Right Path Real Estate Radio with Jason Bible talking about being consistent in real estate! Get the answer to your question that’s keeping you from taking action at succeeding today!
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Consistency Wins the Race Part 2
We’re going to talk about Consistency Part Two. I’m going to talk about winning. Winning anything is consistency. Nothing else matters more than consistency. Just being consistent will get you in the right place. Consistency that which we are consistent. Consistency is huge. Let me give you the rewind here from the Bible weekend. Friday, I got done here at the studio. I had a couple of meetings. I had to shoot some videos and doing some other stuff for some announcements that we’re going to have coming into the first quarter. I packed up the truck, headed down to the house, got it all. We were getting ready for camping. We’re doing a big Webelos Weekend. When you’re a Webelo, it’s family camping, when you’re a boy scout, it’s boys camping. I loaded the truck up. Sarah went by and we hauled all of the food and about half of the kitchen, if you will, for our Webelos down to Lake Texana. I was filling up the truck and that thing was filled to the roof in the little camper shell.
Then I had to get one of those I don’t know what they’re called, but it’s like a storage tray that comes off the receiver hitch off the back of the truck. We put a big old cooler there, too. It was full to the top. We had everything with us. I thought my wife and I would actually sleep in the camper shell of truck, but the cots wouldn’t fit in there. We got to test out a two-person tent. For those of you who are campers, when people say it’s a two-person tent, they’re using that term somewhat liberally, like two-person tent, we barely fit in there, the two of us and it’s not like we’re real big people. If you were six-foot plus or let’s say north of 200 pounds, that tent would’ve gotten real tight. It would have gotten real tight with two dudes in it. In any case, we went camping this weekend. I had a lot of fun, but I was double booked, as is most of my schedule these days, with an event I had Saturday during the day. Friday night, I drive down to Lake Texana. It’s about an hour and a half, two hours with the traffic that’s going on in Richmond.
People are always asking me, “Jason, what areas of town should I market it or what areas of town should I buy houses in?” I always tell people, “I’m not in the speculation business, so any part of town that you can get a decent deal on a piece of property is a good side of town to be on.” However, there are certain areas of town in which you can speculate long-term. I’d never want to speculate short-term. All the stuff that’s going on in Hardy Yards right now, I get asked at least a couple times a week, “Jason, how many houses you’ll buy in Hardy Yards? How many flips are you doing?” I’m like, “I don’t do that.”I don’t gentrify a neighborhood. Gentrification is not for me. I’m not that guy. That’s for somebody else to do. What I do in the real estate investing business, I already go into markets that are really good markets. I don’t play any guesswork. When I look at a market, I look at, “Is it possible that this area of town will experience growth at a more rapid rate?”Those are areas of town that somewhat interests me, but it’s for my rental property portfolio. It’s not an area of town I’ll do flipping in. Let me give you a little tip here and I’m going to get real quiet.
Here’s the secret. Start looking at areas of town that have explosive retail growth. What does that look like? Those are areas of town that are building out retail centers. They’re building out these town centers. They’re building all these things that can be used in the retail market space. For example, if you’re heading down 59 and you pass Sugar Land and you start to get into Richmond and you’ll notice the construction and the traffic is obscene. Those are the areas of town that big retail businesses have started to set up shop and they know there’s a customer base around there to support their business. What also happens is you’ll get retail that moves and then you’re going to get the infrastructure from TxDOT who starts building wider freeways. It starts building overpasses. Those are the areas of town that are great to invest in because big investors, Fortune 500 Companies are investing in those markets.
When I was driving this weekend, back and forth on 59, my first thought was, “We need to start buying some more houses down here.”We don’t buy a whole lot of them in those markets, but maybe it’s time to start doing that. This weekend, I was driving down 59 to get to Lake Texana at Friday night, about 6:00 or 7:00, we set up our tent. As a Boy Scout, one of the things they tell you is never set up a tent in the dark. Why is that? You can’t see where the water goes. If it rains, you end up with rain in your tent. You’re sitting in the gully if you will, but aside from that, you could set up in an ant pile and then you don’t know that until 2:00 AM. There are reasons why you don’t want to set up a tent in the middle of the night. We get up there at 6:30 to 7:00, set the tent up, get a little fire going, kids get to bed. They’re having problems getting to bed because they were so excited because we’re camping. Then that morning, we got up, made breakfast for everybody. I jumped in the truck and headed back to Houston. I had an event Saturday during the day. On the way back to Houston, we hit nightmare traffic in Richmond. Here we are, what do we do now? Just sit there and enjoy traffic. We get to the house. I showered and changed, get to our event on Saturday afternoon.
