Common Real Estate Investment Mistakes
Last week, I had a friend ask me a question about real estate investing…
…you don’t know this about me because I don’t invest for recognition, I own multiple eight figures of real estate debt free.
My friend had a specific question about a vacation rental that is a condo/hotel. You can rent it out when you don’t use it.
I didn’t answer his question for an hour because you first have to know what race you are running as a real estate investor.
Never ask for advice from someone that isn’t running the same race.
My real estate race of being patient, avoiding competition, purchasing low, and holding debt free is not most people’s cup of tea.
Most people are locked into the race to the top using leverage to get there. ‘Rich Dad, Poor Dad.’
You have to ask yourself this question, “What is the goal?”
This is where you have to be very honest with yourself.
Here are the true answers beneath your lies about your motives to invest. These motives will prevent you from achieving your goals as a real estate investor…
1. Status
2. Recognition
3. Envy
4. Jealousy
5. Fear of missing out
6. Loss aversion
7. A strong desire to fit in
8. Distraction from the reality of your income-producing potential
Here is some grace for you. No investor on the planet is without a hidden desire for one of these eight motives. The difference between the average and great investor is the great investor is aware of their desires.
Your hidden desires can’t be your goal, so what is your goal?
Here are my goals, not yours, when it comes to investing in real estate.
1. Independence to do what I want, when I want, and with whom I want.
2. Safety and security for my family and me.
3. A beautiful night’s sleep
Never risk something you have and need for something you don’t need and don’t have.
The single most important part of investing nobody talks about is maxing out your income potential as a human being.
As an agent, team leader, broker-owner, or entrepreneur, you must MAX OUT your money-making machines!
Nick McLean