Myth #1: I cannot afford to fail, so I will not start
How much will a failure cost you? If you cannot measure the cost of failure then why are you allowing it to control your actions? The average college student who graduates with a 4-year degree in the United States spends about $75,000 in tuition for that degree. The math tells us that $19,000 per year on average is invested in the hope they will be able to get a good paying job at the end. I believe you could buy just about every book ever written on real estate investing in the last five years for less than $19,000. My point is that if you take the time to educate yourself before you jump in you will experience much better odds than the average college student in America.
Mistakes are a right of passage; you will make them, and you will learn from them. Compare it to pulling off a band-aid; we know it will hurt, but we pull it off regardless. Some of us pull it slow, others pull it fast, but the band-aid is coming off either way. The more band-aids you remove, the less traumatizing it becomes. As a child, perhaps you cried when they removed, do you still cry about it as an adult?
Experts say we learn much less from our successes than we do from our failures. To reduce the size of your mistakes, educate yourself by reading books, listening to podcasts, attending seminars and taking courses
You cannot learn and look good at the same time! When a child learns to ride a bike, they are wobbling all over the place and sometimes even crash. When the child falls and skins her elbow does she just give up? Do her parents allow her to give up forever? We both know the answer there.
Training wheels help a child gain confidence when learning to ride a bike. Training, for an adult, is our version of training wheels, therefore, helping us become more confident. Ask yourself this question; if I practice, will I feel more comfortable?
Myth #2: The limiting beliefs I have are accurate and have credibility.
My first question would be as compared to what? By that I mean what or who specifically convinced you that fiction was fact?
Ignore naysayers in your community, those who criticize you also envy you. Many people fail to take action, and then criticize those who do. Often, they even mask their jealousy under the guise of concern for the person taking action.
Be willing to do what other’s won’t or can’t do. Taking action, and getting comfortable with being uncomfortable are two things most people fail to do. To garner different results, take a different direction than the rest of the herd.
Jim Rohn said “You are the average of the five people you spend the most time with” This means you must spend more time with people that are equally or more successful than you. Join a mastermind, or start your own to surround yourself with people who will help you succeed instead of who will foster your failure.
Myth #3: I need cash or credit to get involved in real estate investing.
You must build and expand your network, tell people what you do! There are four things needed to pull a deal together: knowledge, money, time and deal. No rule requires one party alone to have all four. Most successful investors have one or more of the above but not all four.
Sometimes I have plenty of money to invest but no deals to invest in; other months I have plenty of deals but not enough money to invest in them. It is this situation that reminds me of wealth being a team sport. Therefore, I leverage the resources of others to create win/win situations.
For those of you with not enough money know this: There is more money looking for deals than there are “deals” looking for money.
Do you have money but not sure where to invest? If this defines you, perhaps consider building a larger network. Opportunity will not find you; instead, we must inform your sphere of influence of what your needs are.
Don’t be in a rush to build a relationship, take the time to nurture it.
Too often I am approached by people that are looking for investment capital who fail to learn my investor identity. As a real estate syndicator, it is my job to represent best the needs of those who have entrusted me to invest their capital in an asset that best fits their individual investor identity. Take time to learn about your investor and focus on their needs when structuring an opportunity for them.
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