Jun
2

Real Estate Investors Must Be Accountable For Their Success

Filed Under Real Estate Investing 

Gerald Romine Washington DC Capitol BuildingI just came back from a Mastermind Meeting in Washington DC and my head is still spinning. It’s a small close knit group with people coming from as far as Great Britain and businesses varying from buying and selling domain names to real estate investing.

It’s a great opportunity to see other businesses and have exposure to viewpoints outside of what we normally see. I’ll be sharing some great insights and techniques we can use in our real estate investing business in the coming weeks.

While in DC I was roped into entering a fitness transformation contest that one of the mastermind attendees in the physical fitness industry is running. I keep myself in pretty good shape and I’ve never entered any type of a contest like this so now the pressure is on. I had to take the shirt off and get some before photos and at the end of the contest I’ll be showing the before and after results.

FYI: I just turned 38 this weekend keep myself in pretty good shape - I work out several times a week andI focus on free weights but neglect cardio workouts.

Measurable goals motivate me and in my health and fitness I’m constantly bulking up for a cycle then leaning out and my weight varies from 190 lbs to 210 lbs. I’m currently in the middle of a bulking cycle and weigh 206.5… but with the bulk comes extra fat!

This contest is really going to push me because once I finish the bulk cycle I have to lean out fast to be in shape for the contest photos at 12 weeks. Now that I’m in the contest and have shared my goal publically the pressure is on!

On big benefit of a contest and public announcement is the pressure it puts on a person to succeed. As a real estate investor you should look to surround yourself with like minded investors and challenge yourself amongst friends that could include side wagers.

I have a few friends that are part of a private real estate mastermind group that meets every 3-4 months and their last challenge between themselves was to purchase 3 million dollars worth of real estate before the next meeting.

Buying three million dollars worth of real estate in the next three months may sound like an unreachable goal for many and it should be known all of these guys are quite capable of reaching the goal but it will require work to find the right properties to purchase.

For many a more realistic goal would be to buy X number of houses in the next three months or to make $25,000(or 50K or 100K) in the next three months. There is power in writing down your goals and going public with the goal because it creates accountability.

Right now would be the right time to post your goal! Is now or now the right time for you to post that goal?

Author: Gerald Romine


Comments

9 Responses to “Real Estate Investors Must Be Accountable For Their Success”

  1. twygal on June 2nd, 2008 3:23 pm

    You are on my friend - I do not recall you having too much trouble ripping off your shirt though in the meeting.

    Not that I ever want to see that again mind you.

    I am in the game - and plan to win. To your point about it being like the Real Estate Investing Game - You better believe it.

    All too often we just stand at the edge of the pool and stick our toes in the water - instead of jumping in and going for it.

    Hey - that is why I started the Fire Your Boss In 90 Days or Less Challenge that you are helping train on again.

    To get off the edge and jump on in.

    I will wait for you at the end of the Finish Line of this challenge though my friend :-)

    Terry Wygal - The Quick House Buyer
    http://www.TerryWygal.com

  2. Gerald Romine on June 2nd, 2008 3:48 pm

    We’ll just have to make a wager for the contest. I’m not sure what would be a fair wager though. I’m open to suggestions.

  3. Arthur on June 2nd, 2008 4:28 pm

    I guess I get to go first… :-)

    6 Houses
    $50K
    PLUS get rid of 2 dog properties I already own

    All by Labor Day.

  4. Gerald Romine on June 2nd, 2008 5:30 pm

    Arthur - I like your style. If you have not already put together a plan so that you can work on daily. Doing just a few things consistently and every day is more important than trying to do everything at once.

  5. Stan on June 3rd, 2008 1:11 am

    This won’t sound like much to many, but I am going to wholesale 3 houses in the next 12 weeks - 30K

  6. John Morgan on June 3rd, 2008 7:42 pm

    Gerald, great post! Whether in real estate investing or any business you’ve got to take action. Also, I believe there’s a direct link to being in shape and being successful.

    I’ve recently been getting in bette shape myself. It feels great to be fit. I’m still working hard on it. I know you’ll hit your goals. But you better beat Terry, I don’t think you’ll live it down if you don’t!

  7. Gerald Romine on June 4th, 2008 11:56 pm

    Stan, don’t downplay your goals! Everything is relative to who you are and what YOU want to accomplish. You’re running your own race so do not feel that your goals are small or “not much”!

    The most recent US Census data is for 2006 and shows the average US Household income was $48,201 and the median income per household member (including all working and non-working members above the age of 14) was $26,036.

    So your goal of 10K per month is over 5 times the median income per household member and more than double the average US household income!

    Now Stan I want you to go out and make your goals happen then report to us the results.

  8. Gerald Romine on June 5th, 2008 12:05 am

    John, like you I believe physical health is very important and better health can lead to more wealth.

    Terry is a good friend of mine and we give each other a hard time constantly. But behind the jokes we’re both very supportive of each other and use competition as a means of pushing ourself personally and professionally.

    In fact, if it were not for my workout partner, Denny, I would not be in good shape at all. Denny and I schedule our workouts because we know without the commitment to meet at the gym we would find a reason not to work out.

    I encourage everyone to have friends support them in business and personal success. Men use friendly competition to push each other and women use the “bonding” as a healthy way to push towards their goals.

  9. cbf5500 on June 8th, 2008 8:47 pm

    Hi Gerald,

    I am consistently inspired by your blog and articles.

    My goal is to close 3 real estate deals by Labor Day with a profit of $30,000.

    Thanks for the nudge,

    Catherine Friederich
    Tucson

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