When I started on this journey in 2002, I started reading Rich Dad’s series of books. I started with his You Can Choose To Be Rich. It gave me a good picture of what would be needed to move from where I am to where I want to go. Rich Dad showed me my first P&L statement. I’ve heard about them and seen quick glimpses of them on tv or even at an accountant’s office but never in reference to myself. Robert Kiyosaki calls this an evaluation of your numbers. This lets you know where you are financially – debt, credit, etc. and what you have to do in order to get out of debt or whatever your financial plans may be. However, since most of us are in debt, this is usually the problem we may want to solve.
Although some people don’t want to deal with their truth. They don’t want to know what kind of financial situation they are in and they are in denial. They stick their head in the sand and hope the problem will go away. Dr. Phil’s question always comes to mind, “How’s that working for ya”? Dr. Phil also says that you can’t change what you don’t acknowledge.
As a real estate newbie, you need to know your numbers. Your numbers will tell your story. There is no right or wrong, just your truth. So what books are you reading to find out your truth? I started with Rich Dad’s You Can Choose to Be Rich Program. You can use that one or anyone that you like – Suzie Orman, David Bach, or Dave Ramsey. This will put you in control of not only your thoughts but your finances.
Remember your thoughts are powerful things and if you are constantly worried about your finances, you are not going to move forward and get to the next level so get comfortable with your numbers and put your personal financial plan in action today. I would suggest picking up a good book from the library to get you started.
Wow, I found another video from Stephen Pierce that speaks exactly to what I was speakinig of about success and I just had to share with you. This speaks volumes to what I was speaking about. You have the power to control your own thoughts and unless and until we all realize that we will not succeed as individuals. It is all in your head that’s why you have to control your thoughts.
As a real estate newbie, I truly believe that you must master this area first – before you can successfully do your first deal.
As a real estate newbie, your thoughts and your ability to control your thoughts will determine whether or not you achieve the success you desire to become a successful real estate investor.
I came across this video from Jake Michael that I discovered on metacafe. I watched his video – not too long where he speaks about his thought process while he was going through his first deal. I found that this is exactly what I was speaking about when I say that thoughts are powerful. Check it out. I hope you enjoy and more importantly hear what I’m talking about.
Who is controlling your thoughts if you are starting as a real estate newbie looking for success?
I mentioned in the previous post that thoughts are powerful. Let me illustrate.
If a child is constantly told they are no good and will never amount to anything and they are told this long enough and consistently enough – they will start to believe it. Why? Because this is all that is going into a child’s thoughts on a daily basis. However, if you take that same child and constantly feed them positive thoughts about themselves, they will believe that also and move forward to achieve great success in their life. What does this tell us? That your foundation is very important. Look at Tiger Woods. He started his career at a toddler with his father lovingly guiding his career and I’m sure everyone will agree with me that his father constantly gave him positive feedback and thoughts which automatically put him in the mindset to have positive thoughts and accept only positive thoughts. No doubt he will do the same for his children whether or not they choose to follow his footsteps in golfing.
In the book, “Think and Grow Rich”, by Napoleon Hill he states that if you don’t monitor your own thoughts then by default you give that power to everything that comes into your head from anywhere and everywhere.
As a real estate newbie if you don’t monitor your thoughts on a continuous basis, someone or anyone will monitor them for you. You will be giving them that power by default because you are not utilizing the power for yourself.
Read Napoleon Hill’s book for yourself. You won’t be sorry.
Your thoughts are energy. Your thoughts are powerful. How are you thinking when it comes to your real estate investing career? I have fear but I’m tired of my fear stopping me from getting where I want to go. I want to move past this fear. How about you?
You’ve read all of the books haven’t you? I’ve read Robert Kiyosaki, You Can Choose to Be Rich. I bought this program in 2002 and went through the program but I still felt something was missing. I still couldn’t get put it all together. I understood what he was talking about but no light bulbs went off and I still felt like I didn’t quite know exactly what to do. I also realized that it helps tremendously if you have a spouse or boyfriend or girlfriend who believes in you and supports, encourages and challenges you. That means the world. Unfortunately, I don’t have that kind of support. Oh sure, my family wants to see me succeed but they would rather me do it the same way it has always been done – with a j-o-b.
Now don’t get me wrong. I don’t have a problem with working a job. I’ve always worked. Lately, however, I’ve been unemployed in the sense that I have not had a job. Not by choice. Let me explain.
In September 2007 I was working as a part-time medical transcriptionist and going nowhere fast. I knew that I had to take a chance and move forward if I really wanted to succeed as a real estate investor. I got a job as a vacation counselor selling timeshares. This is a hard market and my first endeavor into learning how to sell. Well, I don’t have to tell you that didn’t go well. I bombed out and was released from the sales line 2 weeks later. It was not a good feeling but I learned alot.
I’ve moved forward and have continued to try to secure a selling position.
How about you? What have you done to get you to the next step?
The idea for chronicling this journey by way of blogging my experience as a newbie real estate investor came to me because I have been on this journey since 2002 and I know that I am not alone. I believe there are others who want to share their experiences on this journey too. Everyone’s journey is different for different reasons, but we will share some similiarities along the way.
I offer this way of communicating to share my experience and offer a place for others to tell their own story. To that end I bid you all Welcome.
Please share your experiences so that we can learn from each other and reach our individual goal(s).
I attempted my first deal and this is what happened. I was bound and determined to get a property that I saw was abandoned and do my first deal and get a check for $5k. I researched the property and found the seller. I sent the seller a letter using a different color envelope suggested by Rachel Young of Big Cheese Marketing. I received a call from the seller. There were two sellers on the property. They were ready to sell. That was the first time I typed up a contract according to the examples I had seen and faxed it to their attorney. Then I didn’t hear anything. I called the seller and he told me that the price was too low. I needed a partner with more funds than I had. I found one. Turned out to be a wholesaler from Alabama who was interested in doing the deal. I spoke to him and he told me to ask the seller if we could do a title search. I called back the seller and asked for permission and then he told me that the property had a lien on it. I contacted my partner in Alabama and he became unsure. I then contacted a local attorney here in Atlantic City, NJ who told me to make sure I got the deed otherwise I would just be paying off their loan. So armed with that new information I called back my partner and was ready to move forward. He never called me back. I left many messages. Suddenly I realized he was backing out of the deal and I didn’t know what to do. I wasn’t prepared and had no idea what else to do so I contacted the attorney and let him know that my buyer backed out. Later my partner sent me an email saying, “next deal ok”. And that was it for me. I was devastated. I was numb and just sat there realizing that I was that close to do doing my first deal and it got away from me. The lesson I learned was to not stop when it looks darkest but to keep moving as if you’re going to complete the deal because if you don’t you’ll lose it for sure but if you keep moving, you’ll never know what is going to happen.