Your BIGGEST "There's no way I can do this whole REI thing"
Phoenix, AZ · Member since 2016 · 74 posts · 17 votes
As I am in the process of getting educated and either finding a lender who will lend to me, or a partnership/other sort of creative way to buy, I had a total "how the hell am i going to do this moment" last night that kept me up. I know that these thoughts can easily progress to "I can't do this", and i know that many successful people do at some point have them, BUT they overcome them! So i'm all ears on hearing what your biggest "I can't do this" moment was, and how you got through it! One of my biggest curiosities about people is how they handle adversity on an individual basis. Thank you, and looking forward to reading and responding!
Garbage in, Garbage Out (GIGO)
You always find the finest fishing holes in places where the average person is afraid to go.
All problems are disguised as opportunities.
The future you see is the future you get.
How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.
Success will come when you choose to feed your dreams and starve your doubts.
Words transform. Speak only with a good purpose. Say only things that serve you and others. Choose your words wisely.
In todays uncertain economy, the safest solution to be wealthy, be in total control and enjoy freedom for you and your family is to have multiple streams of income.
Don't think of your goals - think FROM them. Tap into your genius.
Fear begins to melt away when you begin to take action on a goal you really want.
Your life~the way it looks today is a result of your choices...What will you choose today for your tomorrows?
Life is a mirror. You get what you see. If you project anger into the mirror, that is what you get back. If you project joy into the mirror, it reflects joy right back to you. Failure for failure. Success for success. What you project is what is reflected back to you.
Don't wait to buy real estate. Buy real estate and wait.
The fundamental level of success is doing the hard things first - If you go for the feared thing first, then the rest of the day is easy.
Many things can make you rich, but only a few things can enrich you
No matter what your product is, you are ultimately in the education business. Your customers need to be constantly educated about the many advantages of doing business with you, trained to use your products more effectively, and taught how to make never-ending improvement in their lives.
Your current thinking got you here. Only new thinking will get you out.
Money is one of the most important subjects of your entire life. Some of life's greatest enjoyments and most of life's greatest disappointments stem from your decisions about money. Whether you experience great peace of mind or constant anxiety will depend on getting your finances under control.
Creating success is a tug of war between your mind and your heart-your fears and your dreams. If your fears win, you lose.
Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand.
Your goal, as a creative investor, is to launch your ship into financial orbit ... and then put it on automatic pilot.
What kind of believer are you? Do you believe IN God?. Or do you believe God? There is a major distinction. People who believe in God, simply acknowledge the existence of a Higher Power. People who believe God believe Him enough to do what He says.
Pursuing your passion is fulfilling and leads to financial freedom.
When you change your NOW story, you instantly change your past story and your future story.
Successful people rely heavily on their mentors. Ordinary people don't. It's that simple.
Whatever you focus on, expands. If you see the world through your dreams, prosperity materializes before your very eyes. If you see the world through your fears, poverty multiplies all around you.
You're not selling products. You're creating relationships.
````
It is the set of the sails, not the direction of the wind that determines which way we will go.
I find it fascinating that most people plan their vacation with better care than they do their lives. Perhaps that is because escape is easier than change
From testimonials and personal experience we have enough information to conclude that IT'S POSSIBLE TO DESIGN AND LIVE AN EXTRAORDINARY LIFE
Don't set your goals too low. If you don't need much, you won't become much.
Excuses are the nails used to build a house of failure.
If you wish to find, you must search. Rarely does a good idea interrupt you
The problem with waiting until tomorrow is that when it finally arrives, it is called today.
The challenge of leadership is to be strong, but not rude; be kind, but not weak; be bold, but not bully; be thoughtful, but not lazy; be humble, but not timid; be proud, but not arrogant; have humor, but without folly.
Those who will not read are no better off than those who cannot read.
You cannot succeed by yourself. It's hard to find a rich hermit.
Success is not to be pursued; it is to be attracted by the person you become.
Leadership is the challenge to be something more than average.
Only by giving are you able to receive more than you already have.
Learn to hide your need and show your skill.
Riches do not come by crossing your fingers and walking through the day hoping. Riches and wealth comes from well-laid plans.
