As a new real estate investor, every single day is overwhelming. 

I have been in business for 3 years now, and still, I feel like I am out of my comfort zone constantly. I remember how exhausting it is to feel like I had no idea what I was doing… 

Every. Day. 

 

I started building my business from nothing when I was 19 years old. No experience in real estate, no job opportunity, and no college degree to back me up if I failed.

I currently own over 10 properties and have no plans to stop anytime soon. These are the biggest 3 tips that have gotten me to where I am today.

Tip #1: Find A Why

Mindset is half the battle. Especially when I first started on this journey, it was so easy to get caught up in all the reasons I couldn’t succeed. 

Who do I think I am? 

Why did I think I could do this? 

How did I think I was good enough for this?

These questions haunted me at night and made me want to quit it all more than once. 

One key aspect of my success was learning to drown out all the negativity around me.

I did this by finding my WHY. My dad put $20,000 on the line for me to go through training and start my career. In my mind, I had no other option but to succeed. 

Even after being diagnosed with Type 1 diabetes right in the middle of what felt like my big break, I kept pushing because I was not going to let him down. 

There were about 20 people that signed up for training the same day as me. 20 other people put down $20,000 to change their life. Only 3 people, including myself, are in business today. All twenty of us went to the same classes, did the same course work, and had the same opportunity. 

My “why” pushed me to try harder, and not give up when things didn’t go as planned. 

Every successful person has a reason behind why they are where they are. A reason that meant sacrificing it all to win. I have sacrificed my money, my time, and my insecurities to get to where I am today. 

There will always be a million reasons why I can’t do something, but I found the one reason why I will try anyway. 

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Tip #2: Act Fast

Timing is everything. A day in real estate moves extremely fast, and time kills real estate deals. People make decisions, then change their minds an hour later.

At first, I was very passive. I wanted to analyze all my options, and listen to all the opinions around me before making a decision. 

Now, I practice trusting my instincts and listening to myself first. Learning how to make decisions FAST can make or break a deal. I might not always be the highest offer on the table, but by saying “I have cash and can close by tomorrow” has won more times than not.

To be able to do this, I have a great relationship with my bank. Many people view banks as “evil” because they make money off of customers. I chose to view banks as my best friend because they provide me the assets to buy multiple properties without having to take time to save up money first. A great relationship with my bank means I can act fast so I don’t miss out on any properties.

Tip #3: Quality Over Quantity

Don’t cut corners.

I learned this lesson the hard way in one of my first renovations. What could’ve been a $13,000 foundation project ultimately turned into a $23,500 foundation project, all because I wanted a good deal. 

That’s an extra $10,500 out of my pocket!

 Even on the little things, such as a leaky faucet, can add up. What could be a $50 plumbing fix can turn into a $500 cabinet repair when not handled immediately. 

It is so tempting to give in to that voice in my head that wants to save money and ignore small things, but as promised, it will bite me in the ass.

I also have to think about the kind of people I want to attract to my property. 

If I put in low quality work, then I will attract low-quality buyers. While I do want to make as much profit as possible, I have to remind myself that putting the extra money now will pay off when I want to sell the property later. 

This also helps with building trust with a community. I want my reputation as an investor to be trustworthy and hard-working, not cheap and lazy. Building and maintaining a good reputation in my community is my number one priority because word of mouth is free marketing.

Far From Success

The past three years have been a whirlwind of trying, failing, and trying again. 

Without my “why,” I probably would have given up a long time ago. I have learned how to make decisions quickly, which has gotten me deals that might not have happened if I waited. I chose to put in the extra time and money to provide a high-quality product to my community, so I can build and maintain a solid reputation with all home buyers.  

I am still far from where I want to be. I know I still have so much to learn, but I am grateful to be able to share the good, the bad, and the ugly about my journey so far. 

If you are interested in following my journey up close and personal, follow my Facebook page for all my business updates HERE https://www.facebook.com/josiah.dettmann?fref=search&__tn__=%2Cd%2CP-R&eid=ARAyTVOTVLL50mviw6hNNZqOAqR9xw-V12wcg7nM66yiUxRLr-e-zr38jiFHNNeiDHtCfLdZUPQMreNF

 

Josiah Dettmann

Tulsa Titan

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