“The difference between the impossible and the possible lies in a person's determination.” — Tommy Lasorda
Investing in commercial investment real estate can be one of those things that gets you out of your comfort zone.
The main reason is most of us have not had a lot of practical experience with investing in commercial real estate. Especially over a long period of time.
I remember when I was a little kid the piggy bank. I went from the piggy bank the the Savings and Loan (Remember those?) and then to a CD, and then to a money market account and then to a mutual fund, etc.
Out of your comfort zone investing.
It was a number of years before I considered commercial investment real estate. Or was even exposed to the possibilities of building my wealth through commercial investment real estate.
It all starts with your first commercial property – whether it be an apartment building, mini-storage, office building, strip mall…as long as the net income and property type fits your goals, it doesn't matter. But you've got to get started with number one, then focus on the next steps.
This will involve getting out of your comfort zone, and you 100% need to get out of your comfort zone to be successful. To be a successful commercial real estate investor especially.
Here are a few tips to get started and break out of your comfort zone:
1. Take the time to write out your goals and put together a business plan for your investment business. I did say “investment business”. That is what this is and you should treat it as such. Now, you don't need a 100-page business plan with charts, graphs, photos, etc. Keep it simple, and make it very goal-oriented.
2. Get around other like-minded investors through mastermind groups, investment associations, and other success-minded groups. This will give you the edge you need to break out of your comfort zone – possibly more than anything else. When you see what other successful investors are doing at different levels, it will automatically bring your game up a notch – just by association. I cannot emphasize this step enough.
3. Continue your commercial real estate education. Reading this article is a great start, but keep going with your investment education. Every successful investor I know can tie their success back to several courses, books, or live events that were key in their ability to leap-frog beyond their investment obstacles…and they continue to educate themselves in the business. It's a profession, and you should treat it as such.
It really does come down to “No Pain No Gain” investing. The pain is getting out of that comfort zone. This means participating in mastermind groups, getting educated, and working on your goals, and thinking about the benefits that you'd like to achieve through investing in commercial real estate.