They Laughed When I Quit School for Creative Real Estate Investing, but Not When I…
…cashed a check for more than their annual salary!
It’s not uncommon in creative real estate investing to make $30,000 or $40,000 or much more on a deal. BUT, there are a number of common roadblocks that keep beginning real estate investors from ever seeing a big fat check like that.
Beginning Creative Real Estate Investor’s Common Roadblocks
Roadblock # 1 – Neysayers
This well meaning but dangerous group of people should be enemy number 1 on your “Who to Avoid” List. Neysayers are everywhere in this day and age. Being negative has become the conditioned response from the masses due to what main stream media shoves down everyone’s throats. But you do not have to listen to or even associate with them. Actually, you’ll be better off in every facet of your life if you don’t.
When someone asks you what you do and they immediately start talking about the terrible state of the real estate market, that buying property no money down is a myth, and how real estate investors are glorified scam artists…RUN! Do not even say another word to them. Justifying what you know to be true to someone ignorant on the subject is pointless, futile, and flat out unnecessary. If you must say something, I would advise saying, “That’s an interesting point of view” and walk away!
Roadblock # 2 – Not Having a Strong Enough Why
Do you know exactly why you want to become a successful creative real estate investor? If not, take this time to think about it and clarify what it is that you are moving towards. Is it to provide for your family, to be your own boss, to free up your time to pursue a certain hobby or sport or to have financial freedom to do what you want, when you want? If you have a strong enough why, you can accomplish almost any how.
What’s your why?
Roadblock # 3 – Fear of Failure
There are only two fears that are inborn when you are brought into this world; the fear of loud noises and the fear of falling. ALL other fears are learned. Therefore, these fears can be unlearned.
In Napoleon Hill’s book, Think and Grow Rich, it’s explained that fear of failure is one of the major roadblocks people must face on the road to personal achievement. Fear of failure can be a paralyzing state and must be confronted squarely.
Here’s what to do to master the fear of failure. It all starts by reframing the way you think about failure. Check out what Thomas J. Watson had to say about it:
“Would you like me to give you a formula for success? It’s quite simple, really. Double your rate of failure. You’re thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure – or you can learn from it. So go ahead and make mistakes. Make all you can. Because, remember that’s where you’ll find success.”
Roadblock # 4 – Lack of Continued Education
Most adults regard education as something that they did growing up. They might say, “Been there done that.” Most people never finish even one book after they graduate from their formal education. This gives the person with initiative quite an easy advantage.
BUT, the roadblock is “Lack of Continued Education.” Even after reading many creative real estate investing books, attending several seminars and courses, and buying, leasing, and selling dozens of houses, I still continued educating myself. A grave mistake in any en devour or occupational field is to think you know it all.
If you are reading this post right now, give yourself a pat on the back. You are already on your way to bulldozing this common roadblock.
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Patrick Riddle:
Dusty Keefe:
Great Points. I like to call all the naysayers Dream Stealers. They don’t want you to succeed because it makes them feel better to have everyone down at their level. It’s the classic crab in the bucket syndrome. If you catch only one crab and put it in a bucket, you have to keep a lid on it or the crab will crawl out. Once a second (or third, fourth, etc.) crab is added to the bucket you no longer need a lid because as soon as a crab tries to climb out, the others pull him back down! Be the single crab and climb.
I like the continued education bit. I know a lot of people, including myself, that somehow believed that once you were out of college, education was over! But if you take that mindset, you’re career will be over. I’ll have to work on that more. Thanks.