In this episode, I want to talk about something that I think is really important for real estate investors to be aware of: what not to do. These are things that will absolutely ruin your business if you’re not careful.
A lot of real estate investors that are successful now made the mistake early on in their careers of letting these factors get in the way of their success. I think that if someone hasn’t been successful in real estate so far, it is most likely because of one of these five things, or at least variations of them:
- Fear: fear of success, fear of failure, fear of looking stupid, fear of putting yourself out there, fear of getting our of your comfort zone. If you’re used to a 9 to 5 job, breaking out of the secure routine you’ve known for so long can be terrifying. Buying houses is outside of the norm, and fear of other people’s judgement may stand in your way. Fear is the biggest thing you have to overcome, and my suggestion is to associate with people who are doing what you want to do. If you want to be a real estate investor, find successful real estate investors in your area and get to know them. Break down the unknown by getting to understand it.
- Everybody who you know and love: That’s right, friends and family can be the biggest killers of your success if you let them. They don’t want to see you fail, so they can keep you from taking risks. They might be supportive, but they’re not always positive because they might not completely understand what you do. Parents in particular want you to be safe and stable, and if they’re negative about what you want to do, it can be damaging to your potential. They’re looking out for you, but don’t let them discourage you.
- Money: Lack or fear of lack of money will often paralyze you in your tracks. For my first deal, I did use some of my own money, but I did a good job and have been able to attract private investors ever since. I don’t need money to be a real estate investor. Don’t let money stop you; you will always find sources of money to get started in real estate. I used to think that you need funds to get started, but I have started seeing lately that, if you find a great deal, money will follow, as long as you can present that deal to other investors.
- Knowledge: Sometimes, not knowing enough can get you into trouble. Spending too much time acquiring knowledge without actually taking action can also hurt you. As the name of this program suggests, I want you to Just Start. You need a good, basic foundation of knowledge, and then you need to get out there and start this business. Go to your local real estate investing club, network, find a mentor or coach to guide you, get involved in a program or mastermind, but be aware that you don’t need to know everything about the business to get started.
- “Yeah, But” People: Justin Williams told me about this kind of person, and they can be real success killers. No matter what you suggest, they’ll find a “yeah, but” reason not to get started. They’re good at making excuses, and they’ll continue to do so no matter how much you try to help them. You just have to ignore “yeahbutters,” and be careful not to become one.
None of these factors are impossible to overcome, and some of them are even easy to overcome once you become aware of them. Identify these five factors and how they affect your business, and don’t let them kill your success.