This week, I will be doing a series of themed shows on what I consider to be the four deadly real estate sins. These are the most important mistakes and pitfalls that people fall into in this industry, and I don’t think they’re talked about enough.
Today, I will be discussing the first of these deadly real estate sins: envy.
I’m calling envy a deadly sin because if you’re not careful, if you spend too much time looking at what other people are doing in this business, you can fall into a dangerous trap. As a new investor who is just starting out, you might be doing everything right: learning from books, mentors, RIAs, finding deals, buying your first house, going through the rehab, selling, getting ready for the next deal. You can’t wait to tell everyone about your first successful deal, and then you hear that someone who has been doing this for as long as you have has made more deals than you, or made more money than you. Suddenly, you start feeling bad about yourself, and your accomplishments don’t feel like enough. You’re not happy with your success anymore because you’re envious of someone else’s success. It’s very easy to be constantly looking at what someone else, who might be moving at a different pace, is doing. This is a slippery slope, and I can tell you, no matter how successful you are in this business, there’s always going to be someone who is even more successful. You will have an opportunity to either feel good about what you’ve done and strive to do more, or to feel bad about what you’ve done and compare yourself to others. Spending too much time worrying about what other people are doing is going to distract you from what you need to do next.
If you’ve just flipped your first house, be excited about it! Focus on the job ahead, and on the next thing you have to do to get better. Don’t worry about what anyone else is doing.
I consider myself a very successful real estate investor, but I have friends in this business who are doing more than I am. It’s easy to look at them and feel envious, but if I want to grow my business I need to feel happy for them, get to know them, and try to understand how they got to where they are.
I guarantee you that for every person who is doing better than you, there are ten people who are doing worse than you. Comparing yourself to the people ahead of you is not going to help you reach your goals, and at the end of the day it is a waste of energy that you could be spending on achieving your next goal. What can you do today that will get you one step closer to your goal? Make that your obsession.
Don’t let envy drag you down, and, most importantly, don’t let envy discourage you.
Tune in tomorrow to find out the next deadly real estate sin!