Real Estate Tuition - Mindset Hack
Over this past year (my first year of investing), my wife and I have had MANY expected and unexpected expenses in terms of our real estate journey. Many of the unexpected expenses left us temporarily feeling defeated. But, one positive spin that has kept us motivated through all of it was the mindset hack we created of us being in real estate school and paying our real estate tuition.
If you think about it, to become good at anything, it will most likely (but not always) take some form of financial sacrifice in the beginning. Nothing worthwhile will come free in this world. To become a plumber, electrician or similar tradesman, you must pay for trade school. To become a teacher, you must pay for your bachelor’s and master’s. You get the point.
While there may be no formal training requirement to be a real estate investor, you will have to pay your dues or as I call it, your "real estate tuition", along the way. For RE investors, this tuition is paid in a much different way than we traditionally think of tuition. For my wife and I, in our first year, some tuition consisted of:
Down payments on our properties
Starting our LLC
Replacing a roof
Replacing a walkway
Having a unit go vacant for 3 months and having to pay for the rehab
Joining our local REIA
Hiring a coach
Joining A Mastermind
The main point I am trying to get across here is that nothing comes free, especially as a newer RE investor. Expect that you will have some initial expenses as you start your REI journey. Some of these expenses may be you experimenting/trying new things and some will be those WTF/SMH expenses. Just as you would view tuition for school, see each of these expenses (the expected and unexpected ones) as an investment in the future YOU. Learn everything you can from them and make yourself a better and wiser RE investor tomorrow.