My experience says, no, not even close. Since moving from the house side of the industry to investments, in 1976, I’ve literally had thousands of conversations both in person and over the phone, with investors. Those conversations have steadily increased in numbers annually since I felt forced to do business in states other than California, which began in the last quarter of 2003. As you might expect, I’ve learned a ton from all those conversations.
1. Folks often think positive results from their real estate investment efforts is equivalent to the outcome that was easily possible. That belief alone may be the #1 threat to real estate investors achieving the retirement results for which they work so hard.
2. Even though over 90% of ’em said categorically that their reason for investing in real estate was retirement income, the strategies used were either poorly executed, inappropriate, or chronologically misplaced.
3. People are hungry for real expertise, knowledge, and experience. But most of all . . .
People want results.
The insidious thing though is how we, as humans, are so susceptible to both relative success, and blissful ignorance of what’s possible. Let’s use a non-real estate analogy, and use me as an example.
I’ve worn hearing aids for about six years or so. I’m on my second set. When the first set showed signs of not cuttin’ it any more, I thought it was the way the cookie crumbled. But after it deteriorated too far, I broke down and went back to my audiologist. She’d told me many times, in person no less, that I was a couple generations of technical advances behind. Furthermore, my lifestyle was harder on aids than are most folks. Too many hours a week sweatin’ like a pig is how she so delicately put it. 🙂
She set me up with state of the art aids. They’re magnificent and have excited me as much as when I got my first pair, in fact, more so. The reason is that they allow me to hear better than even my first pair. But wait! There’s more!!
They allow me to connect via bluetooth technology with my laptop, TV, and (There is a God) my cell phone. I’ll admit I had no clue this was even on my menu, not a hint. I won’t bore you here with the huge difference these aids have made in my everyday life, but suffice to say it’s been epic.
Real estate investors are, at least from my experience talkin’ with ’em the last 35 years, mostly stuck with the first pair of hearing aids.
It’s like Grandma taught me early on in life.
It’s not the answers to the questions we already have or wanna ask that get us. It’s the answers to those questions we never knew to ask that can, and routinely do, ambush us –sabotaging our best efforts. We can’t know what we don’t know.
Not knowing what’s on your menu with hearing aids lead me to seriously inferior results, and frankly, much anguish at times. But when compared to real estate investing for your retirement, not knowing what ya don’t know can be tragic when discovered too late to effectively remedy.
I know, cuz I talk with couples pretty much every month who’re in that predicament. Do yourself a favor and find someone for whom you have trust, and who possesses the answers for which you’ll never have the questions.
In other words — find out what’s really on your menu before it’s too late.
What’d he say?!