Today’s REI Classroom Lesson
In today’s REI Classroom, J Massey explains how it sometimes takes failing to push yourself work through to the solution. Failure can bring out the best in people.
REI Classroom Summary
When failure occurs, it’s an opportunity for you to see your weaknesses and be better in the long run.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the flipnerd.com REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
J. Massey: Hello, everyone. This is J. Massey, CEO of Cashflow Diary and host of the Cashflow Diary podcast, and in this session of REI classroom, what we’re going to talk about is how failing more brings you more opportunity.
Mike: This REI Classroom real estate lesson is sponsored by theinvestormachine.com, FlipNerd’s private investor coaching program and your blueprint to investing success.
J. Massey: Well, J., what do you mean, “Failing more and brings me more opportunity?” Here’s the thing. One of the things you’ve heard me say before is fail fast, fail forward, and fail frequently. Well, here’s the thing that is holding you back from those larger deals you’re talking about, that you keep dreaming about, that you say, “One day, I’m going to get that one done.” Well, here’s what’s missing.
You don’t have enough confidence behind your experience. Maybe every deal you’ve done has gone well, and in fact, if you’re looking at someone, and all they say is, “All my deals have gone well,” I actually wouldn’t trust their experience, not because everything has gone well, but because what happens the first time they experience something not going well? I don’t know how they’re going to respond. Are they going to jump bail, jump ship? I have no idea.
Here’s what I do know. By failing more, you have a shot at gaining more experience. You are like, J., “But I don’t want to do that. It hurts.” I didn’t say it would feel great, but what I will say is that it helps you develop more confidence. Let me explain. A few years ago, I was in a situation in which my property manager and my rehab contractor were the same entity. So lesson number one, don’t do that. Number two, it’s called the single point of failure. That’s not what I want you to do, and here’s why. An airplane, well, has two wings for a reason, and from there it cannot fly with just one. Here’s my point to you.
When that occurred, it opened up an opportunity for significant embezzlement, and this is what happened. Now, obviously we discovered it, right? Obviously, we got rid of them. Obviously, many things happened, but chief among them, we learned how to develop multiple property managers in every market that we go. So no longer do we only have a first ring quarterback, we have a first and a second, and this is for every team, whether that’s a management team, whether that’s a rehab team, whether that’s an emergency team, it doesn’t matter. You have a primary and a secondary, and you know what that did it? It helped us become a bigger, better, badder organization.
Also, because of that, seeing all the things that we went through, we went from that situation to be able to tackling one of our largest assets to date, a 182 unit building which I promise you, myself and my team, would not have felt confident taking down without seeing us come together because of the prior mishap.
My point is this. As has been said in the movie “The Matrix,” “You don’t know someone until you fight them.” You don’t know you until you are faced with the things that you are absolutely afraid of, and they are when you are on the other side of failure. You must experience those failure events to find out what’s inside so that one day when you are in front of the investor, the seller, the buyer who has the exact same fear you used to have, you can inspire confidence in them. It’s been fun talking to you guys today. I look forward to talking to you soon. Until next time.
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