"Your Education In Real Estate Investing Must Include Fire Fighting...And Yes, We're Serious!"
It's great to read about real estate investing. And it's wonderful to teach yourself about the proper mindset required to "attract" success.
But to really get rolling you need to combine the proper mindset with action. It's that combination that propels you towards your goals faster than either one alone.
But you've probably heard all that before so let me throw something else into the mix here. Let me spice up your education in real estate investing.
Once you get into action you need to be able to handle the heat.
Most people run from it. Most people don't want to feel pressure. Most people don't want to be stressed. Most people don't want to battle their way through problems. Most people want to run and hide at the first site of a challenge.
And most people aren't living the life they desire. Go figure.
Here's what I mean about being able to handle the heat.
Invariably when you invest in real estate you will hit hiccups along the way. The insurance company will make you do back flips to confirm the certification of the heating or the old wood burning fireplace. And the cash flow you projected for the first 12 months may get eaten up by an unexpected repair.
Or the tenants you thought would stay for 24 months decide to move out after 12...leaving you scrambling to find a replacement. Or maybe it takes you longer to rent the property than you planned in your "cash flow" spreadsheet.
Well, it's how you handle these events that determine if you got what it takes to be a successful investor.
Because if you decide to sell the property. If you decide to bail at the first sign of imperfection you are acting like the majority. And the majority of people is not the group you want to be part of.
It's the tough times, the handling of unexpected events and difficult people that separate you from the masses.
And things that most people avoid...pressure, stress, fear...are the very things that make you stronger. They are the things that people who reach their goals battle through.
This is what your education in real estate investing should focus on!
In nature, it's normal for seasons to change and it's normal for major chaotic transformations to occur. This is going to sound a little ridiculous but a caterpillar only turns into a butterfly by going through some pretty serious transformations. A perfect day almost always follows a terrible storm.
Handling problems and issues and sticking through things is the transformational process that will build your confidence and make you stronger.
And with an increase in confidence you handle bigger problems and with bigger problems come bigger rewards.
I'm speaking from direct experience here.
If you are having trouble battling through a current problem or decision you are facing I have an exercise for you.
Let's keep this on topic and focus your education in real estate investing in a real life situation.
Your Education in Real Estate Investing
Let's say you are about to make your first investment.
And let's assume that you are scared of failing. You are scared of losing money, being judged and being declared a laughing stock. You know, the typical stuff.
In order to push through all that you need some motivation.
Here's the education in real estate investing exercise. It's the plank test that I first came across in a book by Neil Fiore, The Now Habit. Highly recommended by the way.
Step 1: Imagine a ten-foot plank on the ground that's two feet wide. Could you walk across it? Yes, absolutely.
Step 2: Now imagine that same plank 100 feet in the air acting as a bridge between two building tops. Could you walk across it then? Maybe but it's a lot harder right.
And why is it a lot harder? Because you are focusing on the fall, the fear of failing. You're not focusing on how easy the task at hand really is.
This is what most people do when they think of real estate investing. They focus on the potential of losing money, the potential of failure, the potential of humiliation by their family and peers if they fail.
Now let's move to the next step:
Step 3: Now imagine a huge roaring fire behind you that is going to burn you alive unless you get across that plank pronto. Could you do it then? Yeah, probably in a blink of an eye.
So let me leave you with this. What's your burning fire? What is going to give you the kick in the a$$ that you need to get moving?
If you don't have your fire, go off and light one up.
Today.
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Look, when getting your education in real estate investing there's something you need to know.
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