Real Estate Investing Tips, Issue #013
Musing on the real estate investing and seminars.

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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Today's Topic: Musings on real estate investing and seminars - #013 July 20, 2005 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Musings on real estate investing and seminars.

How We Deal With Mistakes

It's easy to let obstacles hold us back from accomplishing our real estate investing objectives.

Everybody makes mistakes.

The biggest mistake we can make is giving up when things look bad and when times are tough. I know personally that it's easy to feel defeated and to want to give up when things look darkest.

But that is the time to pour it on and try harder. If you keep with it and learn as you go, you will survive and prosper.

Keeping Emotion Out Of Financial Decision Making

There's actually a lot of emotion involved in real estate investing and it's usually tied to apprehension and fear of the unknown.

These factors cloud our judgment and have a tendency to lead us to flawed choices based on our emotions.

Experienced investors have a big advantage over inexperienced investors for a number of reasons.

First and foremost, there's less emotion when you have $10-100K a month new gross profit, simply because $25K (+ or -) give or take is no big deal, literally.

And it's all a numbers game like any other sales effort.

Get started and hang in there until you make it.

It's a amazing how frequently the gurus say:

"I wish I had started sooner."

Successful investors get going and keep trying until they figure out how to succeed.

If you talk to the gurus one on one, it's clear that survival is the name of the game when you are starting.

In conversations with Louis Brown, he has said repeatedly, "If you can survive the first five years, you'll make it. But many people quit before they get there."

This is out of context and paraphrased.

Ron LeGrand has often interviewed up and coming students to try and indentify what works and what doesn't - in layman's language.

He frequently points out in his interviews that you need to create chaos in order to create success. And inevitably a certain amount of chaos costs money.

Successfull Investors Create and Use Systems

But once the dust settles and the beginning investor learns to systemitize, the chaos transforms into financial stability and strength.

The Key Factor Is Our Thinking

Perhaps the most important aspect to success in real estate investing - and actually any money related endeavor - is taking control of how and what we think about.

Part of it is the whole self talk issue. But the most imnportant component is based on the fact that what we concentrate on becomes our reality.

Knowing What We Want - Or Not

Another factor is not being clear about what we want.

The old addage about "how can you know when you have arrived at your destination if:

1) you don't know where you're going 2) you don't have a map to get there

Regarding Real Estate Investing Seminars:

Seminars and courses are absolutely critical to shrink the learning curve and to avoid mistakes. I firmly believe in education.

It's easy to get all fired up from the high powered seminars - with first hand declarations and testimonies about "how I made $110K net in five months, etc..."

And while these types of examples are really exceptional, they are specific examples of successes.

I think it would be really beneficial to hear the other side of the story from the 'pros' who made it.

That is to say - what they did wrong - how much it cost them and how it affected their lives and how they recovered from it and moved on to success.

For the mostpart, seminar promoters and platform speakers don't want you to hear the negatives because it is hard to sell negatives.

On the other hand, I believe it would help sincere investors - who are beginning - to know the kind of things to watch out for and how to avoid the big dollar mistakes that seem to come out of nowhere when we lack investing experience.

In my opinion, gurus would actually do the real estate investing industry some real good if they were to clarify going into the deal what can actually happen in this business.

This would have a short term effect of possibly dropping initial 'sales per seat' -which is the measure of a seminar promoter's bread and butter.

But in the long run, it would actually be positive in terms of good will and long range loyalty of the customer (the seminar attendee).

The statistics indicate that a significant majority of people who attend a real estate investing seminar will not actually do anything with the information.

The promoters and platform speakers know this.

From my perspective and it can become an issue of ethics and this is where I differ philosophically from a number of the gurus.

To me, it is imperative that when we know more than someone else - particularly related to money - that we watch and advise those whom we make a profit on to be careful and help them get on their feet.

A core philosophy that disturbs me is based on the following criteria:

"Who cares if they make money or not. If they don't spend it with me, they'll spend it with someone else. They are here to spend. It is my duty to take their money."

To Recap:

In that context, this is what seperates the superstars from the failures:

1) They control their thinking and use it as a constuctive tool to manifest what they think about into reality. They get rid of and change negative thinking into positive and constructive thought coupled with action.

2) They don't get emotional about their financial decisions because:

a) they have better information b) more experience c) more capital d) they have trained themselves to work the numbers to max benefit

3) They are focused - very focused - and they do not let outside influences affect that focus - except to make adjustments from time to time to get back on track.

They know what they are doing and where they are going. It is crystal clear.

4) Anyone who has accomplished success will tell you that they had to deal with failures, miscalculations, and mistakes head on - identify the areas to improve and work on that growth until they succeeded.

This is true in business, with money, and in relationships.

So the final and most important factor that differentiates the successful investor from the new be is how they deal with mistakes.

Do they let mistakes and financial errors stop them or do they keep on going?

Ultimately, it's not what happens to you that matters. How you deal with it does.

This is something that all successful people have mastered.

That's it for this time...

Regards,

Michael Barrett

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