This is an episode for those who are going out and taking action, but haven’t thought about the fundamentals in awhile. So many people are not focusing on their mindset and remembering what it was like to start your real estate investing journey. You are your biggest competition because you limit yourself because you forget you can take risks or ask for help.
A Competition of One
We all are faced with hundreds of ads every day. Ads are meant to make you question your own life and decisions and make you feel like you need whatever product to be at the next level. Not all of these ads are midguided. There are some that offer genuine support for those that need it and help them achieve goals. However, if you are not keeping track of your business’s metrics, how would you know if that product will actually help you?
- A few days ago I was telling people how I had spent 50k on appraisals for a property. I wasn’t trying to brag about this money I had to sink into the building, but I was trying to put it into context for myself and anyone else who wants to do real estate investing. I spent, in one month, more on an apartment building than I made in my first year on the job as an engineer. I spent about 10k more than what my yearly salary in 2002 was. I want to inspire people. Let them know that they can make changes at any time to make their goals a reality. I also tell people and post it on social media, so a year from now, I can look back and see if I did better or worse in 2019 than 2018. I can adjust my plans to make sure I am growing in the right direction. Doesn’t matter what anyone else is doing, I am focusing on the things that are within my control.
- Be sure to get out of your own way. If you are like me and want to fast track your success, you might reach out to learn things quicker or find a mentor. I paid a ton of money to be in groups with mentors. Some of my mentors were definitely worth the money and some were awful and not worth the money. But I learned from both experiences. You don’t have to spend thousands of dollars to find a mentor, but it can’t hurt to make sure you are surrounding yourself with people who will make you better.
- Don’t focus on your weaknesses. Sounds wrong, right? If you know yourself and know your weaknesses, you need to hire someone to who is strong in your weak points. Don’t waste time trying to force yourself to do something that you can pay someone else to be better than you at. There’s no wasting time.
- Believe in yourself. You might look at people who are so wealthy, you can’t even imagine having that kind of money and, if they’re self-made, they are probably in their mid-50s. They have more time on you and you cannot expect to bypass 30 years of experience to get to the wealth you imagined. Time and experience matter and there is no replacement for it. You can say to yourself that you want to be better than that super wealthy person at their age, perfectly fine, you can say that. Just don’t expect it after 3 years of you working your investing business.
Take the Internet with a Grain of Salt
We tell our teens this and people who are trapped in a cycle of comparison. We need to tell entrepreneurs to watch out for the comparison trap too. I already told you that your biggest competition is yourself. If you follow business leaders or companies that you admire and you are constantly comparing your own strategies or revenue to theirs, you will get frustrated and have a harder time convincing yourself that you can and will get there. Always remember that 90% of the content on the internet is just highlights and are put out to make everyone think everything is so amazing for that person/company all the time. It’s not true and you have to remember that the images don’t tell the full story.
If you love the returns of real estate investing, but don’t want to deal with any people, you have the option to be the bank. You can be part of a trust or a fund. Right now, I have a fund set up for accredited investors with over $5 million in assets. The fund has preferred interest and 70% profit sharing. Visit me at investwithdrmatt.com to find out if you have the opportunity to invest with us.
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