Pretty strange title, eh? Don’t I need to have success to make millions in real estate? Well, yes but success comes from failure. Progress comes from lessons.
In the end, solving problems is where money is made in business. Real estate investing is a business and you ought to be treating it that way.
Failing Your Way to Millions with Real Estate
One thing that holds us back in our success is the fear of failure. Whether it is the fear of a mistake that costs you money on a deal or the fear of overpaying, they go on and on. (btw, you should never overpay if you learned to buy right).
How to guarantee you never mistake
Ready for this epiphany? Don’t ever do a deal and then you will never make a mistake. Yes I know, a bit ridiculous but I’m making a point here.
No matter how good you are at finding deals, analyzing deals, or negotiating – things just happen sometimes. Maybe it is something you should have foreseen and maybe it’s something that you in no way could.
That is fine. It is how you handle those situations and how you learn from them that really impact your long-term success.
Renovation Surprises Are the Norm
I find so often when I work with people they have this war story about a renovation project that was so much more involved then they had planned. They had too many surprises come up or they handled something incorrectly that caused more work. They feel like a failure.
No Such Thing as Failures, Just Lessons
The first time I heard that statement it blew my mind. It was while listening to a Tony Robbins seminar and it was border line life changing.
Instead of calling myself an idiot and feeling like a loser when something bad happened with my real estate projects, I started to realize those incidents were lessons on how to do things even better on the next project.
With each property you will always have one or two things, whether big or little, that happen unique to that deal. That is the beauty of it. You learn something new on every single deal!
You then get to benefit from that experience on the next deal. How awesome is that!
Be prudent. Run your numbers, use the calculator. Buy right. But understand you will still come across problems no matter how well you analyze a deal. So don’t let the fear stop you, learn from those moments. They are stepping stones to your millions in real estate!