Apr 11
25

Hurry Up and Fail Your Way to Success

10 Comments

“The easiest way to become something special is also the fastest: Just start doing it. Don’t wait for the right time. Don’t worry about not being qualified. And don’t worry about getting paid for it. Just start doing it.”
~ Michael Masterson, The Pledge

The first investment we made was a bit of a fluke. It made us a lot of money.

But of the ten that followed in our first few years as investors, at least half of them gave us a battle scars. Some scars were deeper and much more painful than others.

We lost money on a condo in Toronto during one of the hottest condo markets in history, went to court over fire code violations on a six plex in Niagara Falls, had to evict a tenant that pulled a knife on another tenant in a Tri-plex in Toronto, learned the hard way who makes a good joint venture partner and who doesn’t and … well the list goes on.

At the time we were absolutely miserable and considered selling everything and quitting real estate forever.

We weren’t having a good time. We were both so stressed it was ridiculous. I actually got to the point where I weighed as much as I did in Grade 7. We broke up for over a year. And I don’t even want to talk about the financial strain we both felt.

It took a whole lot of time but we did get through it all. And I want to let you in on a little secret:

Stepping up, taking action and making mistakes put us on the fast track to success.

I’m not encouraging you to go out and make a big mess of things. You CAN succeed without having your very own crack house or ever having to dig yourself out of a major negative cash flow situation. But I am giving you permission to mess up because it actually makes you better!

If you want to be a successful real estate investor there are things you can do to avoid a lot of the mistakes we made (and we will help you step by step if you want … you can always apply for a spot in one of our coaching programs), but even with the best coaching in the world you still have to be willing to make mistakes and endure some failures.

People WILL say no. Houses will require repairs you didn’t expect and other issues will crop up. You MUST be willing to make  few mistakes and deal with a few unexpected problems in order to become successful.

It’s going to feel awkward the first time you make an offer, show a tenant a home, or sit down to discuss a potential deal with a JV partner. You can read all the books on your shelf and take all the courses that cross your path but the reality is that  it will ALWAYS be uncomfortable until you start doing it. The quicker you start doing it the faster you’ll master the skill and become successful.

Accept the fact that the first time you do anything it’s going to be done poorly. Forgive yourself and get to it.

That’s all I want to say today …

 

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This entry was posted on April 25, 2011 at 7:58 am. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Posted in Real Estate Investing by Rev N You 10 Comments

10 Responses to "Hurry Up and Fail Your Way to Success"

  • Sharon Vornholt says:
    April 25, 2011 at 4:00 pm

    Great post guys. We all have battlle scars, but it takes courage to share them. New investors need to understand that not everything will go perfectly all of the time, especially in the beginning. Thanks for sharing.
    Sharon Vornholt´s last [type] ..Comment on Cost VS Value by Best web hosting company

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    Julie Broad Reply:
    April 25th, 2011 at 9:03 pm

    Hi Sharon! Thanks for stopping by! Things doing always go perfectly and we’re coming up on our 10 year anniversary as investors!! The big thing I didn’t say and I should have is that you reflect and learn from the mistakes so you don’t make ‘em again! :)
    Julie Broad´s last [type] ..Hurry Up and Fail Your Way to Success

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    Sharon Vornholt Reply:
    April 25th, 2011 at 10:09 pm

    Absolutely! I don’t have a problem “saving” others from making the same mistakes I made.
    Sharon Vornholt´s last [type] ..Comment on Cost VS Value by Best web hosting company

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  • mobilehomegurl says:
    April 26, 2011 at 3:13 am

    Honest and thought provoking post, Julie! Oh my goodness, I’ve definitely had my “downs” through the years in this business. I can definitely relate!

    There have been times where I ask myself, “What am I doing? And, why am I putting myself through this?” Running a business (whether it be real estate or something else) can really be a rollercoaster at times!!

    But I guess, at the end of the day – I guess looking at the options can really shed some light. Though, it’s sometimes hard for me to see the big picture when working the day to day operations.

    I’ve made soooo many mistakes in this business. And, it’s definitely been a learning experience. You’re so right – sometimes you just have to go out there and do it. Even with all the books and courses I’ve read in the past, it doesen’t compare with the experience gained being out in the field.

    Honestly, I had no idea what I was doing on my first deal. Everything I learned and read in books and courses just went out the door, my mind was a blank! But, getting through it and just pushing through really gave me the experience to continue. Had I stopped, things probably would have been different – life would have been different.

    Most folks would not think failure is a part of success. But, it is. It’s our failures where we learn the most and it’s our failures that make us stronger.