Be a student, not a follower. Take interest in what someone says, then debate it, ponder it, and consider it from all angles.
Ignorance is not bliss. Ignorance is poverty. Ignorance is devastation. Ignorance is tragedy. And ignorance is illness. It all stems from ignorance.
Change and everything will change for you.
I remember saying to my mentor, 'If I had more money, I would have a better plan.'
He quickly responded, 'I would suggest that if you had a better plan, you would have more money.'
You see, it's not the amount that counts; it's the plan that counts.
Make rest a necessity, not an objective. Only rest long enough to gather strength.
You cannot make progress without making decisions.
You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of.
You have to do more than you get paid for because that’s where the fortune is.
Things will always go wrong so ride through your difficulties and learn from them.
````````````````````````
I posted this many years ago...
“You must be the person you have never had the courage to be.
Gradually, you will discover that you are that person, but until you can see this clearly, you must pretend and invent.”
Paulo Coelho
Here is a personal story.
I was in a bar, and I just lost my job. I am 56 now, but at the time I was 25, fresh out of the US Marines. The year was 1983. Interest rates were high, over 10%.
At the bar was this smiling guy, and he said,
"Who just died?"
I looked at him. He must have smelled the self-pity on my face.
Here is what just happened to me.
I worked for a small firm in Constriction Engineering Products, Johnson Controls, that sold air and water control equipment to large apartment and commercial building contractors. My math and science background helped me.
But the J O B paid $400 a week and was an advance on future commissions. I had over $10K in commissions due to me, and asked my boss for my commissions now. He laughed, and said I would get paid when he got paid.
I got in an argument with him and he fired me.
So this guy at the bar said to me,
"Tough break. What are you gonna do now?"
"Look for work I guess," I replied.
So he says, "You like real estate?" You like solving problems for people?"
I was taken aback by that comment. Was this guy trying to hire me or what?
I smiled, and asked him, "are you looking hire someone?"
He chuckled, and said, "Well, I'm always looking for great salespeople that hustle."
Here's what happened. The man's name was Glenn, and he owned a real estate investment company.
He never called it a real estate investment company, he called " a place where we solve problems for people."
The thing that was amazing about Glenn as he knew a little bit about everything and I mean everything.
He knew about business, legal issues, tax issues, marketing, sales, promotion, networking, and most importantly he knew about people (psychology).
The first thing he did was tell me that I have two ears and one mouth, and I should listen more than I talk.
Second thing he did was have me read "How to Win Friends and Influence People" by Dale Carnegie.
Then he taught me how to set appointments was home sellers, go out to their home, and write up a letter of intent to purchase or lease.
He said to me, "your job is to bring me potential home sellers will consider a creative offer."
I was very confused the first few months working there. I did know what a wraparound mortgage was, or subject to, or subordinating notes, or lease option assignments.
So I stumbled along.
What allowed me succeed was Glenn had an awesome direct mail marketing machine, and even had an appointment setter, so I just needed to get my car and go talk to 3 to 4 sellers everyday. I'd use the same presentation with everyone. And I've get them all letter of intent to buy for cash or on terms.
One of the things Glenn told me was "some will, some won't, so what!"
What that means is that some sellers will do what you want to them to do, and some will not.
The law of large numbers cures all problems.
What surprised me even more is that some sellers would call the office, in 3 to 6 to even 12 months later, because they appreciated my first meeting with them.
Especially some sellers that were very angry with me in the beginning, called me names, said things like "you just try to rip me off!!"
In my first six months I must have seen 20 people a week, 80 a people month, almost 500 people in that six months. I think we did three to five houses a month grossing between $5-$10,000 per house, and I didn't make that money, Glenn did.
The arrangement for pay for me was I would make $500 cash every week, that's cash. No benefits and no 401(k). Was it legal, I don't know. I didn't own the business. I was hired hand.
After a few months, Glen said "you're do a good job keep it up. I'm going to give you a few more duties. I want to be able to travel so you can run the office while I'm gone."
I was scared at first, having never run a business. I was like the security of a paycheck.
But I loved being able to make decisions, being the captain of my own ship.
I think what made me more pissed off than anything though was making $500 a week, and making bank deposits of 10,000, 20,000, even 30,000 a week.
