Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
Hello all,
So I have been attending a local REIA in my area for last few months and I have seen couple of people who attend every meeting but haven't done any deal. I read some where on this forum that 90% of the real estate "investors" never actually do any transaction.
What do you guys think separates 90% majority from 10% of those who actually get things done. Is it motivation? Laziness on the part of 90%? I don't think it's intelligence, because I have seen some really smart people who fall in the 90% category.
Max -
It is simply a reflection of life in general, in my opinion. The vast majority want things to come to them with as little work as possible - to let life take care of them. Those of us who work hard realize that there are no shortcuts. I think it is simply the new norm - a mentality that we all deserve something without working for it.
I've always had the hustle mentality and can't sit still unless I'm working on something productive -- there aren't many of us out there, but we are definitely out there.
I've read through some of the responses, and I feel like some of these bad characteristics could be good traits.
Billionaire Mark Cuban said the key to his success was eliminating fear of failure. One of my favorite quotes from Mark,
"In business, it doesn't matter how many times you fail. No one cares how many times you fail, and you shouldn't either. All that matters is that you get it right once, and then everybody else can tell you how lucky you are."
I agree with this, but I also find the fear of failure a positive thing. I've been interested in doing my 1st deal now for over a year, and have spent that time researching and learning as much as I can. Today I am confident enough to make an offer, because I put in so much time to learn about all different things.
It boils down to how much you want to succeed and how determined you are. Some RE investors I see want to sit back and not work or put in any time.. some want to manage the project themselves.
Nobodies mentioned having a supportive family and friends around you. I think you overcome a lot of the fears of failure if you have a good support system around you. Being surrounded by cynics will not help in the least.
Success at most things requires decisive action. You need to actually ask that girl at the dance to dance, or make the presentation to close that sale, and yes put the effort into keeping the romance in your marriage. How many times have all of us thought about something we would like to do, accomplish or share and then let it go. too many of us let procrastination, inaction and fear of losing rob us of the best life has to offer.
Great thread! I said this in a previous topic...It takes balls to take calculated risks. The problem is most buy a stock because someone tells them the company is undervalued and they jump into it without doing any research on the company. Same is true with real estate. People see their friends and family investing and they think its as simple as pulling the trigger and buying any old property and all will work out. Some go to every seminar out there and educate themselves and bever buy a property because of the fear yet they call themselves investors. As a financial advisor by trade, I receive a lot of busienss cards and find it comical when I see 10 designations following their names. They spend so much time educating themselves but most that have theis many designations, dont do much business. they are good at going to classes but scared to make the phone call for an appointment with a prospect. Just as Josh mentioned, the true investor gets antsy when they are not doing something productive. there is a wide gap between the doers and the dreamers.
Im not saying this is a good thing but when i go out with couple friends with my wife, and the husband works for a company and relies on that steady paycheck I truley have nothing to talk to them about eccept for the miami dolphins or other sports. When someone talks about waiting for bonuses from their company or their raise thats coming up, its greak to me. I dont speak that language. It will always be like this. I beleive alot comes from upbringing. I had nothing so I wanted the opposite of what I had or what I saw. The best analogy I use is Im the "cuban refugee" that will jump on a life raft and float 90 miles in shark infested waters and storms to get to the coast of florida all because I want a better life, this person is willing to risk everything to get to a life that they have never even personally exprerienced. They only heard the stories and urband legends. Thats me and most doers. they will risk everything to float away from fiscal mediocracy.
So I have been attending a local REIA in my area for last few months and I have seen couple of people who attend every meeting but haven't done any deal. I read some where on this forum that 90% of the real estate "investors" never actually do any transaction.
MONEY!
What do you guys think separates 90% majority from 10% of those who actually get things done. Is it motivation? Laziness on the part of 90%? I don't think it's intelligence, because I have seen some really smart people who fall in the 90% category.