I was on stage with nine other real estate education educators, nine other folks on this panel, and all of these people were local here in Houston. They went around and asked us a bunch of questions, “What about this? What makes people successful? Why are they not successful? What do you teach in your real estate education program versus somebody else?”All that stuff. If you can get these nine people in a room, this is what they talk about. I do that Saturday and then I decided to just hang out for a little happy hour time with the folks that were invited to that event just so I wouldn’t hit that traffic again on 59.One of the things I always seem to forget is how much fun real estate people are. One of the fun parts of this business is working with such a diverse group of people. They’ve all got these different stories, how they got started in the business. A lot of them have different ways in which they became successful.
It’s amazing to me to get to hang out with all these different folks. We got to spend some time sharing some local market intelligence. “What do you see going on in your business? What do you guys see going on in yours? What are your plans for 2018?”It was a fascinating discussion and there were a lot of things that came out of that discussion. It was interesting to hear everybody’s different perspective. I can tell the difference between someone who’s in real estate every day and someone who is not. I could tell someone who is working in this business every day and closing a lot of properties and someone who is not because someone who is doing a lot of deals can see a lot of the same things that we see. In other words, they can see the changes in the market. Folks who don’t do enough deals or not doing deals at all don’t have the local market intelligence. They can’t see the stitching on the fast balls.
This camping trip this weekend reminded me of is our six-year-old, Carson is not quite ready for high adventure stuff yet. Cameron’s getting there, he’s ten. He’s not ready for the big adventure stuff, but he’s getting there and I’m already starting to think, I’ve always wanted to, Zion National Park, of course we’ve always to do Yosemite in the Grand Canyon and all this other stuff. He’s getting to an age now where we can almost see doing that. As many of you folks know, you don’t want to be out in the woods and don’t have to pick up, 25 pounds to 30 pounds six-year-old and then haul them around and their gear, right? You don’t get just the kid, you get the kid in their gear. Last night, just for grins, I started doing a lot of in-depth research on the Appalachian Trail. It’s fascinating just how long it is. It’s a part of a couple of other trail systems. It was really interesting. Tom and I named Right Path Real Estate Right Path simply because you can decide at the Appalachian Trail to do what’s called a thru-hike which is where you hike the entire thing in one sitting. One-trek is probably a good way to put it.
The Appalachian Trail is about 2,200 miles. It goes through multiple States. It takes, depending on how fast you are, five to six months to complete it. Most people can hike up about ten miles a day. You can imagine 2,200 miles. It’s pretty long. In fact, the folks that are going northbound, in other words they are starting in the south and going north, they start typically as winter is turning to spring. They want to get out early because the State Park in which you finish in October, closes on October 15th. You’ve got to get there before that park closes. You want to talk about a journey, when you just think of all the stuff I just told you and most people who’ve never even tried to plan for something like that or are sitting there and listening, “You’re telling me I’m going to take six months off and I’m going to hike 2,200 miles. How do you even do that?” When I was doing some research yesterday, when I first started reading it, I’m like, “This looks insane. How do you do that?” I realize this is what people think when I tell them, “You could totally buy 30 houses a year.”
They immediately think, “You know what a pain it was just to buy the last house I moved into, and you’re telling me you can do that 30 times, or 40 or 50 or 100 or 200?”The trail is 2,200 miles long and you think that you’re out there all alone like 2,200 miles on foot. Like any little state park here in Texas, you pull up and if it’s not the weekend, it’s pretty quiet. You pull your car up in the parking lot, jump out and then 2,200 miles later you’re done. When you really start researching it, you find a lot of fascinating things. You’re going to have a ton of concerns going 2,200 miles. You’re going to have a lot of concerns building wealth, building an income in real estate. You’re going to have a lot of concerns hiking the Appalachian Trail. “What clothing do I wear? What shoes do I wear? Where do I stop and sleep? How do I eat? How’s the navigation work? What happens if I get hurt? What’s the right way to hike? What’s all the gear I’m supposed to carry? Do I camp? Do I not camp? What happens when it rains? When it snows? When it gets hot? How do I find water?”It’s all these questions start circling around you.
Then you find somebody who’s done it before. When you’re doing the AT, all you got to do is go to YouTube. Fire up YouTube, type it in Appalachian Trail, go to Google, Appalachian Trail. Now, what’s fascinating is and I told my wife Sarah this last night, “I can tell the difference between the people who do this all the time and the people who are just putting up YouTube videos.” She said, “What do you mean?” I said, “You start to see a consistency in recommendations, in advice.” For example, it seems like a whole bunch of them will recommend certain things like a certain type of tent. The vast majority of them recommend trekking poles, those walking sticks. There’s a reason they recommend that because it takes the pressure off your knees, hips and ankles. I read a post yesterday. This one guy said, “I didn’t realize how important those were until I walked my first thousand miles.” I thought, “Isn’t that interesting?”
