I have a question for you: Which vehicle do you want to be driving?
I know, I know… you’re thinking, ‘Hey, Joe, how the heck does this relate to real estate investing?!”
Stay with me—this is good…
See, I have a Ford Excursion, which is a monster of a vehicle that I call “The Beast.” It’s noisy and huge—we use it on family road trips with our travel trailer hitched on the back.
But when I fly into a city for a speaking engagement, I might rent something small and sporty.
Here’s the thing—I’m smart enough NOT to get the two mixed up. I make sure I’m driving the right vehicle to get me where I want to go.
So, what I’m getting at is that the same principle applies to your real estate investing business… and the direction you’re headed as you build your business.
If things are working for you—you may be trying to make a certain business model fit something it’s not designed to fit.
If you’re in the wrong vehicle: Get out. Now!
Let me make this tangible…
If you want to retire in 10 years with a free-and-clear rental portfolio of 10–20 properties, then maybe the wholesaling vehicle is not for you. Instead, you’d want to buy 1–2 houses a year and work as quickly as possible to pay off those properties.
Now, if you’re looking to quit your J.O.B. in 6 months, the best vehicle to drive is the sports car/wholesaling vehicle that gets you where you want to go fast.
You simply need to make sure you’re in the right vehicle.
Personally, I have a few ‘investing vehicles’… but wholesaling is my main vehicle.
I LOVE wholesaling. I also do land deals. And Lease options. But ALL of those are tied into wholesaling.
My point is: Certain vehicles only have the capacity to do certain things for you. Sometimes, we try to make the vehicle do what it’s not supposed to do…
I can’t use my sporty rental to pull my huge camper.
See what I mean?
So, ask yourself these 2 questions:
- What vehicle do you want to be in?
- Are you in the wrong vehicle?
Decide the right vehicle/strategy for you… and drive off into the sunset.