So after to have years of making $500 a week cash, and living frugally, I said the following to Glenn,
Glenn, I've "I learned so much here. You taught me about sellers, buyers, legal, tax, marketing, there is no way I could have learned this in school.
"I saved up some money and start my office. I wont compete with you. I'd like to give you four weeks notice."
Glenn leaned back in his swivel chair, smiled and said,
"Brian, you're irreplaceable here. You came to me knowing nothing and now you know everything you need to know. You never asked for a raise or a partnership stake in the business.
I can honestly say that without you over the last two and half years I would not have made the kind of money that I have. I have two things to say to you before you go onto greener pastures."
My God I was really nervous. What was Glenn going on to say?
"The first I want to ask you is, what took you so long?"
Then he laughed.
"I expected you to hang in there for about six months and move on.
You're really smart and you should have started your own business long ago."
"The second thing I want to tell you is I'm going to give you a bonus, (he takes out his checkbook, and writes this check out) "and I don't want you to look at it until you sit down to car and drive away, deal?"
I said, "deal!"
I got to my car, exhale, and take the check out of my pocket.
It was for $15,000.
Back in 1985 that was a lot of money.
In the memo I remember what was written,
"for my good friend Brian."
```````````````````````````````````````````
With everything I learned over that 2 1/2 years, it didn't take me long to be profitable.
I got a modest office space, with neighbors that were white-collar professionals, and attorney and CPA.
I had a secretary part-time for 3 months, then full time.
And Glenn even took me to lunch every week, said he missed me.
That first business was very special to me.
I have had several businesses since then, but that first one was my favorite.
````````````````````````````````````````````
My wish for all that reads this is I hope you find your "Glenn" and you bust your tail working and reading. And learning. And Doing!
😂😂😂 @Andrew Johnson your posts always make me smile and give me encouragement. That is a great way to look at it! I feel your response can bring more exhilaration to the table and you can use that to push more momentum. I'm only fretting because I haven't been able to get a loan solely because my known monty income is only $750...I have $13K saved up, wrote a whole bunch off from last years taxes, kind of screwed my self, Whoops. But yeah in comparison to what you are dealing with, mine sleepless night is minor! I just can't wait to find my money(hehe, my money, NOT), and get my first deal under way. Thank you for your response and wisdom!
Garbage in, Garbage Out (GIGO)
You always find the finest fishing holes in places where the average person is afraid to go.
All problems are disguised as opportunities.
The future you see is the future you get.
How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.
Success will come when you choose to feed your dreams and starve your doubts.
Words transform. Speak only with a good purpose. Say only things that serve you and others. Choose your words wisely.
In todays uncertain economy, the safest solution to be wealthy, be in total control and enjoy freedom for you and your family is to have multiple streams of income.
Don't think of your goals - think FROM them. Tap into your genius.
Fear begins to melt away when you begin to take action on a goal you really want.
Your life~the way it looks today is a result of your choices...What will you choose today for your tomorrows?
Life is a mirror. You get what you see. If you project anger into the mirror, that is what you get back. If you project joy into the mirror, it reflects joy right back to you. Failure for failure. Success for success. What you project is what is reflected back to you.
Don't wait to buy real estate. Buy real estate and wait.
The fundamental level of success is doing the hard things first - If you go for the feared thing first, then the rest of the day is easy.
Many things can make you rich, but only a few things can enrich you
No matter what your product is, you are ultimately in the education business. Your customers need to be constantly educated about the many advantages of doing business with you, trained to use your products more effectively, and taught how to make never-ending improvement in their lives.
Your current thinking got you here. Only new thinking will get you out.
Money is one of the most important subjects of your entire life. Some of life's greatest enjoyments and most of life's greatest disappointments stem from your decisions about money. Whether you experience great peace of mind or constant anxiety will depend on getting your finances under control.
Creating success is a tug of war between your mind and your heart-your fears and your dreams. If your fears win, you lose.
Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand.
Your goal, as a creative investor, is to launch your ship into financial orbit ... and then put it on automatic pilot.
What kind of believer are you? Do you believe IN God?. Or do you believe God? There is a major distinction. People who believe in God, simply acknowledge the existence of a Higher Power. People who believe God believe Him enough to do what He says.
