J. Massey lets us know what the greatest challenge is and how failing isn’t always bad.
Coming to the realization that you’re no longer getting paid for your time but instead because of your results can be life changing. Recognizing opportunity and taking action are one of the few things that can be done to overcome a challenge.
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.: Hi, this is J. Massey with the CashflowDiary.com. And in this video, I’m going to explain to you how to overcome challenges in life and business.
Mike: This REI Classroom real estate lesson is sponsored by AceBusinessFunding.com.
J.: So you’ve been in business a little while and/or maybe you just said, “I’m going to make this thing happen.” Awesome. But the challenges don’t wait and they come immediately and all of a sudden you feel like, “Man, what did I do? How do I deal with this?”
Your world is changing before you and I completely get it. You’re learning to relate to everything that you’ve been relating to in your entire life from your spouse, from the crock because that’s a different enemy, and your children, or your friends, or even something as simple as should I go to the movies or should I work on that next marketing campaign or write another offer? I understand.
Here’s the thing. The greatest challenge you’re going to face in business and/or life is actually you. And that should be a sense of relief because once you’ve learned, and as you learn to master you, you have a shot at actually achieving significantly more than the average person and specifically because you’ve chosen the great field of real estate.
Here’s the thing. One of the things you must get a handle on is the fact that you’re no longer paid for your time. You were paid for a result. And learning to discipline yourself, your mind, your thought process, your body, everything to help you produce that result is a very important key to being successful, obviously in business as well as life.
Here’s the first and most important thing if I could teach you anything right now that I would love for you to do is I want you to fail fast, fail forward and fail frequently. Our fear of failure comes from many different places, but one of the most common places for most of us was actually our schooling system and that can be a challenge. It’s where we’re taught to get it right, to get it right the first time and, by the way, you can’t have any help because that’s called cheating. The challenge is you need help and very few entrepreneurs get it right and they never, rarely, if ever get it right the first time.
So what have you got to do? You must learn to be comfortable with failing fast. What does that mean? That means when you recognize an opportunity, when you see a house for sale, when you understand that you should go in a direction, this is not the time to talk to 12 people. This is the time to take action. You must learn to fail forward. What does that mean? You’re going to write an offer. You’re going to hear no. You’re going to ask someone to buy and they’re going to say, “Absolutely not.” And you’re going to ask someone to invest and they’re going to look at you funny and you were like, “I have no clue why anyone would do that.”
Here’s the thing. I need you to do it again anyway. We must learn to fail forward. Don’t fail and then go the other direction and try something completely different. And you got to learn to fail frequently. So you say, “All right, cool. J, I wrote an offer today.” That’s awesome. It didn’t go well.
Well, the worst thing you can do is wait five days before you write another offer. I want you to write another offer the same day. In fact, more frequently, the better. We often treat things like writing an offer, and getting involved in real estate investing, and talking to buyers, sellers and investors like they’re an event. They’re not an event. Your birthday is an event. Christmas is an event. Easter, these are events. New Years, Hanukkah, those are events.
You are now a real estate investor. You write offers for a living. It’s not an event if you are asked to take out the trash. Neither should it be an event if you write an offer. You just get up and do it. It is part of the price for wearing the name badge that says, “Hi, I’m an investor.”
Here’s the thing. What makes real estate challenging is that it is one of the most complicated relationship businesses on the planet. It requires more relationships than any other business I can think of for everybody to be communicating and operating in the same direction at the same time than any other business just to get one transaction done.
So the number one skill you could begin to develop other than communication is understanding your intra-personal self, meaning your emotions. It’s time to develop personally so that you can become the leader your friends are hoping you are and I believe you can be. The version of you that sitting here today isn’t the version that you’re going to be introduced to once you have that five-unit building, that 100 units, that 200 units, whatever it is that you’re after.
And the only thing I can say to you is that I’ve been there and I understand. You’ve got to understand when I first started in real estate investing, I was squatting on bank-owned property. I had a credit score of 398. Couldn’t put $75 together. But today, I’ve got many hundreds of units, have a commercial building as well as a cell phone tower inside of our portfolio.
I’ve changed. I’ve grown. There have been challenges, but I’ve done my best in this video to give you an overview of some of the things that I know you’re going to face. And the number one thing that causes people to quit is that no one told them it was going to be like that. See mama said there’d be days like that, and you were prepared for it and here they come. It’s been fun talking to you guys today. I look forward to talking to you soon. Until next time.
Mike: AceBusinessFunding.com can help you get access to up to $150,000 in revolving credit lines to fund your business with rates as low as 0% for the first 12 to 18 months. Use the funds for start-up costs, marketing, inventory, heck, you can even use it to buy houses and pay for rehabs or almost anything else that your business needs. If they can’t get you funding, you don’t pay a dime. Get funds for your business today at AceBusinessFunding.com.
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