Welcome back,
Do you ever feel like a failure? I know I have.
The reason I ask is because like you I have felt like a big failure in all sorts of aspects of my life from time to time. Ideally we should raise ourselves to a very high standard, way above the standards that others hold us to. Each of us has so much potential power and energy that can be used for good and to build something great:
- To improve your community.
- To improve your life.
- To improve your family’s well being.
- To improve our customers’ (buyers and seller) lives.
Yet, why is it that we feel like failures occasionally when everything we do and go through help shape us to be the person we are right now?!
While I don’t have the schooling or answers to these questions I do have a little secret that helps me get through the tough times I’ve made mistakes in my real estate investing past (watch video). Some of the past real estate mistakes that sting and come to mind are:
- Paying too much for a property.
- Not acting quickly when a seller is ready to sell.
- Placing a higher priority on my real estate investing business than on my loved ones.
- Being too greedy when buying.
- Over improving a property and losing money on the resale.
- Following my heart when reselling.
- Selling or renting to someone who is not qualified and therefore a much high-risk.
While these mistakes may have cost me time, money, energy, headaches, and potential profits – each one has been valuable in teaching me to never make the same mistakes twice. These mistakes and how to avoid them is something I love instilling into everyone I help investing in manufactured housing through this free real estate investing blog and private training.
Pro Tip: Never make the same mistake twice. Seems obvious right…
When you know an error has been made, here are some simple steps to follow to help insure it is not duplicated.
- Spot a mistake.
- Acknowledge the error and take blame for it. (Feel the pain for a brief while of making the mistake, however do not become depressed about any single mistake for more than a few minutes.)
- Identify where you went wrong and how to correct the mistake, if correctable.
- Consider the different paths you could have taken to prevent this mistake from happening.
- Phone or email a trusted mentor to confirm your findings and ask for additional feedback.
- Never make the same mistake again.
Conclusion: Even when working with a seasoned trainer mistakes may happen. One idea is to always set yourself up for large successes and to mitigate the smallest risk as possible. If mistakes happen there should be steps in place to mitigate these mistakes.
Example to mitigate risk when fist starting (for those wondering): Knowing which “win/win purchase offers” to make to each seller to acquire their mobile home for sale at a price/terms that the seller likes, plus makes the resale both quick and profitable for you. The importance of building a sizable cash-flow business safely and quickly requires crafting and offering “win/win purchase offers” to as many (50 or more following our formula) sellers in your first 30 days of investing in mobile homes. In short: We mitigate our chances for short term failure by making correct offers to every local seller possible in a very short period of time.
While to err is human, these errors never need to happen again if we stay diligent. Strive daily to be a better investor, better spouse, better friend every day.
Every seasoned (long-term successful) real estate investor has failed over and over again. It is not how you fail but how you get back up and fight with even more determination to become the success you know you can be.
If you have unanswered real estate investing questions feel free to reach out to me at the email address below.
And as always… love what you do daily,
John Fedro
support@mobilehomeinvesting.net
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