Pursuing your passion is fulfilling and leads to financial freedom.
When you change your NOW story, you instantly change your past story and your future story.
Successful people rely heavily on their mentors. Ordinary people don't. It's that simple.
Whatever you focus on, expands. If you see the world through your dreams, prosperity materializes before your very eyes. If you see the world through your fears, poverty multiplies all around you.
You're not selling products. You're creating relationships.
````
It is the set of the sails, not the direction of the wind that determines which way we will go.
I find it fascinating that most people plan their vacation with better care than they do their lives. Perhaps that is because escape is easier than change
From testimonials and personal experience we have enough information to conclude that IT'S POSSIBLE TO DESIGN AND LIVE AN EXTRAORDINARY LIFE
Don't set your goals too low. If you don't need much, you won't become much.
Excuses are the nails used to build a house of failure.
If you wish to find, you must search. Rarely does a good idea interrupt you
The problem with waiting until tomorrow is that when it finally arrives, it is called today.
The challenge of leadership is to be strong, but not rude; be kind, but not weak; be bold, but not bully; be thoughtful, but not lazy; be humble, but not timid; be proud, but not arrogant; have humor, but without folly.
Those who will not read are no better off than those who cannot read.
You cannot succeed by yourself. It's hard to find a rich hermit.
Success is not to be pursued; it is to be attracted by the person you become.
Leadership is the challenge to be something more than average.
Only by giving are you able to receive more than you already have.
Learn to hide your need and show your skill.
Riches do not come by crossing your fingers and walking through the day hoping. Riches and wealth comes from well-laid plans.
Be a student, not a follower. Take interest in what someone says, then debate it, ponder it, and consider it from all angles.
Ignorance is not bliss. Ignorance is poverty. Ignorance is devastation. Ignorance is tragedy. And ignorance is illness. It all stems from ignorance.
Change and everything will change for you.
I remember saying to my mentor, 'If I had more money, I would have a better plan.'
He quickly responded, 'I would suggest that if you had a better plan, you would have more money.'
You see, it's not the amount that counts; it's the plan that counts.
Make rest a necessity, not an objective. Only rest long enough to gather strength.
You cannot make progress without making decisions.
You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of.
You have to do more than you get paid for because that’s where the fortune is.
Things will always go wrong so ride through your difficulties and learn from them.
````````````````````````
I posted this many years ago...
“You must be the person you have never had the courage to be.
Gradually, you will discover that you are that person, but until you can see this clearly, you must pretend and invent.”
Paulo Coelho
Here is a personal story.
I was in a bar, and I just lost my job. I am 56 now, but at the time I was 25, fresh out of the US Marines. The year was 1983. Interest rates were high, over 10%.
At the bar was this smiling guy, and he said,
"Who just died?"
I looked at him. He must have smelled the self-pity on my face.
Here is what just happened to me.
I worked for a small firm in Constriction Engineering Products, Johnson Controls, that sold air and water control equipment to large apartment and commercial building contractors. My math and science background helped me.
But the J O B paid $400 a week and was an advance on future commissions. I had over $10K in commissions due to me, and asked my boss for my commissions now. He laughed, and said I would get paid when he got paid.
I got in an argument with him and he fired me.
So this guy at the bar said to me,
"Tough break. What are you gonna do now?"
"Look for work I guess," I replied.
So he says, "You like real estate?" You like solving problems for people?"
I was taken aback by that comment. Was this guy trying to hire me or what?
I smiled, and asked him, "are you looking hire someone?"
He chuckled, and said, "Well, I'm always looking for great salespeople that hustle."
Here's what happened. The man's name was Glenn, and he owned a real estate investment company.
He never called it a real estate investment company, he called " a place where we solve problems for people."
The thing that was amazing about Glenn as he knew a little bit about everything and I mean everything.
He knew about business, legal issues, tax issues, marketing, sales, promotion, networking, and most importantly he knew about people (psychology).
The first thing he did was tell me that I have two ears and one mouth, and I should listen more than I talk.
Second thing he did was have me read "How to Win Friends and Influence People" by Dale Carnegie.
