Are you self sabotaging? The psychology of real estate investing.
A number of new and not so new real estate investors seem to get stuck at a point. At the core, real estate investing only requires two things. You need an education in the ways of real estate investors and you need to take action. That is it, with those two things, a monkey can make money as a real estate investor.
So why do I have almost daily conversations with real estate investors who have taken the time to educate themselves, and then shut down and take no action? Why is it that I quote Wayne Gretzky often, with “100% of the shots that you don’t take, won’t go in the goal”? Why are intelligent real estate professionals doing nothing and wondering why they don’t make a pile of money?
This weekend, I used peer pressure and good natured bullying, to get an intelligent investor off of his backside. The guy I am talking about has a ton of knowledge, understands how to structure deals, and how to market to find deals. the problem is that getting him to take the steps that will lead to financial fortune is really tough. In converastion, it really all boiled down to one problem, he is comfortable. That comfort is keeping his from living his dream.
In the interest of full disclosure, I am every bit as guilty as everyone else. There are many times when I should have taken action and I did nothing. I should be living on a private island with a team of servants by now. So what is the real roadblock for me and pretty much everyone else not named Donald Trump?
The answer is that we find excuses, many of them imaginary, to cling to our own normalcy. We are taught from a very young age that we are to go to school, get a good job, and work until we are old. That plan sucks. No job will ever take you to the lifestyle that you dream of, and the lottery is just a tax on people who are bad at math.
So how about we all make a pledge to each other. How about we all pledge to be a little uncomfortable? Can we all agree to take the actions that we don’t like, and to have the success that those actions will surely lead to? I have one more question for you. Are you getting in your own way?