Some of this experience, you’re not going to get until you walk a thousand miles. Let’s go back to that panel I was on Friday night. There are a whole bunch of real estate investors up there, some very successful, some quite honestly, not very successful at all. When we have disagreements, when Tom and I disagree with a lot of the advice that gets put out there in the real estate world, what I sometimes forget is we’ve walked that trail for 5,000, 10,000, 15,000, 25,000 miles. Most of the people teaching real estate has only walked a few hundred yards. That really didn’t hit me until this weekend. Why is the advice that we give, why our students’ successes, why is all of that so different than what all these other gurus espouse? It’s the simple fact that we have walked that trail for tens of thousands of miles, not in years, but in experiences.
One of the things I tell folks is I said, “I can predict how successful you’re going to be based on what you implement. Your next twelve weeks tells me everything about you over the next twelve months. That’s how important the first twelve weeks are.”When I was reading this blog about hiking the Appalachian Trail, they talked about a thru-hike, doing the whole trail at once. One of the bloggers said, “You’ve got to take it easy your first 40 days because your first 40 days, you’re getting your trail legs underneath you. They said even if you feel really good, you don’t want to push it more than ten miles because you’re just getting your experience. Your body’s getting used to this level of work, but they said, “After that, then you can really start to push it because you’ll have a lot more experience. You’ll know what to eat. You’ll know what your legs feel like. You know what your body feels like when it gets tired, but the first 40 days, you really got to take it easy.”
I see so many parallels to real estate. I see so many people, they get out of their car, getting ready to go northbound on the Appalachian Trail, it’s going to take six months and they grabbed their gear, probably too much gear and then they start running the trail. “Jason, I want to retire in five years.” Great. They go to every single networking event in town. They spend every last dollar on every single real estate education company in town. That is significant of them, will not work for them. They literally start running down the trail and they never spend the time getting ready for the journey because the journey is going to be much longer. The Appalachian Trail is 2,200 miles. You cannot jump out of your car all full of excitement.“I’m going to retire in a year or less. This guru is going to make me rich,” and start trail running the Appalachian Trail. It will crush you long before you even get started and I see that with a lot of real estate investors. Your next twelve weeks will tell me everything about your next twelve months, period.
I’d say I have 100% prediction, but just for statistics sake, let’s call it 99.99 %. I can predict how the rest of your year will go based on what you’re going to do over the next twelve weeks. The person that you are going to be week one compared to at the end of the first year are going to be two completely different people. You’re going to see the world completely differently, if you do this right. That’s another thing I noticed as I sat on that panel on Saturday. When I sat down and started chatting with some folks. Just by the language that people use, I can tell how many deals they’re doing. I can tell where they’re at in their real estate investing career. We’ve been researching this some ultra light hiking and taking the kids and where do we want to go and all that. I can tell just based off the videos online and the language people use in their blog posts, I can tell the difference between the person who is an experienced expert in the things that they do and they’ve done versus somebody who’s brand new and just figuring it out.
On the surface, you can go to REI and get all the latest gear, but that doesn’t mean you have any clue what you’re doing. One of my favorite things that somebody who used to work in our office said, he said, “You know what Jason, I’ve noticed most real estate education companies and most real estate educators teach people how to dress up like a real estate investor. They’re just playing dress up. When it really comes to investing and building a portfolio, they have no clue what they’re doing, but they sure sound like it.” They go to the networking events, they go to every single free seminar that blows into town. Sometimes that’s “the expert in the room.” In fact, some of those people are coaches for those organizations and they know all the definitions. They know all the lingo, they know the culture of the real estate investing community, but they’ve never really stepped foot on the trail or maybe they have. They’ve done a couple hundred yards. Maybe they’ve done twenty miles. The trail’s 2,200 miles long. It’s not ten miles long.
Now, you take the trail ten miles at a time, but I guarantee you, what you learn on mile 10 and mile100 and mile 1,000 are all going to be different. In fact, as you continue to learn, as you continue to grow, you learn more important things. Most real estate investors, if they buy ten houses or more a year, are considered institutional investors. I’ve read that in the Wall Street Journal one day and I got a chuckle out of it. If you buy at least ten houses a year, you’re considered an institutional investor. In other words, you’re considered a big investor in single family. Every year, we get about fifteen to twenty years experience every year we’re in this business. Think about that for a second. I bought over 400 houses at this point. We have 40 years of experience inside of five years. Why? Because of the number of miles we’ve walked. Whenever our advice is counter to what’s being taught out there, and I get it all the time, “Jason, you don’t understand. I’m listening to this podcast, I read this blog and what they say is a complete opposite of what you say.” I’ll ask them, “How many miles did they hike?” They’ll say, “What do you mean?” I said, “How many houses have they bought last month? Last year? In five years?” It’s fascinating to me whenever somebody throws out a really big number.“I’ve done 700 houses.” I’m like, ”Over what time period?” “Over 30 years.” I’m like, “Okay.” That’s only a handful of houses a year, 20 to 30 houses a year.
