I Don't Know Jack

2 Replies

I've learned a tremendous amount in a short amount of time and that excites me, I love learning new things. However yesterday while listening to one of Josh's and Brandon's podcast, I'm up to podcast #28 now, I feel like I know these guys, they crack me up. I realized one important thing, "I don't know jack about REI".

I get reading different forum topics/blogs and think "that's interesting" so I search the topic in depth, get off on a tangent. Then I look up 3 hours later and say "Why am I reading about this? This is not even part of my business plan. I haven't even done one deal yet and I'm reading about how to finance/manage a 50 unit apartment complex in Canada."

I think it's all so interesting I lose focus quickly and I'm off on another tangent. I can't be the only beginning investor behaving this way? I writing this to hold myself accountable to focus on only the following things until I thoroughly know them

1. Business plan (stop changing it until you know what you're doing)

2. Wholesaling, Flipping and BRRR (that's it for now)

3. Marketing

4. Financing

5. Get out there and get the 1st deal done already (learn more through action)

Let all of us beginning investors unite, let's just focus on what brought us to REI and become proficient at that. Then we can move forward, learning as we go. It's easier than you think to fall into the analysis paralysis stage and not even realize your doing it.

I have worked in Real Estate for years. I know that I actually "know" more than it feels like when when I am looking for my own opportunities.  & I appreciate everyone here that shares what has worked and what has not. When you think about it, all of us have nothing to lose and everything to gain, for even when things don't go as we "planned" there is usually a great lesson to go with it.  :)    

Lennie Holland

Stay with it and one day you will wake up and say wow look what I have accomplished.

Lessons learned:
1) action, action, action. I meet so many investors that are still saying I wanna, I would like to, I need more education, etc....... After a year of knowing them. Get a plan and education and DO IT!
2) I never had a mentor until recently. Up until my recent mentor I learned by making mistakes, tons and tons and tons of mistakes! I feel a mentor would help you not make as many mistakes and push past lessons learned quicker.
3) You mentioned it but have an action plan or way forward. A direction, compass or goal to meet. I am extremely ADD and I call it the shiny penny syndrome. I see flipping and commercial, new construction and they all look awesome. I read the "One Thing", by Gary Keller recently, and he says pick one thing and do it to your best til you succeed. Get the process going efficiently and to the point where you are not required to be in the decision making on an hourly and daily basis. This is my goal now is to spend less time making maybe a little less money but then I have true quality of life because I have the best of both worlds..... Time and money----Winning

Sorry rambling here. Good luck and go get your first deal!!