STIMULATING GROWTH THROUGH MENTORSHIP AND NETWORKING IN A CHALLENGING ECONOMY
- February 15, 2023
- 10:00 am
The economy experiences frequent changes, and decisions are made with hopes of stimulating economic growth. Gradually, market expectations rise and fall in reaction to a more regulated economy.
The housing market and the economy share a connection through real estate. Therefore, investors must learn to adapt to each new economy as it experiences rapid changes. As a new real estate investor, there are several you should ask yourself, such as:
This extended blog serves as a pillar post to equip serious real estate investors with essential components needed to thrive and sustain longevity in this rapidly shifting industry. The following 15 sections will discuss the resources needed for individual growth:
2. Get Prepared for An Economic Shift
3. Getting Ready to Invest In the New Economy
4. Learning How to Build Wealth In A New Economy
5. What Are Your Plans
6. Planning For Your Future
7. Surround Yourself With Like-Minded Masterminds
8. How to Become A Better Investor
9. Learning New Skills
10. Finding A Real Estate Investing Mentor
11. Understanding MArket Cycles
12. What is the Role of an Accountability Partner?
13. Effective Accountability
14. The Best Way to Learn How to Navigate the Industry
15. Dealing with People Who Tell the Brutal Truth
Buyers are waking up to new opportunities and talking about a new economy. A new economy that will encourage real estate investors to participate in research and development to gain an edge in this competitive market.
I. WHAT YOU SHOULD KNOW ABOUT RISING INTEREST RATES
The Federal Reserve increases interest rates to regulate inflation and control economic growth. When the economy grows too quickly, the Federal Reserve may raise interest rates to slow down spending and borrowing, which can help prevent inflation and maintain economic stability.
On the other hand, if the economy is slowing down, the Federal Reserve may lower interest rates to encourage spending and borrowing, which can help stimulate growth. Higher interest rates also make borrowing more expensive for consumers and businesses, which can help control spending and keep inflation in check.
With the Federal Reserve recently increasing the interest rate an additional 2.25 percent, buyers are not surprised. But to understand how the increased interest rate will influence the real estate market, you need to know how it impacts the economy.
Getting ready for any change in the economy will be challenging. With all of the different factors, you should not assume to know how rising interest rates will affect the real estate market or the economy. These effects can take on different forms, as a result, mentors can help new investors get prepared.
II. GET PREPARED FOR AN ECONOMIC SHIFT
There have been signs that the real estate market will soon stabilize. In addition, the end of 2022 showed strong economic growth.
The real estate market is well-positioned to lead the economy forward. But we must learn how to adjust to the changes and be ready to make the right moves when the opportunity arises.
There are many ways that change can happen in the economy, such as:
These challenging factors play a significant role in moving a changing economy forward. Yet, the fact remains that whatever changes our economy experiences by choice or circumstance, real estate is the critical factor that drives wealth.
III. GETTING READY TO INVEST IN THE NEW ECONOMY
Investors’ decisions can drive the outcome of the market. The changing tides of real estate are bringing unique investment opportunities to a new economy.
Investors are benefiting from the changing demands in this new economy. A once-in-a-lifetime change in real estate has investors looking to offset their real estate portfolio.
Here are a few basic principles for investing in a new economy.
2. Off-market deals
3. Don’t overspend
4. Know the market
5. Manage your risks
6. Knowing your cost
7. Invest in education
8. Choose your market
9. Know all your options
10. Be open to new ideas
11. Maximize property value
12. Non-traditional investments
13. Know the rules and regulations
Real estate investing represents opportunity; however, it can be different. First, investors need to understand how the new economy has evolved and what it can do.
IV. LEARNING HOW TO BUILD WEALTH IN THE NEW ECONOMY
Real estate investors find opportunities despite economic changes and challenges. So, in a new economy, you can continue building wealth while investing.
Inflation and other economic factors will influence your investment decisions. When prices rise in different areas, there are still great investment opportunities.
The basic idea of supply and demand is that the interaction between the buyers and sellers in a market determines the price and quantity of a good or service. For example, the price will go up if many people want to buy a product and need more sellers.
On the other hand, the price will go down if there are more sellers than buyers. The point at which the number of people who want to buy and the number of people who want to sell are equal is called the market equilibrium, resulting in the market price.
In every phase of a new economy, growing demographics drive changes in demand patterns. Current real estate will change in this new economy to meet those demands.
So, we all know that real estate is the vehicle that drives and creates long-term and generational wealth. Glenn and Amber Schworm, co-founders of the Home Flipping Workshop show participants how to use the following options to seize opportunities:
Where will you invest in building your wealth? Visit the Home Flipping Workshop to learn what will benefit your big why.
V. WHAT ARE YOUR PLANS?
Planning involves deciding who, what, when, where, why, and how something gets done. It is a process of setting goals and mapping out the steps to achieve those goals.
The Schworms are teaching students the most efficient and accelerated way to carry out your plans.
Planning prepares you for a changing demographic and a new economy in real estate investing. It helps you focus on your journey to financial freedom and wealth-building goals through real estate.
