Wax on ~ wax off

• Tweet
• Email

From 09/11/2006

If you’re too young to know what the title is about go and rent the video “Karate Kid” It has some great lessons about successful property investing.

I was thinking about it today when I had a consult with a great guy. I suspect we may become friends. His response to one of my questions made me think of the karate Kid. You see this guy had read all the books, was equipped emotionally and financially to succeed in property. When I asked him why he wasn’t already doing something he struggled for an answer. He came up with one but in reality he didn’t know why he wasn’t already succeeding.

As I thought about this after we parted I got to thinking how much we need to cultivate the right kind of habits. Sensei got KK doing wax on wax off so that when it came to karate this had become an automatic reaction. He didn’t have to think to deflect an opponents attack. And this is a key to investment success. We must cultivate habits that drive us towards success until we don’t have to think about them.

For me making offers is now a habit. I don’t have to think about it. I automatically try and buy every property I look at or hear about. That’s why I find good deals.

Telling people I can help them into their own homes is now a habit. I have a list of people wanting lease options because I have cultivated this habit.

I have made a habit out of total honesty with my investing. I hide nothing. As a result I have vendors and agents who trust me and bring me deals. Notice the power of good habits??

Whenever my revolving credit is getting low and my wife starts running warm baths and looking for razor blades I automatcially go into trading mode. I never think “Oh no what will we do?” I have cultivated a habit of taking the necessary action to get the right results.

My new friend today had all the tools and education he needed but has not yet cultivated the necessary habits to succeed. As you do something more and more the fear reduces and eventually vanishes. But only if you cultivate the right habits.

In the movie KK was angry at having to do wax on wax off, but when Sensei told him to do it in training and he realised that this boring habit was powerful skill he now possessed…….

So homework for the week. Decide that you will cultivate one new habit. This is the one single habit you need to find great deals.

Look at a minimum of 5 properties every week and put a written offer in on all of them, OK?

5 written offers a week, every week. The few of you who cultivate this habit will own a multi million dollar portfolio in short order. Yes you will annoy agents, yes you will be terrified when you start and really really hate it. But you have to get over that. Cultivate the habit. It will get easier. It’s a bit like Invercargill. Everybody knows where it is but nobody wants to go there. Well making offers is the same. It scares everybody but that’s where the money is.

Wax on ~ wax off till tomorrow