    Thanks for another thought provoking post Julie, I enjoyed it! :)

    p.s. Speaking of rollercoasters, I thought you may enjoy this video “The Entrepreneur Rollercoaster”:
    http://www.youtube.com/watch?v=XKocnAS345U&playnext=1&list=PL61F2824A09D8AEDF

    I’m experiencing this rollercoaster myself right about now!! :)

    [Reply]

    Julie Broad Reply:
    April 26th, 2011 at 4:55 pm

    Hey Rachel -
    Thanks for stopping by and sharing your experiences. I had a call with someone yesterday who had recently attended an event where he heard 10 different speakers get up and share their stories and their lessons. He said that almost all of them made it sound so easy … and yet he said just a simple thing like finding a realtor to work with that is good and has experience with investments is killing him. He was so grateful to hear that you have to struggle a bit to get to where you want to go. There are very few people who achieve any level of success without some struggles. I don’t believe there is anything like an overnight success. Some people catch breaks but the reality is they were busting their butt off when the break came … they just recognized opportunity and went for it! Not everything works out like you hope it will but some things turn out much better.

    Anyway – hang on for the ride Rachel. I know you will and I know you’ll find a way to enjoy it.

    Julie

    p.s I think you’ve shared that video before!! It’s a good one.
    Julie Broad´s last [type] ..Hurry Up and Fail Your Way to Success

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    mobilehomegurl Reply:
    April 27th, 2011 at 3:04 am

    Thanks for the vote of confidence Julie, I appreciate it! You’re definitely right – even the simplest things like hiring don’t come easy. It does take work to be successful.

    I guess sometimes it’s just hard for me to see that being in the everyday operation of things. Today, I had a bit of a revelation as I had lunch with my favorite park.

    We were having a meeting about the park and its operations. And, as I sat there – I realized that my issues and the work load I was dealing with was by far no comparison to the park’s.

    The park has way more inventory to offload and management issues than I do. Plus, their work doesen’t stop as they still have to manage the park.

    For me, my workload piles up when I pick up inventory – it’s the management that really bogs me down getting homes ready, managing contractors and weeding through prospective buyers which are tasks not as enjoyable for me. (I really enjoy looking for deals and negotiating with sellers, the thrill of the hunt). But, I guess these are things that need to be done and are a part of doing business.

    It can just get kind of crazy sometimes trying to be in multiple places all at once just trying to manage and perform these tasks. But, I guess once they’re done – they’re done and that is something I can look forward to!!

    By the way, I’m soooo looking forward to summer. It tends to be the busiest during the beginning and end of the year. The summer usually tends to slow down. And, that means vacation time – yay! :)

    p.s. Oh, I guess I forgot I shared that video before. Glad you liked it!

    [Reply]

  • Julieta says:
    May 13, 2011 at 2:06 am

    I have my share of the “battle scars” of real estate ventures and it hurts..big time…to the point that I’ve hit rock bottom. Needless to say that having hit the bottom, there’s nowhere else to go but up. I’m looking forward to the day that I’d triumphantly reach the top and shout… “Hooray, I made it!”… thanks to the Rev N You rescue capsule.

    [Reply]

    Julie Broad Reply:
    May 16th, 2011 at 4:25 pm

    Let us know if we can help you Julieta!!! We’re cheering for you!
    Julie Broad´s last [type] ..My Wife and I Can’t Agree on our Real Estate Investments

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  • John Devereux says:
    May 15, 2011 at 8:46 pm

    Great post, I don’t think you can talk about learning from failures enough. The first house I ever bought was an investment property to rent and I was learning everything as I went. I actually had someone at the closing whisper to me “I’m not supposed to tell you this, but…” Oh well, I knew better the next time. And that’s why real estate investors network, so we can learn from other people’s mistakes as well as our own. Thanks for the post, JD
    John Devereux´s last [type] ..Insider Tips To Rehabbing Houses

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    Julie Broad Reply:
    May 16th, 2011 at 4:27 pm

    Thanks John!! I think the best way to learn is from your own experience but it’s much less painful to learn from other’s experiences … and you’re right … that’s exactly why we network a lot!!! When we became full time investors especially we found a real need to find other people doing what we’re doing all over North America. It provides support, resources, and ideas … plus it’s great to be around people that get what you’re doing instead of thinking somehow you must be a real estate agent which is what most people think I am when I first meet them.
    Julie Broad´s last [type] ..My Wife and I Can’t Agree on our Real Estate Investments

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