Planning is an essential motivation tool to launch you to your next steps. In addition, following a plan helps you to control your life in the process of pursuing your goals.
VI. PLANNING FOR YOUR FUTURE
As an investor in the real estate industry, you know that success will only happen after proper planning. Planning creates a foundation and an outline for your future.
Your plan will consist of accurate information describing your future vision. It should serve as a complete overview for yourself moving forward.
Drafting a plan may seem overwhelming and daunting, so in executing a well-thought-out plan implementing these 8 must-have ingredients is essential to success:
2. A Financial Strategy
3. A Defined Objective
4. An Investment Strategy
5. Create Long And Short-Term Goals
6. Know Your Strengths And Limitations
7. Potential Marketing And Branding Strategy
8. Outline The Operation And Business Structure
Creating your plan should be the inspiration for your future. A detailed agenda will direct your path to success.
VII. SURROUND YOURSELF WITH LIKE-MINDED MASTERMINDS
Investors you associate with daily will impact your success rate. Surrounding yourself with those with a positive or negative attitude will impact your outlook and viewpoint.
The more you network and surround yourself with other like-minded investors or mastermind groups, the more you can grow. Aligning yourself with other experienced and knowledgeable investors will inevitably fuel your desire to succeed.
In real estate, meeting with like-minded investors and mastermind groups can be a powerful accelerator for your business.
Like-minded investors and mastermind groups can also form long-lasting connections that can help accelerate your business. The following are some of the benefits:
2. Objective perspective: An outside influence can provide a fresh and accurate view of a situation or problem.
3. Improved decision-making: Having someone to talk through your options with can help you make better and more informed decisions.
4. Increased creativity: Bouncing ideas off someone can spark new and creative solutions to problems.
5. Emotional support: Having someone to talk to can provide emotional support and help alleviate stress or anxiety.
Having someone serve as a soundboard can provide valuable insights, support, and a fresh perspective to help you make better decisions and find creative solutions.
2. Access to additional resources: A partner may bring different skills, experience, and resources to the table, allowing for more effective execution of the deal.
3. Improved decision-making: Two heads are often better than one, and having a partner can provide a different perspective and help make more informed decisions.
4. Increased buying power: By pooling resources, partners may be able to afford more extensive, more lucrative deals that would not be possible as individuals.
5. Potential for increased profits: Through sharing responsibilities and resources, partnerships can often lead to increased profits and more successful real estate investments.
The more you connect, the more you benefit and become better investors. So, when coming together, you want to be able to give and receive pertinent information that will continue building wealth and scaling your business.
VIII. HOW TO BECOME A BETTER INVESTOR
The real estate market is always going to be challenging. As a result, investors see creative and profitable opportunities everywhere they look.
So, knowing all available options and understanding what you should do to succeed is essential. Different investments generate a wide array of profits, which depend on the following:
To be a better investor, you need to make a plan and learn all about the real estate industry.
To be better, you have to know better, and you should know that real estate investing comes with inherent risks. Every successful real estate investor understands the vital significance of investing in yourself if you genuinely want to grow.
Accelerate your growth process by connecting with the right people to grow your skills.
IX. LEARNING NEW SKILLS
Success in real estate is about acquiring the knowledge and skills it will take to be multidimensional and flexible with business deals.
Knowing and learning these skills is what will increase your chances of success. You, as an investor need to know the following skills:
Some of these skills come from comprehensive education in real estate, while others come from experience. But they all consist of the knowledge of successful real estate investing.
All in all, these skills set successful investors apart. While these skills are learned and developed through effort and experience, help is available at every stage of your investing journey at the 3-day virtual Home Flipping Workshop.
X. FINDING A REAL ESTATE INVESTING MENTOR
Mentors are like guides to help you navigate real estate investment risks while allowing you to build wealth. Mentors push boundaries to help you grow.
You need the right people in your life to succeed.
Finding a business mentor as a real estate investor will change your involvement in the industry.
They let you know just how having a mentor can put you in a position of success. So, it stands to reason that you will likely reach your goals quicker with a mentor.
It is impossible to put a measurable value on real estate mentorship. Fortunately, real estate mentors are experts who have been teaching and coaching all they need to know for years.
How to Find an Experienced Real Estate Investing Mentor
A mentor ensures that your goals are aligned and that they know the plans you hope to accomplish. Your real estate investing mentor should be able to elevate your business to the next level.
You may already know that a mentor is possible. But, just in case you don’t, here are some tips to help find the right real estate investing mentor.
Real estate is an active business, so having a mentor is the best way to secure the success of your business. So, you look for a mentor who is already where you want to be in your real estate investing journey.
XI. UNDERSTANDING MARKET CYCLES
Industry mentors keep an eye on the real estate cycles to know what phase it is in and where the economy is in the process.
Market analysts show that the real estate market cycles through various processes during economic changes. So, ask yourself, what is the real estate cycle?
Real estate professionals use these cycles as coaching tools to predict the best investment times. So, no matter what phase the cycle is in, you can gain success in investing.
