Don Loyd's How to Succed in Real Estate

Real estate investing can be a very fulfilling life. It can also be a real discouragement, too. It depends on how you view it and how you react to market conditions and other difficult challenges. The difference often comes down to how you handle mistakes you’ve made.

I’ve learned many valuable lessons on my journey. I’ve learned new ways of doing things and acquired new strategies. If you want to success there are five things I want you to do.

One: Take Responsibility for Your Own Results.
No one has the interest in your success as you should have. You have the ability to create the kind of life you want. Our culture is one of blaming others for our failures. That attitude will get you absolutely nowhere. You won’t achieve any level of success if you play that card. If you don’t like where you live, take personal responsibility and earn enough money to move. Remember this: You decide what the future has in store for you.

Two: Play by Your Rules
As a real estate investor you’ll find that everyone is an expert and everyone has an opinion. My advice is to ignore the advice from someone who has never done it. Most people mean well, they just don’t know what they’re talking about when it comes to specialized real estate investment knowledge.
Once you learn what works, keep doing it. Do it so often that you could do it in your sleep. Then, strike out in another real estate niche. Continue that approach until you have mastered a dozen or more ways to close a transaction.

Three: Build a Team
The fastest way to create wealth as a real estate investor is to build a solid team – your Success Team. You will need a good Realtor®, attorney, accountant, tax advisor, mortgage broker, title company, marketing professionals, and others, to help you build your business. You aren’t an expert in every area of real estate. As a result you need people around who can fill in our blind spots and help you grow.

Four: Education is Vital
Henry Ford said: “If you think education is expensive, try ignorance.” A truer word has not been spoken. I have made most of the mistakes there are to be made in real estate. That translates into many dollars lost, literally millions of dollars. Instead of paying for education I learn the hard way which was the more costly.

Your education truly blossoms when you get in and start doing investing yourself. Never fear failure. You’ll learn some of your most important lessons by making mistakes and adjusting to those mistakes. You’ll learn from you success, too. I accidentally learned important lessons when I built my first home. I learned I could make the equivalent of two or three years salary by building a house and living in it for a year. You will learn some of the same kinds of lessons.

Five: Make Mistakes
You have to make mistakes. It’s okay to fail. Besides, if you think you have to know everything, and know it perfectly, you’ll never do your first deal. You’ll keep waiting, and waiting.

If you want to hit a home run in the investment game, you have to step up to the batter’s box and take a swing. Setting in the grandstand you aren’t playing the game, you’re a spectator. And, just standing there watching the ball go by will only result in a strike out. Take a swing and miss a few times. Soon you’ll get a base hit. Sometime a brand new rookie will go to home plate for his first at bat and hit a home run. It does happen. But he first had to step up and take part in the sport.

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