1. Lack of knowledge: Obviously you can’t be a success in any field if you don’t have the knowledge. What you choose to do with it, of course, is up to you!
2. Lack of motivation: This is a tough one because we are all motivated in different ways and by different things. What works for one person, may not work for another. Some of us are motivated by the promise of a great reward, others by a fear of loss.
Whatever the case, there is one guarantee that I can make: if you don’t find what works as your personal motivation, you will not be a success. So spend the time necessary to figure this out before you go any further with this process.
Is it wanting to secure a great future for your family? Is it enjoying the finer things in life without worrying about the money? Is it travel? Is it quitting your job? Find your motivation today and use it to your advantage!
3. Lack of Belief: You need to believe that you can actually be successful in this industry. My guidance counselor told me that I would be a good fit for menial work like being a janitor or rudimentary construction.
Not to mention, I have ADD. (Who doesn’t, these days)? Trust me, if I can do it . . . anybody can do it. I know this, but if YOU don’t know it, then it doesn’t matter. Trust me, you can do this. I want this for you more than anything. If I can help you on the path to success it will be good for me as well because you will become part of our network and together we can all accomplish more.
4. Bad advice/Bad mentors: It’s also important that you don’t listen to the opinion of others that don’t have a vested interest in your success. Naysayers will tell you that now is a horrible time to invest in real estate. That it’s a tough industry and requires years of training. They will tell you “Don’t quit your day job” or sarcastically reply “Good luck with that!” I know because it’s the same thing that they told me.
DON’T LISTEN TO THEM! Listen to those that have been successful and broken through their own wall of disbelief. Listen to Donald Trump. Listen to Kiyosaki. Listen to me! When someone tells you that you can’t do it, remember what they are really telling you: they don’t think that they can do it!
5. Lack of focus: This can be a killer, especially when you are first getting started. It’s really easy to get bogged down in all the different paths that you can take in real estate. Instead of choosing one and becoming proficient at it, you can get caught trying to do everything and never become truly competent. This is one of the traps of all beginning real estate investors and I am no exception.
When I first started, I tried to learn everything I could about REOs, short sales, lease options, property management, tax liens, IRAs, and about 50 other real estate investment strategies. It almost made me quit before I even got started! Don’t do this to yourself. Choose a path (you’re reading a book about REOs, so I would start with that), learn it well, and start putting your knowledge into action.
Don’t try to be a jack of all trades. Trust me, if you become proficient at one, you will always have the option to learn another at a later time. So, choose wisely grasshopper!