I will try to sneak this article in before my 8:30 meeting today! The thought just came to my mind yesterday night before I went to bed. I am seeing too many folks try to do thing right the first time. While this is very good in some cases this is not a mindset you want to carry for the rest of your life. The company I work for even preach this as a company philosophy. I don’t know why. May be they don’t want their employee to all become entrepreneur?
This is a mindset of an A student. A student will try to study anything and everything they can about a particular topic before pulling any trigger to make sure they do thing the right way. The problem in real estate however is that you can never learn enough. The Market is constantly changing and you have to keep on learning all the way. Even guy like Donald Trump filed a number of bankruptcy. What make you think you will do everything right?
I have seen folk spend thousands of dollar on real estate educational product. They went to all the networking event that they could go to, and get as many contact as they can. They never bought a house. Why? I simply don’t get it. If you have a choice of spending 10,000k. Would you rather spend it buying a house? Or would you rather buy real estate educational product?
If you think I did everything right when I bought my 1st house, think again. I got ripped on by the loan officer by thousands of dollars. All the deals after that is also full of mistake. I brought in a wrong tenants in the house, I spent too much on rehab. I over rehab, I under rehab, I screwed up on my tax. I got walked over by the other agent. I tried to do everything myself. And the list go on and on. Even all the way until now on my newest deal, the seller walked me all over the place.
Hey! don’t be afraid to make mistake. And try not to make the same mistake twice. This is so far the effective way for me to move forward in my investment career. I love new mistake. I am always out of my comfort zone trying to make new mistake.
If you aren’t making any mistake. You either not doing enough deal. You just work within your comfort zone, or you didn’t ever buy any house. Hey, if you never buy any house, you can’t make mistake right? Do not be this guy.
Happy Friday! I wish you make some new mistake today, learn from it, and restlessly charge forward with your future.