The reason many people don’t get started in real estate is because they’re worried about failing. In this short video with Tim Ferriss, bestselling author of The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich and most recently Tribe of Mentors: Short Life Advice from the Best in the World, we explore the idea that failure isn’t necessarily bad—and that embracing it can actually help you reach bigger success more quickly and more easily.
So what should newbies focus on when seeking success in real estate investing?
Related: The Colossal Fail: How a Hard Landing Can Make You a Better Investor
3 Ways to Succeed Despite Failure (Video With Tim Ferriss!)
According to Tim Ferriss, if you do your homework and
- Focus on projects that help you build skills and relationships,
- Occasionally think very big and aim very big (within reason), and
- Always try to cap your downside (meaning manage risk),
…it’s hard to fail. A big proponent of this mentality is Scott Adams, creator of Dilbert. For more of his philosophies, check out this article. The point is that the path to success always involves getting started and making lots of mistakes, which allows you to succeed even if you fail.
Want to hear more of our interview with Tim Ferriss?
Check out BiggerPockets Podcast 254 for a 2+ hour conversation on the patterns and habits that help high achievers attain their goals.