbacks and challenges what happens is right around the third month okay it's between two and three months after someone gets started right the initial adrenaline kind of wears off and they become a little frustrated that they haven't done a first deal they haven't raised any money yet frankly it's kind of more work than they thought it would be and they might say to themselves you know what i don't think this multi-family thing is going to work or maybe it works for others but not for me so here are some tips for dealing with these days of doubt and discouragement all right the tip the first tip i have for you is to revisit your original why remember the vision map exercise from a while back that when we kind of talked about why we're doing it and how we're going to do it now it's your time to revisit your vision map and review why you decide to bark in this crazy journey in the first place was it to quit your job right okay why so you can spend more time with your family to travel more to escape the constant pressure of having to provide for your family why was that important again right oh so i could regain control of my time so i can do whatever i wanted with whom i wanted wherever i wanted and why was that important right go back to that point and whatever it was for you go back to that time when you decided to get started when you were excited you must have had a really darn good reason to get tired excited about it you know what pain were you running from or what better things did you want for yourself and your friend your family now if this doesn't if this tip doesn't get you going then redo the vision map exercise but this time really do it spend time on it meditate over pray over it involve your spouse and family and while you're at it hit that subscribe button and notification bell so you don't miss more of these videos one of my favorite quotes is from tony robbins he said it is in your moments of decision that your destiny is shaped i find that whenever a person truly decides something the only possible outcome is action sustained action on the other hand whenever i see a person not taking action or sustained action and i ask further i find that the person truly has not decided they may say they want something but they're lying to themselves and maybe even others this is why it's important that you decide right now if you want to change your life or you want to have this same life this time next year then don't change anything but if you if you want to change your life you have to change something and then decide right now that you want to make it you want a different life because once you do you will find that you're naturally going to take action you're naturally going to find the time you're going to figure it out because the universe will give you what you truly want and i've seen this in my own life and many others as well but you do have to truly authentically decide tip number two in dealing with setbacks is to put things in perspective what you're doing with apartment buildings is kind of hard right it's definitely worthwhile thing but with everything worthwhile it's kind of hard to do it's not like you can get the results you want you know in 30 days or less i wish i wish i could give you a you know an easy pill to swallow but no you have to stick with it you got to stick with it for a while right you know and it might take you several months to do your first deal and it might take you one or two years to quit your job now while this is a really long time look at it from this perspective your retirement plan is only one to three years and most people do it with one to two years you know most people have a 40 plus year retirement plan but yours is only one to two years isn't that a lot better right so if you're considering giving up after three months or whatever right think about the timeline you're actually on you know that you're on a one to three year timeline and that is a lot better than 40 plus years right so think about that and then put yourself in perspective when you start losing a little bit of steam okay enough complaining about how long it's gonna take get back to working the actual plan tip number three staying on track is to recognize and celebrate your successes even if they're small i find in working with students that they often don't recognize the progress they're actually making they're so focused on the first deal or money raised that when it just doesn't happen in the first few months they become discouraged but in reality they've made amazing progress and it's important to recognize this by celebrating the small wins but here are some examples of what i'm talking about some of the small successes and why they're important for example you analyze 10 deals doesn't appear to be a big deal to you but it's huge because it demonstrates that you stuck with it anyone can analyze a few deals but 10 shows persistence good for you and another reason this milestone is important is because after life on 10 deals confidence level increases substantially and that makes this a meaningful milestone another big win or small one is that you submitted your first letter of intent okay now you've watched this far in the series then you know by now that whenever you analyze a deal you're also making a 10 minute offer which is an informal offer if you get a reaction from the seller such as hey a counteroffer or you're asked to put an offer in writing then you submit a letter of intent being asked to submit an loi assumes that you probably made a dozen or even several dozen ten minute offers and that's a huge accomplishment then you somehow convinced the broker that he should take you seriously which means you probably have a compelling team and a higher level of confidence in other words being asked to submit an loi is a massive milestone and you should celebrate it lavishly or number three you've had your first investment right if you've convinced someone to meet you for an hour they're discussing with investing with you that means you must reach out to at least a dozen or so people in your network you've had conversations with them right a lot of prep time went in activity to get that first investor meeting therefore you ought to ring the bell number four a major milestone you should celebrate is that your team is in place you've had you've interviewed people you now have identified your favorite proper manager your favorite commercial mortgage broker this is a huge milestone these are two critical members of your team without them they're literally flying blind so you need to recognize and celebrate this very important accomplishment or how about this you got your first investor commitment maybe it was a friend of yours or brother-in-law and they're in for fifty thousand dollars don't gloss over this as a non-event this is actually huge because not only did a lot of activity precede this milestone but you made someone else comfortable with investing with you that's huge so this is going to propel you forward and therefore you have to celebrate this as a major milestone another major milestone is you actually have a deal on a contract right just because just because you got an loi sign doesn't mean you're going to get a contract signed an loi is not a legally binding con document it leaves out a bunch of details you know and kind of brokers sometimes treat it that way and you know they're really going to save the real negotiation for the contract so many times the devil's in the details and the seller might not agree in the terms of deal as they're spelled out in the contract so getting a deal on a contract also means that you made the seller comfortable with you your team and your ability and close so therefore just getting on a contract even you haven't closed it yet is a huge milestone you might want to consider taking a family out for dinner so the bottom line is this stick with it because the key to surviving the graveyard apartment building vesting is first and foremost awareness anticipate the feelings of doubt and discouragement that you might experience you're gonna get setbacks challenges delays and this is where an accountability partner and advisor is key because they will guide you through these days of doubt and discouragement they're gonna put these feelings that you might get into perspective remind you of your goals highlight the progress you've already made and encourage you to keep going the good news is that if you can get over this three-month hump you're actually kind of good to go because you've built more habits to build momentum just be aware of it surround yourself with a good support and keep on moving forward now hit that subscribe button the notification bell so you don't miss any videos about achieving financial freedom with real estate let me know your thoughts or questions in the comments below i'm gonna see you in the next video [Music] you