Then he taught me how to set appointments was home sellers, go out to their home, and write up a letter of intent to purchase or lease.
He said to me, "your job is to bring me potential home sellers will consider a creative offer."
I was very confused the first few months working there. I did know what a wraparound mortgage was, or subject to, or subordinating notes, or lease option assignments.
So I stumbled along.
What allowed me succeed was Glenn had an awesome direct mail marketing machine, and even had an appointment setter, so I just needed to get my car and go talk to 3 to 4 sellers everyday. I'd use the same presentation with everyone. And I've get them all letter of intent to buy for cash or on terms.
One of the things Glenn told me was "some will, some won't, so what!"
What that means is that some sellers will do what you want to them to do, and some will not.
The law of large numbers cures all problems.
What surprised me even more is that some sellers would call the office, in 3 to 6 to even 12 months later, because they appreciated my first meeting with them.
Especially some sellers that were very angry with me in the beginning, called me names, said things like "you just try to rip me off!!"
In my first six months I must have seen 20 people a week, 80 a people month, almost 500 people in that six months. I think we did three to five houses a month grossing between $5-$10,000 per house, and I didn't make that money, Glenn did.
The arrangement for pay for me was I would make $500 cash every week, that's cash. No benefits and no 401(k). Was it legal, I don't know. I didn't own the business. I was hired hand.
After a few months, Glen said "you're do a good job keep it up. I'm going to give you a few more duties. I want to be able to travel so you can run the office while I'm gone."
I was scared at first, having never run a business. I was like the security of a paycheck.
But I loved being able to make decisions, being the captain of my own ship.
I think what made me more pissed off than anything though was making $500 a week, and making bank deposits of 10,000, 20,000, even 30,000 a week.
So after to have years of making $500 a week cash, and living frugally, I said the following to Glenn,
Glenn, I've "I learned so much here. You taught me about sellers, buyers, legal, tax, marketing, there is no way I could have learned this in school.
"I saved up some money and start my office. I wont compete with you. I'd like to give you four weeks notice."
Glenn leaned back in his swivel chair, smiled and said,
"Brian, you're irreplaceable here. You came to me knowing nothing and now you know everything you need to know. You never asked for a raise or a partnership stake in the business.
I can honestly say that without you over the last two and half years I would not have made the kind of money that I have. I have two things to say to you before you go onto greener pastures."
My God I was really nervous. What was Glenn going on to say?
"The first I want to ask you is, what took you so long?"
Then he laughed.
"I expected you to hang in there for about six months and move on.
You're really smart and you should have started your own business long ago."
"The second thing I want to tell you is I'm going to give you a bonus, (he takes out his checkbook, and writes this check out) "and I don't want you to look at it until you sit down to car and drive away, deal?"
I said, "deal!"
I got to my car, exhale, and take the check out of my pocket.
It was for $15,000.
Back in 1985 that was a lot of money.
In the memo I remember what was written,
"for my good friend Brian."
```````````````````````````````````````````
With everything I learned over that 2 1/2 years, it didn't take me long to be profitable.
I got a modest office space, with neighbors that were white-collar professionals, and attorney and CPA.
I had a secretary part-time for 3 months, then full time.
And Glenn even took me to lunch every week, said he missed me.
That first business was very special to me.
I have had several businesses since then, but that first one was my favorite.
````````````````````````````````````````````
My wish for all that reads this is I hope you find your "Glenn" and you bust your tail working and reading. And learning. And Doing!
@Brian Gibbons Is this from your E Book? ;-)
Good information. But the attention span of people is short. Note the success of Twitter with it's 140 character limitation. Broken into much shorter posts, it will have the impact you are looking for.
@Account Closed
If people want to succeed they will read it, especially if they follow me :)
Brian,
That post was amazing. If people don't get inspired by it then they need to really look at whats holding them back.
Thanks @Tyler Kolb
One of my favorites...
IF YOU BELIEVE YOU CAN,
OR YOU BELIEVE YOU CAN NOT,
YOU ARE CORRECT!
