FAILURE! It’s time to make some mistakes and screw up!
So what’s in store for you in 2015?
Are you going to be batting 100 . . . following the same old same old?
It worked last year and the year before, so it should work this year?
Are you playing it safe? Doing what has always worked . . . because . . . well . . . it always worked?
Or how about you take all this knowledge you have of Real Estate and shake things up a bit?
Go from doing ok to doing every well.
You would not recognize me as a teenager. Imagine, people signing my yearbook saying you were so quiet in class we did’t know you were there. My first speech in speech class in college – passed out cold from fear . I learned to play it safe real fast. I was wasn’t the cool kid and didn’t want to be the center of attention, let alone the person at the front of the room.
Then about 5 years later I am told at my job that I must teach a class to a room of people from 10 to maybe 50 people at least once every 3 months. Materials are created for me, I just have to teach. I was terrified. But I knew my stuff, the materials were all there, I just had to use them. I did so well, that they wanted me to teach more often and guess what ! I HAD FUN.
I was afraid of speaking so I just didn’t do it. I played it safe and let others take the spot light. They got the A in school and I got the B+ because I didn’t put for the effort.
Fast forward to real estate. I know my stuff and so does my team. However, we find ourselves playing it safe. I don’t want to make that investment because I don’t know how it will turn out. We were in that same place after learning about investing in non-performing 2nd mortgage.
We were educated on the topic.
We knew what to look for and the due diligence.
We had a mentor to help us in the rough spots and we even had a work out company to do the work for us.
We jumped in and spent $50,000 on a pool of 8.
So how did that work out for us? Not spectacular yet, but we are doing ok.
– One worked out and we sold it for a $10,000 profit.
– One worked out and has been paying for a year.
– One we foreclosed and took the house back, renovated and sold and will make about a $10,000 profit when the new financing we created pays off.
– Two took a little longer and we just worked them out and they has been paying for 5 months.
– One is being worked out as I type.
– And one is a paperwork nightmare. Our learning experience that once we finally get through it will make us a few thousand if they start paying or about $40,000 if we foreclose and sell the house.
Did we fail, on some yes, but we were minorly successful on the rest and we just bought another one a few months ago and it worked out in 2 months, got paid off and we made $10,000 . That’s $10,000, tax free made in a Roth IRA.
We didn’t know anything about this 2 years ago, but we were in the let’s try anything within reason with an educated research beforehand. Because what we were doing was paying the bills, but it was not where we wanted to be.
We took a leap of faith and went to a bootcamp, then another one and then . . . . .GULP . . . we bit the big one and invested in mentoring. We had never done that before. We figured we could either learn something and improve our situation or we could spend the money, and fail miserably.
We didn’t fail and the profit from our 2nd note we did, pretty much paid for that mentoring. The knowledge we gained and the people we have connected with through that mentoring over the past 3 years has changed our team both personally and from a business perspective.
All of this because we took a chance. A leap of faith and we were not afraid to . . . . back that up, we were afraid to fail, but because we had done our research and knew our skills as they pertained to this leap of faith, . .. we were fairly certain at the very least we would break even.
So have you failed today?
Note, I decided to write this article this afternoon because of two other articles that came across my screen in the past 20 minutes:
The Slow Climb to Success: Why You Should Embrace Real Estate’s ‘Unsexy’ Side, from MAREI Member Andrew Syrios on BiggerPockets.
Freedom is Going All-In, from former MAREI Member Eric Deeter on EricDeeter.com
- This was even the them on Mike and Molly last night, Molly was afraid to turn in the book she had written to her publisher because she was afraid it would not be good enough.
So go out there and seize the year.
If your goals are in the Real Estate Investing Arena some things to try this year might be.
- Join your local real estate investing association and GO to the meetings and learn something.
- Check out all the different classes on topics that interest you.
- Do your research and know what niche you want to implement and spend some money on training, maybe even mentoring
- Go look at deals, evaluate deals, make offers on deals, do some deals.
We have many people that come to MAREI for years who say they are a “Real Estate Investor” or they are “Going to Be a Real Estate Investor” but you are not either one until you actually invest. If you don’t have the education, get it. If you have the education, dust it off and implement it! Actually go out and start investing!