Failing At Investing? It's Probably Not Why You Think
As with so many things in life, the answer to your investing problems are completely counter intuitive to what you think that they are.
I have spoke with Hundreds and hundred of wanna be investors and I can tell you in 99% of the cases the trouble has nothing to do with:
The Real Estate Market...
The amount of buyers in the market...
The prices rising or falling...
The amount of information that they've studied....
Whether or not you have a business card...
Whether or not you send post cards...
Whether or not you have a good Realtor...
Whether or not you have cash...
Whether or not you have credit....
Wanna know why most newbie investors fail? Sorry I can't tell you, you've got to buy my system....
LOL I'm kidding.
In 99% of cases the problem that paralyzes most newbies is they have absolutely no confidence in themselves.
Since I specialize in wholesaling, I'll give you examples in terms of that, but this advice go's for anyone....
I'm not talking confidence like "I am confident I can succeed" though that does play a small role....
I'm talking about the confidence when you approach investors or sellers about putting a deal together you need to come in with the mindset of....
[center]"Dude, I feel bad for you if you're not buying my contracts because if you buy from anyone but me and you're paying too much"[/center]
I tell all my students "You should literally feel terrible for people that don't choose to work with you...they are on a sinking ship and you're the only life boat in the water"
If you can bring yourself to having that attitude your chances of success go up like 400%....
I can remember one of my students was just pouring out the "Yeah but" excuses to me.
"Yeah but I don't have any experience"
"Yeah but I don't know if it's really a good deal or not"
"Yeah but I'm not quite sure, if it is a good deal"
I said listen dude....You're going to be talking to investors either way, right? And during that conversation they are going to come to one of two possible conclusions:
#1 this guy say's he's going to find a great deal on property, but HE DOES'NT EVEN SEEM TO BELIEVE...so why should I?
#2 This guy say's he's going to find a great deal on property, and I better get his name and number...
We did a few exercises, he went to his next REI meeting and came home with 5 new numbers that he didn't have to ask for...Investors now wanted him, as bad as he wanted them...
He had been to 3 other meetings, with the same people and all 3 times he left the meetings not with lead, but with a sinking feeling in his gut that he was destined for failure...Which of course contributed to the problem even more at the next meeting...Here I'll explain
The problem is many rookies MISTAKINGLY believe that by talking a big game (which they usually fail at as well) that they will get investors to work with them...
The trouble is 90% of communication happens on a subconscious level....In fact, in many cases the investors who turn you away probably don't even know why they don't want to give you a chance....they just get that "FEELING" from you, and gut feelings are basically a quick snap decision from the subconscious mind....
You have probably had a similar experience when you meet someone and something doesn't feel right, or they just seem to be full of B.S....It's because "WHAT YOU SAY" is far less important than "HOW YOU SAY IT".
The only way to change the "how you say it" is to change your attitude and beliefs about you and you're business. You need to bring yourself to a point where, you feel like you're doing investors a MASSIVE DISSERVICE by not letting them by contracts from you.
If you don't believe me, please suspend your disbelief for just 1 or 2 meetings and "Check out" whether or not it works, you'll be thrilled, I promise.
I'll give you one more example before I gotta roll....I stopped going to REI meetings for over a year because I already had a line up of buyers a mile long, but one Friday I decided to attend their weekly breakfast meeting to drum up more clients for the Realtor side of my business.. Over the course of that year most of the faces had changed, but what hadn't changed was the place was still swarming with money hungry Realtors looking to sink their teeth into some of the investors.
When it was "Networking time" I had to stop myself from laughing, when I found out these many of the realtors had been attending these meetings for the past year, and yet when I started talking to the investors there, most who met me said "I've been looking for someone like you, can I give you my number". I left with 6 numbers that day....
BOTTOM LINE: People don't just buy your contracts, THEY HAVE TO BUY YOU FIRST.
I hope this helps a few of you out...Eric Medemar