A hurricane generates the same power in one day that the entire world generates in 200 days.
Living in Texas, I am well acquainted with hurricanes and the power they contain. The outer bands of a hurricane are where the wind begins to pick up and as it gets closer it becomes increasingly more fierce, until reaching the eye of the storm. We can liken real estate investing to such a natural phenomena.
As a budding new investor or someone on the outside looking for their entrance into the world of Real Estate Investing, the strong winds of information can be confusing and intimidating.
I recently watched a LinkedIn conversation within an REI group where a person inquired about starting out in real estate investing. She was very quickly barraged with replies ranging from “you can make $400k your first year” to “times are tough, be careful”. This lady must have wished she had never asked!
While recently speaking with a new investor about some marketing ideas to motivated sellers, the feelings I experienced in the beginning of my real estate career came rushing back into my mind and body like childhood nostalgia. I quickly recalled how confused and overwhelmed I was in the first couple of years while I drown in the sea of decisions concerning my real estate business. Compassion filled my heart for this budding investor as he struggles to make those same decisions that will bring success to his business. I believe every investor has experienced these feelings at one time.
The 20 Best Books for Aspiring Real Estate Investors!
Here at BiggerPockets, we believe that self-education is one of the most critical parts of long-term success, in business and in life, of course. This list, compiled by the real estate experts at BiggerPockets, contains 20 of the best books to help you jumpstart your real estate career.
Ever Been in a Hurricane?
A hurricane always brings lots of both rain and wind. The wind can be likened to the fierce swirling of information, ideas, philosophies, tips, tricks, etc. that is more than ever available to someone with access to the internet (which is pretty much everyone). High winds are very loud in your ears and cause you to lose your orientation and focus. Too much information is just that, TOO MUCH! Stay focused on an aspect of real estate investing and take action. The swirling of ideas & tricks & programs will lull you into a state of confusion and NON-ACTION! Don’t let the gale force winds take you out!
The rain can be likened to the pitfalls and setbacks from mistakes or just plain misfortune that every investor encounters. Flash flooding occurs and you can’t get through that low water crossing. You seem to be stuck. There is something that is blocking your way to achieving your goals. Every investor has been in this place of waiting and analyzing and regrouping, looking for a better route. Don’t be discouraged! You can’t control the rain, so wait patiently for the opportunities that will come your way.
With a hurricane, it is wise to flee from where the greatest destruction is going to occur, finding shelter and safety. With real estate investing, the key is to weather the storm until you reach the eye. This place is where the experienced investor dwells. Although always continuing to learn, there is a place of stillness that the seasoned investor enjoys and is able to see clearly how to be profitable in his/her niche. This is a place of confidence and surety for the investor. In this place, goals are achieved and dreams are realized.
Remember experienced investor, if you decide to go after a new niche in REI, you will leave the calm of the eye and re-renter the rough elements once again. Somehow I think many of you are thrill seekers anyway 😉
Be encouraged new investor, as you hold your ground through the wind and the rain. If you do not faint, you will enter that coveted eye of the storm. I believe that these are the 3 traits of an investor that allow them to reach this place:
FOCUS ON THESE 3 THINGS
- Being persistent, patient, and not fainting (that is one characteristic, not three)
- Learning to be resourceful in all areas of their business
- Learning from their own and other people’s mistakes
To encourage a new investor, can any of you experienced investors share a time where you had to weather the storm?