Real estate investing can be a very fulfilling life. It can also be a real discouragement, too. It depends on how you view it and how you react to market conditions and other difficult challenges. The difference often comes down to how you handle mistakes you’ve made.
Let me assure you I have made my share of blunders. At one time or another I have done almost every thing wrong. I think I may have uncovered most of the things in the “not to do” side of the ledger. But the result of “just doing it,” has earned me a good living and a very nice lifestyle.
I’ve learned many valuable lessons on my journey. I’ve learned new ways of doing things and acquired new strategies. If you want to success there are five things I want you to do.
One: Take Responsibility for Your Own Results.
No one has the interest in your success as you should have. You have the ability to create the kind of life you want. God gave you all the tools you need to enjoy a satisfying, contented life. You are free to dream and realize your dreams. You may have to change your mindset. You may have to change your actions. You may have to change your behavior. But, whatever it takes, its up to you.
Our culture is one of blaming others for our failures. That attitude will get you absolutely nowhere. You won’t achieve any level of success if you play that card.
You can read books, attend seminars and be involved in any activity you choose, but if you don’t take personal responsibility for your actions and success, you won’t enjoy living with success. If you need to complete a transaction in order for you to buy a new house or new car (or take a vacation or anything else), don’t wait for someone else to give you permission to do it or do it for you. If you don’t like where you live, take personal responsibility and earn enough money to move. Remember this: You decide what the future has in store for you.
Two: Play by Your Rules
As a real estate investor you’ll find that everyone is an expert and everyone has an option. My advice is to ignore the advice from someone who has never done it. Find a mentor who has been successful in their on their own and have them show you how to successfully invest. Would you rather listen to Donald Trump or your hairdresser?
Most people mean well, they just don’t know what they’re talking about when it comes to specialized real estate investment knowledge. Then there are others who don’t want you to succeed. They want you to stay the way you are because they feel comfortable with you like you are. If you change, they fear they will lose the closeness they now enjoy.
Once you learn what works, keep doing it. Do it so often that you could do it in your sleep. Then, strike out in another real estate niche. Continue that approach until you have mastered a dozen or more ways to close a transaction. That will soon translate into ever increasing income.
Three: Build a Team
The fastest way to create wealth as a real estate investor is to build a solid team – your Success Team. You will need a good Realtor®, attorney, accountant, tax adviser, mortgage broker, title company, marketing professionals and others to help you build your business.
You aren’t an expert in every area of real estate. None of us are. As a result we need people around who can fill in our blind spots and help us grow. I’m a big fan, too, of having mastermind groups who can help us think outside the box. A mastermind groups are made up of people from different walks of life who have information and experience from which we can benefit.
Four: Education is Vital
You have to take the time and spend the money needed to get good, solid education. Henry Ford said: “If you think education is expensive, try ignorance.” A truer word has not been spoken. I mentioned that I have made most of the mistakes there are to be made in real estate. That translates into many dollars lost, literally millions of dollars. Instead of paying for education I learn the hard way which was the more costly.
Today I budget funds for seminars, books, mentors, and other forms of education. I found that I can learn from the knowledge and experiences of other people – both in person and in print. My education process starts first thing in the morning. I read articles and books that help me understand various methods, techniques, strategies and philosophy of investing. While doing my cardio I read books and articles or listen to CDs on how to more successfully negotiate, market, advertise or how to improve my mindset. If you’ll embrace this activity you will create streams of income much more quickly.
Your education truly blossoms when you get in and start doing investing yourself. Never fear failure. You’ll learn some of your most important lessons by making mistakes and adjusting to those mistakes. You’ll learn from your success, too. I accidentally learned important lessons when I built my first home. I learned I could make the equivalent of two or three years salary by building a house and living in it for a year. You will learn some of the same kinds of lessons.
Five: Make Mistakes
I’ve touch on this already but its important enough to have its own point. You have to make mistakes. It’s okay to fail. If I don’t fail at something everyday I don’t think I’ve learned too much that day. Besides, if you think you have to know everything, and know it perfectly, you’ll never do your first deal. You’ll keep waiting, and waiting.
I know men and women who want to invest in real estate but they just can’t make the first offer. They are paralyzed through analysis. I have a very good and close friend who wants to invest but by the time he completes his inquiry into a project, its sold to someone else. He doesn’t want to make a mistake so he keeps analyzing, and analyzing.
If you want to hit a home run in the investment game, you have to step up to the batter’s box and take a swing. Setting in the grandstand you aren’t playing the game, you’re a spectator. And, just standing there watching the ball go by will only result in a strike out. Take a swing and miss a few times. Soon you’ll get a base hit. Sometime a brand new rookie will go to home plate for his first at bat and hit a home run. It does happen. But he first had to step up and take part in the sport.
Author Resource:-
Don Loyd is a speaker, investor and writer.
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