I love this business and I know that when done right, you can live a lifestyle most people only dream about. Freedom of time, money enough to never have to worry while feeling fulfillment from creating something.
In order to make this business as good as it can be, there are a few things we need watch out for. Mistakes that all people in this business that I really admire have managed to avoid. Here we go:
1. Hanging around to many Naysayers.
This is discussed everywhere all the time and so for a good reason. In my opinion few things are as toxic as trying to accomplish something when nobody around believes in your abilities to go after what you want.
2. Comparing yourself to others.
Having idols is a great source of inspiration. You can read up on them, get inspired by their works and get happier just thinking about them. That said, having idols is NOT comparing yourself to them. Or any one else for that matter. The only way forward is to compare you to your former self. The only thing we want is to be a little bit better than we were yesterday. Fight against yourself, not others! This motivates you. Comparing yourself to others beat you down. Be the best you.
3. Thinking you can do everything yourself.
You can, but you won’t be a real estate investor, you will be a worker. It’s as simple as this. You will always be better of making $100 without work than $10000 after restoring the whole house yourself. Why? Because your business is and never will be scalable when you try to do everything yourself. Learn to get help and delegate. Your time equals money, so make sure you have all your time available!
4. Trust your intuition, but be smart and listen to others.
You need knowledge and some math skills to succeed. Intuition is good but won’t ever be great until you add knowledge and math. Study, ask professionals and make sure the numbers add up before you go through with any deal.
5. Be firm and fair.
It’s in the human nature to want as much as you can get. That means everybody is going to ask you for everything you can give them and if you aren’t firm, they will take it. That said it’s not mean to be firm. It’s fair and often creates a more harmonious relationship to your tenants, buyers, sellers, property managers and contractors. It’s like dogs or kids. Spoil them and you will end up with trouble and drama. Neither you, your dog or your kid will feel good about it.
6. Urgent isn’t always important.
Always focus on what’s important, take what’s urgent with a pinch of salt. Important is the core of our business, our goals and our values. Urgent is something that takes (takes, not needs) our time at any given moment. What I’ve learned is that you always want to focus on what’s important. Urgent things tend to become less urgent if you just give them some time.
7. Have clear longterm goals.
Your goal isn’t your average new years resolution about loosing some wait. It’s clear, written out, longterm and it’s something you should tell all your friends and family about.