Why Some Succeed And Others Fail
As I have personally attended and taught several real estate investing courses, I have always been intrigued about why some students succeed tremendously, while others fail miserably - all given the same information and education.
There are MANY differences between each person, but when we develop patterns (find common denominators that are present in one group, and not present in the other group), we can determine certain practices, beliefs, and methods that are sure to lead you down the same path (success or failure) as the others in the study group.
There is one blatantly obvious characteristic that is present in every success story, and non-existent in every failure story. You've probably heard it before, but it here it is. You MUST take ACTION!
It is amazing how many people think action is 'over' analyzing data out of fear. Of course fear exists, but those who don't want to take action use "not enough time to analyze" as an excuse. There are tons of fellow investors out there who are not afraid to take action.
When you buy a home to live in, that is an emotional decision. As an investor, every decision must be based on the numbers and the facts (with no emotion). Bottom line - either the numbers work or they don't. Numbers don't lie. But those who are afraid to take action typically continue to analyze the numbers as if they are trying to find a problem with the deal.
Guess what folks! If the numbers do in fact work, and numbers don't lie, then if you don't grab the deal ... another investor will.
You can take as many courses and read as many books as you would like. Information alone will not make you a penny. Acting on your information is where the money is at. Of course that sound easy to say but not easy to do (if you are a beginner), but there are always other 'mentors' out there who would be happy to help you analyze a deal to see if the numbers work.
One word of advice that I pass down to many of my students is to ACT on the information. Here is how I like to consider the word ACT as an acronym:
Action
Compensates
Tremendously
To your success ......