The Fast Track to Failure

The quickest route I have seen many investors take to failure in the real estate investing business is by quitting before they ever have the chance to see their business succeed. Some obstacle comes along that just feels overwhelming and instead of forging on, they just say “I Quit”. Think about it, it’s easier to just quit than it is to forge ahead and solve the problem even when it’s not the easiest solution at the moment. It’s also easier to blame the market, blame your lack of education, or just adopt the “it doesn’t work where I live” kind of attitude than to take responsibility for the success or failure of your real estate business. I have heard “want to be” investors come up with every excuse imaginable not to get started in this very profitable business, and I have heard every excuse as to why it “just didn’t work for me”.

Believe me when I tell you, I have heard it all, and I feel sorry for the folks who adopt these attitudes. They are missing out on a wonderful opportunity to change their lives forever. If I had listened to that kind of negativity or thought so little of my personal abilities when I got started in this business, I wouldn’t be the wealthy entrepreneur I am today.

There are two critical moments when you must have faith in yourself and in your business; when you first begin your business and when your business is in some kind of trouble. It’s easier to be much more optimistic at the onset, it’s not so easy when you are overwhelmed, feeling like you are being pushed in several directions, or having trouble with cash flow. Sometimes quitting may look really attractive and your friends and family may suggest to you that you quit the real estate business and get a job if things aren’t going along just the way they should.

Overcoming problems in your business isn’t easy and there is no magic pill. You just have to decide whether you want it badly enough and adjust your mindset accordingly. There is no short cut; you just have to believe you will succeed and forge ahead. When you get into a difficult situation, and you consider cutting your losses and just quitting, try to think back to the beginning, when you were so excited about getting started in the real estate business. What was your motivation then?

If you have a mentor or someone you can talk to, do that before making any drastic decision you may be sorry for later. Make sure this person is qualified to help you make a decision as to your future before putting faith in their advice. Also make sure you are getting the education you need in all facets of your business so you can best avoid failure by learning how to do things right as you go. Don’t let the possibility of defeat-defeat you or your ultimate goal. Take the time to build and surround yourself with a dream team of people who can help you achieve the goals you have set for yourself and for your business.

If you find yourself overwhelmed by various problems in your business, try to dissect them one at a time and determine the cause and the solution to each problem individually. Deal with your problems one at a time and one day at a time. This is never easy but must be done as any successful business grows. Big problems broken into smaller ones are easier to tackle and solve. One of the biggest problems that may arise for you in the real estate business may be lack of time or lack of money and there are ways to solve both of these problems, especially in the real estate business where the money to do deals is much more accessible.

Compared to the responsibilities of running a successful business, your past life of working for someone else may seem to have been a much more comfortable route to take in retrospect. But is that the outcome you’re really after? Do you really want to work for someone else the rest of your life and make money for them or do you want to be the wealthy entrepreneur you know you can be?

Everyone in this business, even those who are as experienced as I am and have been in the real estate business for many years have seen our fair share of lousy tenants, cash flow problems, houses that didn’t sell quickly, not enough money available and all of the other kinds of problems that can come with this business. Believe me when I tell you, you aren’t inventing any problem that we haven’t all faced at one time or another. The best solution is to take a deep breath, step back and regroup. Then start taking positive steps one by one to correct whatever problem you are facing. This is all part of your learning curve. Once again, if you are getting your education along the way, you will probably be lucky enough to sidestep most of these problems. If you decide to work with a mentor along the way make sure he or she is a successful entrepreneur and is someone who can help you attain the success you are looking for in your business.

To turn your thoughts away from fear of failure, ask yourself this question. Why did I get into the real estate business in the first place? Are those reasons still valid today? Ask yourself about what your original expectations were, are they still possible? Is the short-term problem worth the ultimate outcome? I know this will sound difficult, but take the time to look inside yourself and find the inner strength to pull you through whatever problem you are currently encountering. It will absolutely be worth the time and energy you expend. Surround yourself with like-minded investors who share the same dream you do. This is another way to keep a positive attitude and stay focused on the goal. Overcoming your fear of failure is what will separate you from all the others who choose not to make it in this wonderful business. Only you can sidestep the fast track to failure.