I KNOW you are on the edge of your seats wondering, what IS the #1 real estate investing mistake? Real estate investing is fun and profitable but investors make mistakes. Here is what I have learned.
During a 3 day real estate investing boot camp I attended in Orlando a few years back, I sat next to a retired bus driver for Disney studios. We sat next to each other all morning and then during lunch break we had lunch together. During our conversation, I learned that he has spent $32,000 so far attending info seminars, buying all the latest and greatest info tapes, tools and technologies. He stated once he had this investment stuff mastered he was going to start investing and make it big in real estate investing.
Yes, he confirmed that so far he spent $32,000 preparing to get ready and has not made one single purchase. This instantly reminded me of something I learned on the first day of working with my business coach.
One of my favorite statements was made by Tim (my Coach) when I first met him. He stated he has three types of clients and then asked me which category I fall into. I ask you this same question.
- People who always take action
- People who need to learn more before taking action
- People who are always preparing to get ready to take action, who will start tomorrow once they are one hundred percent ready!
As an information junkie I answered number two, I like to get more information (get better informed) and then take action. He of course was pleased to hear this as he can easily work with any investor in the first two categories.
So how did you HONESTLY ANSWER THIS? If you are the investor who is always preparing to get ready and once you have 100 percent understanding, where you are perfectly comfortable moving forward and then will take action, the sad truth is you will always miss the opportunity.
Being 100% ready is probably never obtainable and certainly not without having personal hands-on experience. Of course, the only way to gain experience is to take action. Experience cannot be read, visually observed, or acquired without taking action.
The Bus driver, mentioned above, (who is already at retirement age) who spent enough money (getting prepared to get ready) could have purchased a property for cash or 1 or 2 properties using financing. He could have been well underway and gaining the true experiences needed to really capitalize in today’s incredible investment market.
Is opportunity passing him by while he continues to prepare to get ready? Is opportunity passing you by while you continue to prepare to get ready? Being well informed is paramount to any endeavor, however the biggest risk an investor makes is the risk of in activity.
Real estate investing takes action. Be an investor who is informed but then takes action and you will be an investor who makes money.
If you would like to take action today, give me a call and I would be happy to talk with you about some of the investment opportunities we have available RIGHT NOW! Larry Arth 941-718-7761
Stay on the right real estate investing track!
If you would like to stay on top of all the latest Real Estate Investor News, click the link to sign up for our free real estate investor’s dashboard report today!