Babe Ruth said, “I swing big, with everything I’ve got. I hit big or I miss big.”
Michael Jordon famously said, “I’ve missed over 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” He also said, “I can accept failure. Everyone fails at something. But I can’t accept not trying.”
Real estate investing means you will make a lot of offers that do not get accepted. Those swings and misses take time and effort, and they can be exhausting. It is easy to get frustrated and discouraged when looking for investment property.
Don’t get emotionally involved
Real estate investing is a business. The numbers do not lie. When you have a passion for real estate, it can work for you or against you. Don’t try to make the market what you want it to be. Find enjoyment in the process of searching for an investment property, even if you are not finding properties that meet your criteria as quickly as you would like.
Remember that some of the most valuable things in this world are rare.
Not every available property will deliver a good return on your investment. If it were that easy, everyone would be doing it. You must put in the necessary time to learn the difference between a quality investment property and one that is not worthwhile. Always do your due diligence and make decisions from a financial perspective, not what you want to see.
Focus on the future
Bill Gates identifies why many people do not achieve their goals:
“Most people overestimate what they can do in one year and underestimate what they can do in ten years.”
This is why people don’t stay with a healthy eating plan or exercise routine. Instead of being in it for the long haul and taking the necessary steps in the right direction, people want to believe they can work really hard for six months or a year to achieve their goals and then not have to work any more.
All successful people have a vision.
Regardless of the slow markets or difficulties you may encounter in the short term, you can look forward to the future with confidence when you stick with the principles of investing that have been proven to work. You will make some missteps in real estate investing, but don’t let them take your focus away from your long-term goals. Remember what you have accomplished and use both positive and negative experiences to become a better investor.
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