The world is full of people who quit. A study I remember hearing years ago that frightened me terribly was that over 90% of people interested in real estate investments never close their first real estate investment deal.
Why does this failure happen when people have such good intention and ambition when starting out??
Albert Einstein famously said, “You never fail until you stop trying”.
Everyone likes to be first….but often it’s better to be last. Here’s why:
When your last, your the last one to give up, the last to leave, the last to keep trying, the last to hold on to principles and values.
Below are some examples when it pays off to be the last in real estate.
How I Bought, Rehabbed, Rented, Refinanced, and Repeated for 14 Rental Properties
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1. Be The Last To Quit:
I was the 5th investor to see a seller’s beautiful 2-story newly built 2,300 square foot home for sale. The seller had been trying to sell her vacant property unsuccessfully for 4 months without the help of any Realtor or agents. The house was very clean and move in ready.
The seller’s two biggest hurdles to overcome were properly marketing the house and advertising for the right type of buyers. This home was located off the beaten-path so drive by traffic was almost non-existent.
In addition this home was being sold post real estate collapse and while there was a void of bank qualified buyers available, there were plenty of seller financing buyers with down payments waiting and ready to own. This property needed a correct advertising plan and to be sold via owner financing for a quick profitable resale.
As I was the last investor to see the property and my purchase offers were conservative at best, I believed there was little chance that my offer(s) would be accepted.
On our first meeting together the seller and I talked for more than 2 hours. We discussed friends, family, vacations, hobbies, work, business, the property, and more.
By the time we said “good bye” the seller was clear on how I could help purchase her sell her home and how I could not help her. While I was at the home I made the seller 2 purchase offers, a low cash purchase offer and a purchase subject to the mortgage with some seller carry-back financing included.
She said she was not interested in these offers currently but to check back with her in a few weeks. I did just that.
Over the course of 90 days I followed up with this seller making different offers every time we spoke. As the seller’s situation changed I morphed my offers to better suit her needs.
As time went by the seller realized that my offers were the only ones still on the offer table. All my other investor-competition moved on and gave up on this seller.
We ended up closing 4 months later with a Master Lease Option to take control. With persistence and determination I was able to gain control of the property that others could not. My secret was being the last to give up on this seller.
According to followupsucess.com:
- 2% of sales are made on the first contact
- 10% of sales are made on the fourth contact
- 78% of sales are made on the 5th to twelfth contact
2. Be The Last To Lose Faith:
During the beginning of my investing career I looked 15 years old. I had little idea what I was doing when I was talking to sellers.
I made hundreds of errors that lost me money, time, and deals along the way. I was consistently told I would fail by close friends and even family members. I was my loudest and constant supporter.
Everyone gave up on my dreams and my ability to succeed except me. Thousands of time you could have already given up but you continue forward. Congratulations to you! Continue forward and never give up on yourself or your future.
Be your #1 cheerleader and know that if anyone else has had the success you wish to achieve there is no reason why you can’t follow in their success. Be the last to give up on yourself each day.
3. Be The Last to Leave:
Some of the strongest and most valuable real estate advice, mentors, and connections I have made came from local and national real estate investor seminars and club-meetings.
While I am not typically a night owl, I do make the exception for these meetings. During weekly real estate investor club meetings I make it a point to be one of the last ones to leave the meeting in fear of missing something.
Attach yourself to everyone’s and anyone’s conversation to network and grow your experience. Whether you are simply listening to learn or to add content you are welcome to join in any conversation other investors are having.
Here is a secret sentence you may use the next time you find yourself alone and unable to network at a local investor meeting or seminar. Go up to a group of investors talking and ask (with a smile), “Hello. Is this a private conversation or may I join in?” Repeat every time you have no one to talk to and learn from.
In conclusion there will always be people who are smarter, more talented, better connected, and better funded than you. However they don’t always win. Be the last to give up on yourself; then, even if you don’t succeed, you still win.
Love what you do daily,
When has being last paid off in your real estate business?
Be sure to leave your comments below!