@Brian Gibbons thanks for posting about your mentor Glenn again The 1st time you posted about him I read it late at night , saved it & closed out of my email The next morning I read it again , printed it & saved the printed copy in my tickler file so I could & did reread it each & every monday morning including this morning 4/24/17 This 2nd post about you & Glen is much longer & more indepth Thanks!!!
@Account Closed yes it is true that 95% of the people reading Brian's post will not make it all the way thru because of the length , but if they would , read it all the way thru & print it off & reread it atleast once a week , they would soon realize that Brian is sharing with us on how to succeed at anything in life not just REI. This is not a jab at you , but the reason peoples attention span is so short is because they are multi - multi - tasking instead of concentrating on just a few key areas of their lives (jack of all & master of none)
Thanks again Brian & Ken !!! I always learn alot from both of your expert posts
Mark G
Print this out...
````````````````````````
Our Credo as Real Estate Investors:
I am a Real Estate Investor.
Of all of the occupations I have tried, researched, pondered, and read about over the years, there is none which compares to mine. My work is fun. I take ugly houses and make them beautiful. I help people out of difficult situations.
I am a Real Estate Investor. I am my own boss. I often work in my pajamas from the comfort of my home. I have no employees to baby sit, no perishable inventory to move, no franchise fees to pay, and no store to maintain. Still, I am in the top 5% of all income earners.
I am a Real Estate Investor. I now enjoy freedoms I’ve never had before. I am the master of my day. I choose who to work with. I choose my hours, and I decide if I will work 20 hours or 40 hours this week. I can also choose to take the day off, without obtaining anyone’s permission. I can take a month-long vacation. I can sleep in, or take a power nap after lunch if I want. I can review my notes and return my calls while lounging in my jacuzzi. I no longer have to commute during rush hour.
I have the freedom to spend lots of time with my wife and children. I do not have the stress and pressure of needing to close my next deal by the end of the week, by the end of this month, or even by the end of this year.
I live in one of the nicest neighborhoods, in one of the most beautiful states, in the best country that has ever existed on this Earth.
I am a Real Estate Investor. There are many who ‘want’ to be like me; many who are ‘studying’ to be like me; and many more who would be like me, but are just waiting for ‘this opportunity to appear’ or ‘that circumstance to change’… At the end of the day, very few actually are like me.
I have been very fortunate and blessed. I am finally living my dream. I love doing what I do, and I would not trade places with anyone, nor trade my life experiences for anyone else’s.
I am driven by the belief that life is short, and we need to ‘make a difference’ in the short time that we’re here, because after all is said and done, it’s really not about ‘us.’
I am a Real Estate Investor.
@Brian Gibbons, There are fortunes to be made in what you shared, if one would just apply it! Thank you! One of my favorites is:
"Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand."
@Brian Gibbons I printed it & have it posted above my computer screen so I'll see it each & every morning!!!
Thank Again !!!
Mark G
thanks everybody !
@Brian Gibbons sticking with your post and reading it through was totally worth it! I'll be saving it as others are doing. Now it's time to find my own Glenn.
Beautiful post sir! @Brian Gibbons
Everyone has at some point said they can't do something because of the mindset they have towards actually doing that thing. They say this because of lack of insight on that thing, lack of knowledge, fear of failure or simply because someone they look up to say its difficult, complex and complicated.
I never liked my first contact with real estate investing because I can't get involve in anything that does not look organized, planned, structured in a way that you can easily see what you are doing and what efforts or action plan you are making to accomplish your goals and objectives. All I see around me were people just doing transactions with no idea of where they are heading to and that kind of discouraged me to go into real estate.
However, all this changed when I decided to help by developing a business plan and feasibility study on how best anyone can invest in real estate, I carried out series of research, carefully study the facts on the advantages, opportunities and possibilities real estate investing offers, I came up with a business plan coupled with some inspirational quotes that I converted to pictures which can be viewed like your normal picnic pictures we enjoy glancing at every day.
If you take your time to research, study, educate and train yourself to acquire knowledge and the essential skill-set required to to succeed in real estate and of course understand the benefits you enjoy as an investor which includes leverages of ownership, appreciation of equity and tax deductions and depreciation.