Real estate cycles can last a long time due to their unpredictability. Unfortunately, there needs to be a rulebook to help you keep up with changing investment trends, but changes happen too frequently. However, mentors and accountability partners can help you navigate the industry’s nuances.
XII. WHAT IS THE ROLE OF AN ACCOUNTABILITY PARTNER?
Similar but not identical, accountability partners differ from mentors significantly. So, it’s vital to your success to understand the significance of accountability partners.
Mentors are typically more experienced than accountability partners.
A mentor tends to be someone tenured or well-versed in the industry. Entrepreneurs solicit mentors because they respect them in the real estate industry.
In most cases, accountability partners tend to be peers. These people are in the fight with you. They are not beyond the entrepreneur’s purview and often within a few years of age.
While the latter is not necessary, accountability partners tend to be people with whom the entrepreneur associates professionally and personally.
Accountability partners support the entrepreneur by:
The most successful business professionals have accountability partners. Entrepreneurs must choose someone who compliments their personality and understand what motivates them.
Some consider such a person unnecessary as most entrepreneurs prefer to answer no one other than themselves. However, a few months in business teaches all entrepreneurs that the mission is better undertaken when someone is present or available for consultation.
Real estate investors must remember that success is more than profitability. Success in this industry is expanding assets, building capital, teaching others, and establishing a growing business.
a. WHAT ARE THE BENEFITS OF AN ACCOUNTABILITY PARTNER?
While many entrepreneurs prefer solitude, it often renders ineffective execution.
Even wolves recognize this reality. While an Alpha wolf prefers to be a lone wolf, he realizes that the hunt goes much better with the pack.
As an entrepreneur, the mark of leadership is your ability to get more done through others. However, if you must do everything, you will restrict your scope and burnout.
An accountability partner can help you remember this and aid in creating or adjusting your goals. To leverage an accountability partner best, consider the following components:
Accountability partners are with the entrepreneur every step of the way. They consult with strategy, goal setting, milestone creation, and even human resource management.
The benefits of accountability partners are as vast as they are profound. Accountability expands beyond professionalism and takes hold in one’s personal life.
Many entrepreneurs agree that their lives improve with accountability partners at work, home, or the gym. When accountability becomes a way of life, the benefits are immense.
Here is a short list of what you should expect:
b. Six Steps to Choosing an Accountability Partner
The choice is yours; choose wisely. Entrepreneurs must choose someone who compliments their personality and understands what motivates them.
Your accountability partner needs to “get you.” In other words, your accountability partner needs to understand what drives you deeply.
The accountability partner must be able to break through to the entrepreneur readily. When choosing an accountability partner, consider the following six steps:
2. Select someone who can challenge you adequately, compelling you to do more and be more.
3. Choose an objective person, not a friend or family member, who is invested in you emotionally.
4. Do you want to impress this person? If so, choose them.
5. Find someone interested in your goals and plans.
6. Work with someone who does not mind lifting your spirits, especially during tough times.
XIII. EFFECTIVE ACCOUNTABILITY
Many entrepreneurs, to their doom and dismay, forgo accountability. Instead, they expect others to get it but reject it for themselves.
Countless businesses suffer or close because of a lack of accountability – this need not be your experience.
During the 3-day course at the Home Flipping Workshop, students have the opportunity to network with like-minded individuals. In addition, participants gain an introduction to VestorPro, which offers continued support through coaching and mentoring.
XIV. THE BEST WAY TO LEARN HOW TO NAVIGATE THE INDUSTRY
Real estate mentors are willing to share their experiences and how they have reached their highest level of achievement. Also, they share how their real estate educational foundation has helped them succeed in the industry.
Let’s identify the mentor you want to work with within the industry. Keep in mind that many mentors specializing in real estate investing offer their advice and coaching skills.
Once you have found a mentor, you want to know as much as possible about them, and the best way to do that is by doing an online search for them. You will want to look for the following:
2. Interviews
3. Resources
4. Work Ethics
5. Online Social Content
6. Blog Posts
7. Previous Reviews
8. Previous Mentees
9. Negative Business Practices
Taking the time to find the right mentor for you can be a valuable reward for your business.
XV. DEALING WITH PEOPLE WHO TELL THE BRUTAL TRUTH
A few different mentoring techniques used by real estate mentors can help you be effective in your selection, such as:
But the ideal mentor will be a “truth teller” who is invested in your success and has no personal agenda.
They will always care and be concerned about your success enough to tell you the whole truth.
Your mentor should be able to talk straight with you, keeping things completely 100 percent above board. If you are messing up, they will be quick to tell you.
You want someone who will not sugarcoat your errors and still show mutual respect. In addition, you want their honest feedback so that you will improve.
For example, consider the following videos by Glenn and Amber Schworm:
These videos support the materials in this pillar post blog and they will serve as a reminder to keep you focused on stimulating growth in a challenging economy.
If you want to learn everything you need to know to be a successful real estate investor, and gain the resources and support needed to thrive in any economy, there is a course you should take immediately.
Visit the Home Flipping Workshop and register for the upcoming 3-day course to start your journey off the right way.