Conversely, when someone says, “I’ve done a thousand houses,” and I asked him, “How long have you been doing it?” “Ten years.”I’m like, “Okay.” That’s consistency. 100 houses a year for ten years. Somebody comes in, sits down in your office. What’s to interview for a job that you have available. They’ll say, “I’ve got fifteen years experience as a painter.” The position you have available for a painter.”That’s great. Fifteen years experience as a painter” and one of the questions he asks is, “Is that one year’s worth of experience repeated fifteen times or is it fifteen years’ experience cumulative?” There’s a big difference. I’ve worked in a number of different industries and the vast majority of people I run into repeat one year’s worth of experience over and over again. I’ll tell you a telltale sign of someone who has experienced that, they never grow. They repeat the same experience year after year and it’s like a rookie. They’re replaying their rookie season for ten, fifteen, twenty, thirty years. They replay their rookie season year after year and they never become a veteran, ever. It’s the same thing over and over again.
One of the things that drives our employees nuts in Right Path is we are always changing. “Jason, why can’t you guys just pick one thing and stick with it?”Because it’s always changing, because I’m not looking to repeat my rookie year in real estate for the next 30 years. The idea here is to build, grow, and get smart and not make the same mistakes over and over again. Sit with somebody who is an experienced technician in something. It could be hiking, it could be bikes, it could be car racing, just find something. What you will find is that person has such a honed skill set. They’ll sit down and say, “You don’t need all this stuff. Here are the five things you need to do.” ” I read on a blog somewhere and I watched a video here and I’m on this podcast,” and they’re like, “Let me tell you about the 10,000 miles I’ve walked and why I’m telling you those five things are important.” That’s the benefit of consistency. Do not repeat your rookie season in real estate again.
There are guys that have been in this business longer than I have and haven’t even come within 1% of the success that we’ve got. I’ll tell you, it’s not because we’re special, it’s not because we’re smarter than anybody else, it’s because we were willing to continue to change, to learn the lessons and to keep growing. If you make the same mistakes over again, what’s the point? You’ve got to grow. You’ve got to be consistent. You can’t make any mistakes until you start buying some houses. Get out there and start buying some houses. Get out there and start putting your neck out there. I had somebody tell me Saturday evening and they just said, “Jason, you guys just put your heads out there all the time.”I said, “How else are you going to be an entrepreneur?” You got to put some risk out there. You got to get out there on the trail and you know what? Sometimes it’s going to rain on the trail and there’s going to be lightning and there’s going to be storms. There’s going to be snow. It’s going to get muddy and nasty and some days are going to be absolutely fantastic and you hope the beautiful days outnumber the storms.
We’ve navigated the trail of success in real estate. We know what it takes. Does that mean you’re not going to get any blisters on your feet? It’s not going to rain? It’s not going to get snowy and nasty? It’s not going to rain in your tent? For those of you who have camped before, wet sleeping bag might be one of the worst things on the planet. I was a Boy Scout and we have slept in a wet sleeping bag before. We can guide you down the trail. Does that mean you’re not going to get any blisters on your feet? No. Does that mean some nights you’re not going to be cold or too hot or a little dehydrated or the food doesn’t taste as good? We’re going to get you down that trail and we’ll get you to the end. What’s the end of the trail? When does the journey end? When are you done?
You’re done with real estate when you’ve reached your goals. If your goal is you want $10,000 a month in cashflow and you’d like to retire, that’s when you’re done. This isn’t the game of round up the score as high as you can. You’re done when you’re done. When you hit your number, then you’re off the trail or like what we’re seeing a lot of times, you actually join us and help us bring other people with us on the trail. We see a lot of that. Hit your number, “Now, what I do? Do you want to help us help some other people take people down the trail? “That sounds like fun.” Instead of buying ten houses a year, maybe you buy two or three a year along the way.
If you want to be a part of our tribe, the first place to do it, go to RightPathRealEstate.com. Sign up for one of our free events. I’ve got a webinar. We’re doing an event. Come on out and check us out. I’ll tell you, the first step is writing that check for the weekend retreat. It’s going to be life-changing. You will look at real estate, even if you’re a person who’s already in real estate, completely differently when you leave that event. It is a game-changer. What we teach is so different. It’s 180 degrees different than what else is out there. Just listen to this radio show long enough and you’ll know that. Come on up to the weekend retreat. We take our applications for our Base Camp and Pathfinder Program. I’ll tell you right now, we take less than 10% of the people that come through our program who decided to bring you on board. Let’s take a look at what those next twelve weeks will look like and your year, a year from now, you could look financially completely different than what you do now all by taking that first step. Go to RightPathRealEstate.com. Thanks.