Meanwhile...back at the ranch (or, Action & Perseverance)

I was listening to the Podcast - Show 65 with Wendell De Guzman - this morning.  (Great stuff.  I highly recommend all the podcast episodes to everyone, particularly Newbies!)  When asked what he thought was the most important trait to being successful as a Real Estate Investor, his response was, “the willingness to take massive action.”  Wow.  I expected him to say “perseverance” or “education” or one of the recommendations I see thrown around a lot…“the willingness to take massive action.”  I was inspired in a way I haven’t been in a few weeks.  He explained that, while in the process of losing his first apartment building, but before it was actually in foreclosure, he took massive action.  How?  He went out and bought a 100 unit building for $6 million.  That’s massive in my book.  It’s also extraordinarily inspirational.

I am, by nature, risk adverse.  Growing up, my cousin and I played Monopoly regularly.  I was always the Banker, because I was a rule follower and terminally honest.  To this day, I have never won a game of Monopoly!  Why?  Because I’m risk adverse.  Because Monopoly teaches you the very real truth that you have to take risks to make money.  My cousin is a natural born risk taker.  His Monopoly strategy was to buy everything he could get his hands on and set about putting houses and apartment complexes on the property.  Meanwhile…back at the ranch, I would buy a few cheap properties, railroads and utilities.  Eventually, my cousin would bankrupt me via the rents from landing on his developed properties.

I’m an intelligent person, well above average, but I never changed my strategy or approach to the game of Monopoly.  I was so terminally risk adverse; I wouldn’t even risk Monopoly money!  I simply chose to keep losing the game.  (Not very intelligent in the grand scheme of things.)  Looking back, I now see my history with Monopoly was actually a metaphor and foreshadowing of my future.  I’ve always taken the safe path, where even the risks were assumed from the actions of others.  After all, that’s the case working in corporate America and depending on companies for your paycheck.  I’ve personally been laid off 5 times, which is what happens in IT Project Management and large corporate banking.  How’s that risk avoidance policy working out for me?  Not well!!!

Real Estate Investing forces me to not only move beyond my comfort zone but to blow it up!

So, here I am, a Newbie investor pursuing my first deal.  I’ve already made mistakes, although not crippling ones.  I’m sure I’ll make more, probably today!  But, I’m taking action.  I’ve generated a list of absentee owners, who should have equity, within our farmed area.  I’ve composed a message to go out to that list of property owners and printed up yellow letters last night.  Tonight envelopes will get addresses, and the letters will be mailed Friday.  I’ve also generated lists from recent divorce and probate filings, which will go out in the next 2-weeks.  I’m still driving for dollars in one of the farm areas closest to my home.  Basically, I’m taking action.  But, sadly, no deals yet.

I’m an immediate results type of person, so I confess the initial process of finding deals is a little discouraging to me.  I keep telling myself it’s all about priming the pipeline – funnel – but I want a deal...NOW!  I need to know I’m doing the right things the right way, and I won’t fully believe I am, until I see results.  That’s just me.  Maybe the “willingness to take massive action” has to be paired with an equal does of perseverance. 

I have a goal, and I am pressing on toward that goal.  The goal is bigger than one deal, bigger than my own personal achievement, and bigger than me.  Staying focused on the goal, when I don’t see progress toward the goal is difficult.  It requires action and perseverance.  Sometimes it also requires a little inspiration.  So, thank you Wendell and BP for the INSPIRATION to action & perseverance!

(If you haven’t already listened to it, check out Show 65 with Wendell De Guzman.  His story just might be the inspiration you need as well.)