Amp » Learning Curve Crusher: Real Life Lessons Learned From the REI Trenches
You're about to hear an open confession of the biggest, most painful mistakes I've made in my real estate investing biz over the years up to now — and boy, have I made some doozies.
Why spill it all out in the open like this for you? It’s simple: So you can learn from them. To help you avoid experiencing the same scrapes, bruises and gut-punches I got.
I remember when my mentor first told me that, when you’re actively investing in real estate over time, it’s not a matter of “if” someone will file a lawsuit against you (whether a tenant, contractor, seller, lender, etc), it’s a matter of “when”.
I read about a poll from the end of the nineteenth century in which people were asked, “If you were to get rich, become wealthy, how would you do it?” The most popular answer… “build a business”.
The same poll was conducted a hundred years later, but sadly the winning answer had changed… to “sue someone“.
Just goes to show how the mindset of the masses has shifted, eh?
When things go south in real estate investing (and they will), unfortunately it can mean broken agreements, payments falling behind, liens, judgments, foreclosure, bankruptcy.
You've undoubtedly heard many stories of hardship over the last few years… from big-time investors, huge mul-timillion and billion dollar real estate investment companies, developers, banks, mortgage companies…
… but regardless of the adversity faced, there are key lessons to be learned and leveraged into your next deal, your business, your personal life.
Now keep in mind… everyone makes mistakes, period. Whether you’re brand new to the real estate game or a seasoned veteran, no one’s perfect and no one’s immune to your fair share of mistakes. It will happen.
But it’s how you choose to respond, how you react, and what you learn along the way… that makes the difference. Oh, and not necessarily making the exact same mistakes other have already made before you, and are willing to openly share — like me!
So in the video below, I get very raw, real and personal in laying out the biggest mistakes I've made for you — including how I've responded and how I've weathered the storms over the years. My sincere hope is that as you experience these mistakes vicariously through me, you'll learn from them, and avoid duplicating them in your own business and life.
You know, whether you’re just getting started or whether you’re doing a huge volume of deals, you’re gonna make mistakes. Everyone does, and that’s OK.
If you've had a deal go south or if you do in the future, don’t be surprised if someone yells “scam” or “lawsuit” your way! Unfortunately it seems hardwired into the minds of the masses these days.
But hang in there. Take the lessons I shared with you in this video, learn from them and apply them in your business and your life. And realize that, sure, there’s a fair amount of risk investing in real estate. But there’s also a lot of risk driving your car everyday, right?
When investing in real estate, do your best to take calculated risks, but understand that bumps and scrapes along the way are just par for the course.
Educate yourself. Surround yourself with a team of experts. Do your due diligence. Learn from other investors. Do the best you can with what you've got, and treat every mistake you make as an opportunity to learn something new, and become an even better version of yourself.
As for me, I’m just gonna keep moving forward. No matter how long, how hard, I will persist until…