Photo above: Silver Creek Garden
Most people never finish a Real Estate Investing Program once they start. By "program" I mean any organized plan to invest in real estate.
I'm not really sure why people give up too early but it's a common pattern that we're all guilty of.
The art of patience and self-discipline seems to have disappeared from the psyche of the masses. Not really sure why but everywhere I turn people want the quick fix, the quick cash, the quick wealth.
This obsession with "quick" is a fatal flaw.
Let me relate this as best I can to a real estate investing program. A client we work with had a goal to buy six properties in one year. And another had no real goal but just wanted to get started and make money with real estate investing.
The first client made six offers and lost out on every single one before getting his first property.
The second client made an offer on one property and lost out on it and gave up on the real estate investing program altogether. Totally gave up after not winning his first offer.
The first client now (9 months later) owns six properties all producing positive cash flow.
The second client has no properties (we no longer work with him so I could be wrong, but I doubt he has any and I would be happy to be proven wrong).
The first client's net worth according to my rough calculations based on an appreciation of 8% that occurred in the area has increased by $50,000. And that's just this past 9 months. With the positive cash flow, immediate cash extraction, tax write-offs, and equity build-up in the property it could be more. And the real wealth will build not now but over the next several years.
Why does one person quit while the next person continues on?
I've been obsessed with this question. And I think the answer lies mainly in each person's maturity level. At a certain point, you just realize that you have to put in consistent focused work to reap any rewards.
Early in a person's "wealth building" cycle, they are too scattered. Always looking for the next big thing. Always looking for the next best real estate investing program. They go from wanted to flip, to rent, to apartment buildings, to land development, to nothing.
I think that's why many people run around like chickens with their head cut off from one boot camp, to another seminar, to the next networking event. When you're always striving for the next big thing you don't focus long enough to achieve anything.
Achieving your goals isn't very complicated. But I guess keeping focused is. It's a challenge for me.
This post is inspired by something I read in one of Robin Sharma's books, The Greatness Guide.
And he has this line in it "Consistency. It's amazing how far you will get by just staying with something long enough."
This is true for a real estate investing program and for everything.
A while back I was a sales manager at a software company as it was going public on the New York Stock Exchange (NYSE).
Most sales reps would join and if they didn't have immediate success would give up. But there was this one guy who really struggled out of the gates. Didn't hit his monthly, quarterly or yearly quotas. Not even close. And I even asked him if this was the right field of work for him.
Now most people would get discouraged if your sales manager was trying to talk you out of your job. But he didn't bite. He just kept working and working and working. Today he's one of the top two sales reps in the entire division.
Now I don't mean any disrespect to him but his sales talent was average at best.
But his ability to stay consistent and to keep working was ABOVE AVERAGE.
This is an important lesson. His skills were below average but it didn't really matter because he consistently kept at his goal.
And I've learned that being consistent is more important than being talented.
We all know talented people not living up to their potential.
But I bet you don't know many people who stick with their goal through thick and thin.
It's easy to give up during the lull period before you hit success. I think the key to achieving anything you want is realizing that once the initial enthusiasm of your quest wears off it's critical to keep with it and fight your way through the lull we all experience just before success.
Let me be clear.....I've read about the concept of "fighting on until you hit success" for years but never really understood it until about four or five years ago.
Now I know the pattern. I know that just when my enthusiasm cools on a new idea....if at that exact time I press on anyway I will hit the goal. I almost watch for the "lull" now. Because I know it's at that point I am so close to success. It's at that point that I know if I just buckle down and press on I will win the day.
And you how I came to understand this?
I finally didn't quit at new challenge. I stuck with it and battled on. The confidence that I now have knowing that I can achieve almost anything that I put my mind to is invaluable to me.
As you've read elsewhere on this site, don't follow the masses and quit too early.
Success in anything you want, even in a real estate investing program, is really pretty simple.
What goal have you not achieved lately? Did you stay with it long enough? I doubt it.
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