Recently, a young weary investor wrote into a short sales forum. He was downcast, discouraged and probably thinking about quitting. He described having three of his three offers turned down. As a result he was rapidly losing his motivation.
What? Losing his motivation for carving out his own place in an exciting investment niche? Losing his motivation for possibly being his own boss, making a great deal of money over time? Losing his motivation for his own personal satisfaction of not having to deal with a difficult boss and co-workers? And he only made three attempts?
Let’s be totally realistic: The mitigation departments at the banks he was trying to do business with don’t care whether he succeeds or fails. His grocery, gas, and credit card bills will have to be paid regardless. But one person did care enough to write into the forum on his behalf. That was an investor who has succeeded and her comments were captivating.
She wrote that 1/3 of her offers are turned down. Is that electric? Can that get you motivated?
But it’s the other 2/3 of her deals that grabs your attention. She is able to rehab 40% of those and put them back on the market at a profit. She also does automatic closings on the remaining 30%.
You can bet the successful investor has her own story. I don’t know what it is but I bet we can easily fill in the gaps. She probably failed at least three times. And she got back up again to eventually claim her prizes. Her short sales successes are not hype, pie-in-the-sky guru double talk. She is performing and she makes a special type of trip to her bank. To deposit her checks.
Short sales is only an example. It is only one way real estate investors can succeed. As has been pointed out, you have to find the real estate investment niche that works for you and your personality. That may be rehabs, pre-foreclosures, buy and hold investments, landlording or a combination of everything. But whatever you choose to do, don’t quit just because you are in the process of learning. Give yourself more than three attempts.
This successful investor gave herself plenty of time to figure out the learning curve. She didn’t quit after one or two or three attempts. She had the same motivation that gets people to the top of Mr. Everest. Her secret is the same secret of all successful people. She had persistence.
How many top athletes, coaches and business people have been faced with at least three turn-downs in their careers? What would have happened if they had quit? No multi-million dollar contracts and deals. No glory. No fantastic view from the top. No personal satisfaction of having done it. There are multitudes of successful real estate investors. You can join that elite group by giving yourself the time, space and mistakes to learn the ropes.