Is your goal to succeed or to fail?
Good, then this article is for you. Some of the easiest ways to delay success in real estate investing are:
- Not knowing all of the options or paths out there
- Spending time and money inefficiently
- Burning bridges
5.5 Ways to Never Fully Succeed In Real Estate
Sure, you might see some or a lot of success, but you are certain to max out prematurely if you follow these 5 ½ simple rules:
1. Don’t Ask for Help, Ever
Pride is way more important than seeking help from anyone. I mean, just because other people have done what you are trying to do and figured out what works and what doesn’t, and learned the most efficient ways of doing things and things to look out for, why consult with them?
It would certainly be more rewarding to make all of the exact same mistakes on your own and be able to experience them yourself rather than skipping right on to the good parts. How could anyone claim to be amazing if all they do is use other people’s ideas and not reach the exact same conclusions themselves?
2. Don’t Learn from Your Mistakes
This one is also critically important for keeping your pride. First, don’t ever fess up to making a mistake! God help us if someone were to realize you aren’t perfect. I mean, your resume would be shot, you’d look like an idiot, and who would ever trust your opinion again?
Second, whatever mistake you (didn’t) make, don’t go back to it and figure out what you could have done differently. That would just be admitting defeat.
3. Repeat Your Mistakes
After you don’t fess up to or learn from your (non-)mistakes, be sure to repeat them again. The more times, the better. You will definitely improve more as an investor if you just focus on your own methods and making them work in whatever way possible, rather than trying something else.
Whoever said that doing the same thing over and over and expecting a different result is the definition of insanity was clearly just trying to come up with an excuse for why his original methods weren’t working and he had to try other things.
4. Be Greedy
Investing is about getting the best returns on your money, no?
So really, wherever you see some profits lying around, pick them up! Don’t worry about who you have to run over to get them or what little white lies you need to tell someone to make the deal go through. I mean, the real estate investing world is really a survival of the fittest so if you are shy on grabbing up any dollars, you’re just losing out!
Immediate gratification and profits are way more beneficial than building trust and relationships with other investors and companies. The whole “slow and steady wins the race” idea obviously came from someone who just wasn’t fast enough to keep up.
Related: Those Greedy SOBs!
5. Bash other People’s Methods of Investing
As mentioned, it’s all about survival of the fittest.
If your method of investing is raking in the dough for you, why wouldn’t you knock everyone who is doing something different than you? There can’t possibly be more than one ‘right’ way to invest, so if your way is working, be sure to let everyone around you know they suck. They will respect your honesty and rethink what it is they are doing, and they will be reminded who the fittest really is. That has to earn you the most respect, no? But more importantly than irking people off, you want to use that as a way to further limit yourself and what you know because involving yourself in community will only bring you new light and information.
½. Don’t Worry about Karma
This rule is labeled a half-rule because it’s probable only half of you believe in karma.
I’m including this rule because for those of you who do believe in karma, this rule is big. For those of you who don’t believe in karma, it’s total crap so ignore this rule and skip down. If you do believe in karma though, make sure that you execute your greed and bridge-burning as best you can so you ensure full karmic revolt later.
There you have it, folks. Follow these rules as best you can and you are certain to max early out on success. Sure, you can still see success, but what fun would that be if you went all the way with it or did it on a smooth road?
How important is relationship-building in real estate investing?
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.