Do That Which You Love, and the Money Will Soon Follow
By: Matt Fagerness

As a trainer and Mentor for Wealth Intelligence Academy, I am constantly exposed to real estate investors who are searching to find their niche in the business. They believe that doing so will catapult them to the success of which they have always dreamed. I’ve been down that road myself, as a student and as an investor, seeking that ideal business match for who I am. Naturally, I pursued similar types of investing opportunities, including wholesaling, lease options, foreclosures, and cash-flowing rentals. While I experienced some degree of success in each of these areas, I did not find each to be equally appealing to me.

I am not saying that any of these investing strategies are flawed, or should be given anything other than your full consideration. What I am saying is that an often undervalued part of starting a new business is the identification of what really drives the business owner. Real estate is a proven commodity, and one in which huge profits can be made through investing. That being said, what is your passion? What is it that you really love to do? The answer to that question will likely be different for everyone, and will also guide you in discovering your ultimate and ideal business purpose.

For example, you may love every aspect of the real estate business, from the phone calls, to the numbers and due diligence, to the contract work, negotiations, and even management of tenants, sellers, buyers, and other clients. We come to this business of real estate investing from many different walks of life, and it is natural that real estate, however lucrative, still does not represent something you are truly passionate about. You may like real estate, but perhaps you’ve always dreamed of being a novelist or of opening your own coffee shop. In this example, real estate is a solid business, but the coffee shop is your business passion. If this type of scenario rings true for you, you are not alone, and should not become discouraged. There are good ways to build your business without becoming a slave to it, allowing you to, as they say, “have your cake and eat it too.”

There are several ways to approach the business of real estate investing if the day-to-day operations of the business do not align with your passions and interests. First, you can go against the grain and work the real estate business as if it were the best and only opportunity you will ever encounter as an entrepreneur. Many new investors take this route, and while it can be effective, I don’t recommend it for those who long to be truly happy doing what they do. Due to the education you are receiving, you certainly have the necessary tools to approach the business this way, though I believe there is more to a good business than just making money.

The second approach, and the one that I really favor, is to learn enough about the business to manage it, and have other people take care of the day-to-day tasks on your behalf. We refer to this as outsourcing, and there are many forms in which this tool can be implemented, including the utilization of your professional Power Team. As I have said, real estate is a proven investment commodity, so why not use the education you have to build a good real estate business infrastructure that can generate both profits and residual income?

The second part of this formula is the use of the revenue generated by your real estate business to pursue other ventures that are more closely aligned with your true passions. I have worked with students who loved art, the outdoors, and even writing. Wherever your passions lie, there are also business opportunities, and the pursuit of a business related to your passions and interests will surely be one that is enjoyable for you. The business model should have some merit, but using proceeds from one business to feed another is not at all uncommon. This is a way to capitalize on your real estate training, even if you are not committed to working your real estate business on a full-time basis.

The world of real estate investing is highly diversified, which I think caters to the new investor. Whether you are a dedicated “numbers person,” or someone who simply loves working with other people, there is a place for you to shine in real estate, which should be an encouragement to each and every one of you. But it does not just stop there. The majority of other investors I know have other business interests, and their abilities and passions shape these other businesses to a great extent.

My message to you is clear: despite the lucrative nature of real estate, don’t just chase the path that appears to have the biggest pot of gold waiting for you at the end. This may seem like the logical thing to do, especially when you are just getting started, but the way to achieve long-term success is to follow a path that you truly enjoy. Not only will this optimize your real estate investments, but other business opportunities are likely to open up to you when you follow your passions and interests, not just profits. I wish you the very best in success.