Use the 5 Second Rule to Take Action
  
It only takes 5 seconds to change your life.
It's the little stuff in our lives that can change everything.
Whether you choose to do something or not do something, both are decisions.
The 5 Second Rule works by simply counting down from 5, 4, 3, 2, 1 and force yourself to take the leap.
The countdown allows you to take action and override your brain from stopping you.
Watch this 22-minute video with Mel Robbins on how to harness the power of the 5 Second Rule.
8 Real Estate Investing Tips for a Better 2018
Here are nine tips for fellow real estate investors on how to be more successful in the coming year.
1. Use tax strategies.
Let’s face it—every dollar saved on taxes is another dollar freed up to invest with. This is one of the main pillars of building true wealth.
There are many ways to save on taxes, whether it’s depreciation, all the write-offs the real estate business can offer us (mortgage interest deductions, taxes, maintenance, etc.)
This year in particular, it would be wise to meet for a planning session with your accountant about all the new tax law changes to avoid any surprises. That said, the biggest advantages did not go away, as they stem from things like providing housing, creating jobs, or helping charities.
2. Be focused and disciplined.
Sure, focus and discipline can be applied to things like sticking to a budget and having your financial house in order, but what I’m referring to is a little more philosophical. As Jim Rohn puts it, “We need to work harder on ourselves than we do at our jobs.” Many of us could use more work on our soft skills—things like time management, sales, negotiations, public speaking, or even just reading more.
3. Set goals.
Earl Nightingale, an author and successful insurance broker, best known for The Strangest Secret, put it best when he asked the question, “Where do you see yourself based on the actuarial statistics for 100 men at age 65?” At the time (1950s), the statistics were that one was very wealthy, four were very well-off, five were still working, 54 men were dependent on others, and 36 were deceased. What he noticed was not so much that 36 of the men were deceased, but that there was a common trait in the top 5%—they all set goals!
4. Plan purposefully.
We should all try to be more strategic in our investing this year. For example, you should know your exits before you invest. Maybe you could plan to purchase your first owner-occupied place with the intention of keeping it as a future rental.
5. Utilize leverage.
You can leverage many things, like relationships, time, etc. What one thing could you really leverage this year to take your business or your investing to another level? Maybe it’s utilizing your equity better by incorporating more arbitrage? Maybe it’s accumulating more assets with good debt or eliminating all your bad debt?
6. Source OPM (other people’s money).
I’ve always said that your money list is more valuable than your buyer’s list or contractor’s list. Some of the best ways to raise capital involve teaching it, whether that’s teaching about how to invest or the parameters of your investments themselves.
7. Pay down debt.
If you’re not in accumulation mode and you’re thinking of how to accelerate the pay down of your properties, try to do it in a fashion that considers all the risks, including the use of asset protection and/or estate planning.
8. Build in asset protection and liquidity.
Obviously, the use of debt can be an inexpensive form of asset protection, especially property that’s held in your own name. This is why I like using HELOCs on properties with substantial equity because not only does it act as asset protection but gives me liquidity too.
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