Hey all, Patrick Riddle here with a personal story and a few insights to share.
Over my many years in the REI game, I’ve obviously been a newer investor myself and walked alongside hundreds of newbies — and learned a heck-of-a-lot with them too. And what I’ve noticed is that there are Achilles’ Heels that can sabotage new investors before they really get any momentum going. Shame.
But!
You — yes, I’m talking to you — get to choose whether they’re roadblocks that straight up stop you in your tracks… or mere hurdles that may slow you down until you power through to overcome them.
It’s all in your mindset and how you choose to see them and handle them.
So, yeah, people laughed when I quit college for creative real estate investing, but not when I cashed a check for more than their annual salary! (Insert evil laugh here!)
See, it’s not uncommon in creative real estate investing to make $30,000 or $40,000 or much more on a deal. BUT, there are a number of common challenges that keep beginning real estate investors from ever seeing a big fat check like that.
Let’s take a gander….
Challenge # 1 — Naysayers
This well-meaning but dangerous group of people should be enemy #1 on your “Who to Avoid” list.
Naysayers are everywhere in this day and age. Being negative has become the conditioned response from the masses due to what mainstream media shoves down everyone’s throats.
But you do not have to listen to or even associate with them. Actually, you’ll be better off in every facet of your life if you don’t.
When someone asks you what you do, and they immediately start talking about the terrible state of the real estate market, that buying property no money down is a myth, and how real estate investors are glorified scam artists… RUN!
Do not even say another word to them.
Justifying what you know to be true to someone ignorant on the subject is pointless, futile and flat out unnecessary. If you must say something, I would advise saying, “That’s an interesting point of view,” and then walk away!
Challenge # 2 — Not Having a Strong Enough Why
Do you know exactly why you wanted to become a successful creative real estate investor?
If not, take this time to think about it and clarify what it is that you are moving toward.
Is it to:
- provide for your family
- be your own boss
- free up your time to pursue a certain hobby or sport
- have financial freedom to do what you want, when you want
If you have a strong enough why, you can accomplish almost any how.
So, what’s your why?
Challenge # 3 — Fear of Failure
There are only 2 fears that are inborn when you are brought into this world: 1. the fear of loud noises and 2. the fear of falling.
ALL other fears are learned. That mean: these fears can be unlearned. (Yay!)
In Napoleon Hill’s book, “Think and Grow Rich,” he explains that fear of failure is one of the major roadblocks people must face on the road to personal achievement. Fear of failure can be a paralyzing state and must be confronted squarely.
Here’s what to do to master the fear of failure — it all starts by reframing the way you think about failure. Check out what Thomas J. Watson had to say about it:
“Would you like me to give you a formula for success? It’s quite simple, really. Double your rate of failure. You’re thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure – or you can learn from it. So go ahead and make mistakes. Make all you can. Because, remember that’s where you’ll find success.”
Challenge # 4 — Lack of Continued Education
Most adults regard education as something that they did growing up. They might say, “Been there, done that.” Many people never finish even one book after they graduate from their formal education.
This gives the person with initiative quite an easy advantage.
BUT, the roadblock is “Lack of Continued Education.” Even after reading many creative real estate investing books, attending several seminars and courses, and buying, leasing and selling dozens of houses, I still continue to educate myself.
A grave mistake in any endeavor or occupational field is to think you know it all.
If you are reading this email right now, give yourself a pat on the back. You are already on your way to bulldozing this common challenge.
So, be honest with yourself about these 4 challenges and decide how you’re going to push through them to find true success. You got this.