In over three hours of conversation with Adriana Dodge, author of A Millionaire's Real Estate Secret, she never failed to have some thought-provoking ideas great for entrepreneurs in all endeavors, especially those looking to get more involved in real estate opportunities.
Question: What does 'success' mean to you?
Adriana: 1. Successful relationships with others 2. God is active in my life 3. Financially free to do whatever, whenever 4. Feeling at peace. That's my definition of success, and each person should have their own.
Q: How important is a person's 'Why?' to achieving success?
A: It's a MUST. When you have a vision, you will go the extra mile and do whatever it takes, legally, morally, and ethically, to pursue your success. Really, when the passion is big enough in your heart, the facts do not count!
Q: What holds people back from achieving the success in real estate that they dream about?
A: Fear. Fear of the unknown. The 'I do not know' fear. 'I have not bought properties before.' 'I do not know if I can be a landlord'. 'I do not understand numbers'. Those beliefs. Basically, it's a lack of confidence in themselves and it's harder when you can not recognize opportunity when it's in front of you. That's a lack of training, too. Fear can stop the most knowledgeable, experienced investor, but it lessens [with training and experience].
Q: What advice would you give to aspiring Real Estate investors?
A: Take Action First! Call people and negotiate deals. Ask the questions you do not want to ask. Visit properties and really learn one neighborhood. Always be talking to other investors. Study, learn, and go to seminars. Get a mentor. This can help successfully master fear.
Q: What should a mentor do?
A: They should teach us to fish, not just provide deals. Deals too, but they should give us the ability to recognize opportunity ourselves and encourage our own decision-making. Give examples and scenarios, and show us how to mentally rehearse transactions. Challenge us, push us to take action, and be there to say 'I understand what you're going through'. They should force us to take on the mindset of an investor by teaching us to put away the emotions and learn to look at the numbers.
Q: What are your thoughts on property management?
A: The most important thing in property management is a very tight lease. Tell people their responsibilities up front. They can choose your home or not. Treat tenants with respect and with a customer service attitude always. Take care of things immediately; use contractors and vendors who keep their word-they are an extension of the landlord. When people can depend on us as landlords, who are their friends going to call?
Q: Is there any legitimate reason, limitation, or disability that you can think of for someone in this country NOT to achieve financial success if they truly pursue it?
A: There is absolutely no excuse. Anyone in the United States who wants to succeed will succeed. All it takes is a decision and taking action until you reach your goals.
She then laughed, adding: "If I can do it, think of the possibilities for someone who is smarter, taller, and prettier!" I could not have said it better. I hope you enjoyed looking in on my interview with Adriana Dodge, author of A Millionaire's Real Estate Secret.