Building Wealth Starts with BelievingPosted on January 16, 2012 by
Over the Christmas Holidays my sweet friend, Cindy, called and expressed her desire to succeed in real estate investing. She also conveyed her frustration over how slow her progress has been. Her goal is one that most people can understand – build wealth so she and her family can live life comfortably and at its fullest. But understandably, and like most people, she wants it yesterday.
I told her that Bill and I made every mistake in the book when we started investing. We didn’t have any money and we didn’t have much support from family and friends – a tough combination in this industry. But by golly, we had determination. And determination and persistence is a strong foundation for success.
The cool thing about Cindy is, she has that same determination. She believes in herself. She believes in herself!
She and her husband, Harold, attend seminars and monthly REIA meetings. They take pages of notes, study on various websites and surround themselves with friends who are also interested in real estate. Their idea of family time is cruising the streets with their three kids looking for properties for sale. Cindy and Harold are determined to instill in their kids the value of having their capital work for them, instead of them working for their capital.
Personally, I have no doubt that Cindy and Harold will succeed. Even though they lost money in 2006 on a rental property, they refuse to let that disappointment cast a dark shadow on their plans.
I’m learning from my mistakes,” Cindy said. “Of course, I don’t want to get analysis paralysis, but being scared is good. The fear keeps me on my toes and reminds me of hard lessons learned.”
Like most new investors, Cindy has more time than money and still fears the what-if-the-homeowner-says-yes question. But she has faith that if she finds a good deal, the money will find her. So she plows forward in pursuit of her dreams.
Recently, Cindy and Harold spoke with a mobile home park owner who made them an interesting offer on four mobile homes. With her sights set on jumping into the rental game again, Cindy’s long-term goal is to cultivate a trusting friendship with the park owner and eventually buy the park with owner financing. Talk about determination to succeed!
If you have a passion for this industry, then start at the beginning – Believe in yourself.
Believing that you can succeed is the first step toward success.