Knowledge is awesome! You can spend your time collecting a lot of knowledge, but if you don’t put it into action, you’re never going to get anywhere. Keep that in mind, as we talk about some of the Realities of Real Estate Investing, including bad decisions and how to benefit from them, in this video.
Analysis paralysis can really put you behind in your investing career. Some people take education courses for months (and sometimes years) on end, before they ever make a decision.
How bad decisions can benefit you
Making no decision is worse than making a bad decision. At least a bad decision gives you a learning opportunity and a chance to move forward based on what you did wrong. A bad decision can benefit you as it teaches you. It’s all on how you look at it.
- Don’t look at it as just a bad decision
- Look at it as a learning experience
Experience is a benefit. Sometimes learning experiences are costly, but some education programs are also costly. If your experience doesn’t line up with your education, then you’re really not going to go anywhere.
The world wants to hear from you
The world loves to hear rags to riches stories! They don’t want to hear rags to rags stories, so to be able to inspire people, get out and really make a difference in the world, you’ve got to start with yourself. You’ve got to have experience and you’ve got to make the necessary changes and be the change that you want to see in the world.
Bad decisions provide knowledge
Remember the definition of insanity? It’s doing the same thing over and over – and expecting different results.
Take the knowledge that you have and do something with it. Share it and let people know. Tell your friends, your family and your co-workers that you’re becoming a real estate investor…or that you are a real estate investor in training.
Talk about the deals that you’re working on and the decisions you’ve made to let some go, because people need to know that you are knowledgeable in what you’re doing.
You might go through three, four, five, or even ten or twenty deals, before you actually buy one. Talk about your decisions. If you only talk about the one property that you bought and never talk about the properties you didn’t buy (and why you didn’t buy them), it will seem that property is the only property you have experience on.
Invest your knowledge
If you went through 20 properties (and kyboshed them for whatever reason) it can show:
- your knowledge about investing
- you’re willing to invest in the time needed to choose a great property
- you’re someone worth investing with in Real Estate
The person you share your story with might become your mentor partner some day!
So, if you’ve got value out of that, please comment and share and I look forward to talking to you another day.
You can begin to make money and create wealth with what you have now, and I’d love to show you how!