My friend if you master how to make the most of these benefits and advantages you will not only have confidence investing in real estate but also help you to build wealth and financial stability as an ideal investor and not a desperate investor who is only out to make money and not grow it. The process of developing your real estate business plan, feasibility study, reading, studying, researching, writing, blogging about real estate investing is vital to real estate investing success, it opens your eyes and mind to useful ideas, new concepts, areas of identified growth opportunities and possibilities in real estate investing.
Many investors fail in real estate investing because they don't seek knowledge before seeking real estate investing experience. I urge you not to make the same mistake.
I wish all the best of success in your real estate investing adventures.
Thanks
Olatunbosun.
@Brian Gibbons, There are fortunes to be made in what you shared, if one would just apply it! Thank you! One of my favorites is:
"Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand."
Love this quote Tom and Brian. Took me a while to comprehend this one: 'those that are convinced against their will are of the same opinion still.' Can't convince those that can't or refuse to open their mind to something new -to change their 'poor dad' mindset. Don't worry about it.
I was talking with my parents this weekend. They are both retired w-2 union/gov't workers. They were telling us about all the cool new cars they used to own early on when my boys asked. A '57 Vic,'62 Crosly, '66 Mustang, etc. About 6 of them altogether. What happened to them I asked? Most they couldn't remember. Two specifically were sold for peanuts to family and the Vic wasted away when dad went to Vietnam. Came back and it was broke down from sitting too long.
What about houses? I asked. Bought first place in Chicago in '69, sold in '75 for double. Bought in Tacoma in '75, sold in '81 for double. And so it went...
Did it cross your mind to buy more houses? They looked at me like I was from the moon. We couldn't afford another house they said. Who does that, buy more than one house? My question was dismissed in an eye roll and huff even though they know I have 3 dozen rentals and could care less about what I drive.
He doesn't wish he bought more houses, but regrets not selling the Vic before he went to Vietnam.
'Pay no attention. He simply doesn't understand.' Perfect!
I'd bet every single investor had your same feelings at first.. the first house is scary! What if pipes are stolen, what if you need a new roof... all the what ifs... when they happen, you learn to roll with punches and move forward! Will things go wrong-- Yes! Once you get over that scared phase, of that "what if" thought process and think "okay, it's a non-negotiable fix, fix it, move forward" it's not scary.. it's a part of investing! You need thick skin, and deep pockets.
I love the quotes and stories from others, but at the end of the day, you gotta ask yourself.. do you have the guts to do this? If you do, put your money where your mouth is and move forward and do it! After you do a few, the fear turns into excitement.
Good luck! BP is a wonderful community to help with your questions, so just know you aren't going at it alone!
Thanks for the post @Alexander Alguire and everyone. I was having my own standing at the foothills of a mountain moment this morning and this helped.
Everybody thinks about quitting. I just think about how much time/money I'd waste if I just quit or sold everything.
I think there's also a "hump" were everything is new and every situation is a huge deal. After a while, it just becomes commonplace and the little things don't phase you. I remember getting into a standoff with a tenant that kept me up for nights. Now, it's just commonplace.
I think about how much hate I got when I started and awesome it feels to see success when people treated you like garbage and counted you out.
Thanks Brian Gibbons, Very inspiring read. I am currently struggling with "upping" my game in marketing. I don't get the social media stuff behind the scenes. I have also considered using VA's in the past but that has been an overwhelming thought. I have been putting off implementation in both of those areas because I just don't know enough. I had looked at a big system for using VA's. Overwhelming. Now I am to the point that I plan start out using a VA for one small area, for the SEO stuff. Baby steps. I don't want to learn the details which has been what has been slowing me down. I just picked up the audio book "Virtual Freedom: How to Work with Virtual Staff to Buy More Time, Become More Productive, and Build Your Dream Business" which is giving the confidence to step into that realm. I have days where I am just overwhelmed and paralyzed, but eventually I shame myself into stepping back in and starting with a small step.
I have decided it's my cycle of learning and that I just have to be patient with myself, allowing a day or two of contemplation when I am stuck, instead of beating up on myself. That just doesn't lead to growth. Your description of the years you kept working for peanuts was helpful because It points out the value of that time and how much you were learing. Thanks
"Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand."
Steve Vaughn, love the illustration of the quote in the story about your parents. Priceless demonstration of that truth!