A Total Failure...A Greater Success

12 Replies

"Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.

I recently encouraged a member that failing is great...you learn from it and you grow to go on to great successes. Having failed at wholesaling for the past two years, I had a deal in DC (posted in marketplace, now accepting all offers for review) that led to me building a buyers list in less than a week! Such a buyers list can be a great opportunity for me to solidify wholesale deals!!

I say that to say, to those that have failed and failed tremendously, what was your latter success? Did the failure contribute to the success? Thanks again @Engelo Rumora for your original post, and always remember the quote you posted.

Stephanie

My failures have 100% added to my success. With every deal that fell through, I gained a little knowledge and confidence. I really showed myself what I was made of! You would be surprised what a roller coaster this is. Never ever give up and never stop learning! 

Originally posted by @Stephanie Dobbs :

"Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.

I recently encouraged a member that failing is great...you learn from it and you grow to go on to great successes. Having failed at wholesaling for the past two years, I had a deal in DC (posted in marketplace, now accepting all offers for review) that led to me building a buyers list in less than a week! Such a buyers list can be a great opportunity for me to solidify wholesale deals!!

I say that to say, to those that have failed and failed tremendously, what was your latter success? Did the failure contribute to the success? Thanks again @Engelo Rumora for your original post, and always remember the quote you posted.

Stephanie

Thanks Stephanie,

You will love this interview with Barbara Corcoran:

One of my favorite interviews with her.

How quickly can you get back up??? haha

Thanks and have a great day.

@Stephanie Dobbs   I lost a house that was supposed to be a flip, but then the real estate bubble burst.  It was suddenly worth 1/2 what I paid for it and if I wanted to rent it out, I would have to dip into my pocket every month to make up the difference between what rent I was getting and the mtge I would be paying.  Ugh...hurts just to think about it.  I had to pay a few thousand to the bank for them to let me short sell it, but I was glad I got rid of it. 

From that, I learned to have a plan B.  The 2 condos I own now were bank foreclosures and I got them cheap enough that it makes sense to rent them.  I plan to sell them eventually, but if I can't, I'll keep renting. 

It helps that I'm in a better financial position now than before.  I bought one of the condos for $20k and that money in the bank at 0.5% interest would give me $100 per year.  That condo is worth at least $40k now.

Anyway, IMHO it's better if you fail the first time out because you will be more careful.  The first flip I did went really well and I thought it was easy which is why I was reckless with the one I lost a lot of money on.

It's not failure, it's feedback, and it's making you better at your craft.  

 

Originally posted by @Peter Sanchez :

@Stephanie Dobbs 

It's not failure, it's feedback, and it's making you better at your craft.

Love this!!! Will use this from now on!

Originally posted by @Chelsea Tustison :

My failures have 100% added to my success. With every deal that fell through, I gained a little knowledge and confidence. I really showed myself what I was made of! You would be surprised what a roller coaster this is. Never ever give up and never stop learning! 

I can tell you have an excellent outlook on life and investing! How did you gain confidence when deals were falling through? I am amazed at your persistence, please share! Thanks for posting!

Originally posted by @Engelo Rumora :
Originally posted by @Stephanie Dobbs:

"Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.

I recently encouraged a member that failing is great...you learn from it and you grow to go on to great successes. Having failed at wholesaling for the past two years, I had a deal in DC (posted in marketplace, now accepting all offers for review) that led to me building a buyers list in less than a week! Such a buyers list can be a great opportunity for me to solidify wholesale deals!!

I say that to say, to those that have failed and failed tremendously, what was your latter success? Did the failure contribute to the success? Thanks again @Engelo Rumora for your original post, and always remember the quote you posted.

Stephanie

Thanks Stephanie,

You will love this interview with Barbara Corcoran:

One of my favorite interviews with her.

How quickly can you get back up??? haha

Thanks and have a great day.

WOW!!! So much said in such a little amount of time! I am astonished and grateful for your sharing! I thought I encouraged you, but thanks for that...that really motivated me! Moving on to watching this video everyday (at least once, don't mind my tears)! Thanks for posting!

Originally posted by @Stephanie Dobbs :
Originally posted by @Chelsea Tustison:

My failures have 100% added to my success. With every deal that fell through, I gained a little knowledge and confidence. I really showed myself what I was made of! You would be surprised what a roller coaster this is. Never ever give up and never stop learning! 

I can tell you have an excellent outlook on life and investing! How did you gain confidence when deals were falling through? I am amazed at your persistence, please share! Thanks for posting!

 So I had to go through multiple bad deals that fell through before I found The One (my first deal)!  Through every one of them I both learned something and found a new piece of myself that reaffirmed that I was made for this. (Sounds a little cheesy, I know, but true). Not only are you learning the nuts and bolts of the industry through every failure but you are learning how to walk the walk and talk the talk.  My family doesn't even hardly understand me anymore when they hear me talk to RE agents, Contractors, or buyers. Eleanor Roosevelt once said, "women are like Tea Bags, you never know how strong they are until they're in hot water". Put yourself in hot water every day, and find out how strong you are!

@Stephanie Dobbs

Stephanie....hats off to you for staying with it and following your goals and proving to yourself you can do it!

Any investor can tell you..we have all been there.

My first flop fix and flip...I didn't want to listen...and thought I knew it all and took shortcuts...and ended up putting my tail between my legs...and 4 months later I finally got the property sold with the help of another investor that I thought I was in competition with...ended helping me it. I made only $700.  Would have been better if it was low wholesale deal lol....

So the learning aspect was tremendous for me. As I teach others I always recall my story to them...my failer is my success...and I am ever thankful for it!

“I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed.”
Michael Jordan

 @Chelsea Tustison :

That is so awesome!!! I love the quote about women being tea bags, and all the information you stated about learning new information with each attempt to close a deal. Thanks for sharing!

You must acknowledge that you may fall flat, then, if that you give the best effort and still don't win, in any event you can be fulfilled that you've attempted. If you don't acknowledge disappointment as a chance, you don't set high objectives, you don't attempt—you don't take the risk. Yes, the failure is a stepping stone for the success. Initially, I failed nearly 6 to 7 times in real estates business but now by learning from my mistakes I expand my business and living happily.

Hi Stephanie,

Any tips on building a buyers list ? It seems that I am having a hard time completing this one so as to make my system complete.

Thanks for your help.

Francis

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