Three Essential Skills for the Beginner Investor

It's been a year since my father and I completed our three-day guru seminar, and naturally, I am no closer to my first investing transaction than most of us.  Heck, Im only at my second or third legitimate investing conversation.  You really start saying to yourself "Is this ever going to happen?  Is this even a logical goal to pursue?"  

I dont know about your thought process when you were starting, but when I walked out of the seminar, I said to myself "I can do this.  It wont be easy, of course, but I have faith in myself and my abilities... " You probably said something similar.  And then you got out into the real world with real lenders and real contractors, dealing with actual real life cash... and you're a nervous, indecisive "tire-kicker" who suddenly realizes "Wow this is an actual industry filled with brilliant, knowledgeable people who do this for a living, and I thought I'd compete with them after going to a three-day seminar and reading three or four books.  

So what is the most important thing to do so you don't spin your wheels for months ( or years ) while wishing something falls into your lap?  What should you be doing now to present yourself in a positive light to local RE investors in your area?  

1.  Get experience-  While going to your local REIA's , reach out to those that have been there and done that and see if there is anything that you could help them with.  Working with them in some capacity ( even as an intern ) and being around like minded people is critical in learning all of the in's and out's of the day-to-day business. Doing the work is more substantial than... more reading!

2.  Practice makes perfect.   Now depending on what your current job is, talking to people may not be in your skillset.   Negotiating may not be either.  You may struggle with influencing or persuading people as well.  You planned on rehearsing your conversations in front a mirror, a family member or a cat?  NOPE.  Actual, real life conversation with a living person that may or may not tell you what you want to hear is second to none when it comes to handling yourself in the situations you will be faced every day.   Talk to people, unscripted.  Learn the lingo.  The conversations that dont go as planned?  Have a short term memory on the rejections.  

3.  Take the road less traveled.  Don't be a one trick pony.  Like Brandon Turner has said "it's great to have multiple tools in your real estate investing tool belt."  If everyone in your town is doing "A", then maybe you will find more success in starting with "B".  The big dogs in town probably already have a stranglehold on most of the property you are looking at right now, anyways.  Learn what areas they are lacking in; perfect that craft, then beat them at their own game.  A broad understanding of the realm of investing possibility will keep you in the game longer than the guy that only knows how to door knock or cold call.  

These are the three main reasons I believe I am not yet successful in the wonderful world of real estate, and also things that most of those that quit attribute to their failure.  

Put your book down.   The world is your classroom.  Focus on what is out in your reality right now.  The experience is essential to your survival.