There are a lot of misconceptions and investing myths out there. Let’s dispel those myths so that you can save yourself from making some of these mistakes.
Up until now, there are probably a few myths that you’ve completely bought in on believing that some of these so called “truths” are the path to success as a real estate investor. After all, with all the real estate flipping shows on the air and all the real estate “gurus” in the industry, it’s fairly easy to fall into that trap. And I get it.
In my early investing years, I have to admit that I believed a few of these myths myself.
But now I’m all about righting the course, shaking off the baggage, and helping my fellow investors overcome the myths that have weighed us all down. Drum roll, please…
MYTH #1: You can be successful by simply getting the “right education”
Sorry to all you academics out there, but this one is FALSE. But before you get all up in arms and start angry tweeting me, know this: education is great. I’m all for learning, growing and developing as a real estate investor and entrepreneur. I believe that this is an industry that thrives on constant learning and constant evolution. Honestly, not a day goes by when I don’t learn something new. But to focus all your time, energy and money on education is a major misstep. And I see it happen all the time.
It’s true. The number of well-meaning newcomers and even experienced real estate investors who put all their cash into classes, programs, workshops and seminars are staggering. And when they “graduate”, they walk away thinking they’re good to go, but they aren’t. Because truth bomb to get ahead in real estate investing, you need three three things:
1. Hard work
2. Time and commitment
3. A well-thought out, well-structured, very consistent plan of action
Can you gain your framework from a rock solid real estate investing education? Sure. But class time isn’t going to help you very much. You can’t just put your “diploma” up on the wall and call yourself a successful investor. Because there is no profit and no success in education alone.
Tips, tools, resources, and scripts are not going to make you money. It is creating that well thought out action plan and EXECUTING it.
The major difference between people who are crushing their market and those who are being crushed by their market is the amount of ACTION they take. It sounds simple but at the end of the day, not everyone can bridge that gap between education and implementation; between knowing what to do and actually getting it done. And that’s why most people can’t take all the information and insights and actually turn them into some semblance of a game plan. That’s why they get crushed.
My advice? It’s simple: don’t be “that person.” Be the real estate investor who bridges the gap and excels. The “real” education comes from actually doing the work—the day-to-day grind is what makes you great. Not all the gurus, the lectures and the lessons.
MYTH #2: Anyone can succeed as a real estate investor
Yes and no.
Anyone with the passion, drive, and ability to apply the hard work, time, commitment, and spot-on plan of attack has the potential to succeed as an investor.
I come in contact with so many people who think real estate investing is some spectator sport. That they can just kick back, relax, and cash the checks. They listen to the gurus and they start to think of this industry as some passive money pit and that just showing up entitles you to all kinds of perks and paydays. Not true.
To get ahead in this industry, you need to be organized, structured, and totally deliberate. You cannot fly by the seat of your pants and hope for the best. You can’t be casual and relaxed and think the pieces are going to fall into place. They just aren’t.
That’s not to say real estate investing needs to eat up your entire life. I know plenty of people who spend a few hours each week on their investment dealings; and it’s working out really well for them. But during those few hours, they’re totally in it to win it.
They’re planning the work and working the plan, and that works for them. And beyond all that, they hold themselves totally accountable for the outcomes in their investing business. They aren’t paying some guru a fortune for the keys to the kingdom that, really, unlock nothing. These investors are simply rolling up their sleeves, digging in and getting it done.
Whether you’re investing part-time, full-time, or fall somewhere in between; this is essential. There’s no switch to flip and no silver bullet to discover. You will never be handed success in this industry. You have to fight for it and earn it.
Make sense? Good. Now let’s do this, together.
We have one goal in mind: to bridge that all-important gap between education and implementation. So let’s go! Let’s bust through all the myths and misleading intel out there and take action. Because the sooner you do, the sooner you bridge the gap. And the sooner you embrace what being a real estate investor really means and really entails, the more success you’ll find in this industry.