Everyone makes mistakes. You will make mistakes. Though you can’t ever completely eliminate mistakes in real estate investing, there are certainly ways to minimize them.
Obviously, if you knew everything there could possibly be to know in the world you would never make a mistake. But perfect knowledge is not possible. Even with intensive study and diligent analysis, mistakes will still happen. You can’t expect to do everything perfectly. However, the impact of the mistake is minimized by your level of education and knowledge.
For example, a new investor with minimal education may calculate expenses incorrectly and end up paying 20% more than they anticipated. That would be the difference between a profitable investment and one that loses a lot of money. A more experienced investor may still technically make a mistake calculating expenses, but their knowledge will ensure they don’t miss the big stuff. In the end, they may only pay 5% more than planned. Their property still makes money because they minimized their mistake through education.
Study. Do your research. With knowledge on your side, you will limit the impact of your mistakes.
DITCH THE PRIDE
Prideful people hate admitting mistakes. They think it makes them seem weak. However, exactly the opposite is true. It is actually weak people who can’t or don’t admit their mistakes. They try to find every external reason to blame for the mistake before looking inward.
In contrast, strong, successful people look inward first, and often even try to find a way to take the blame. They dissect the situation and figure out how they contributed to the mistake. Why? They try to use every situation to learn and better themselves.
They know there is always something they could have done differently. And by doing that they become even more successful. By always looking inward they continually improve and minimize their mistakes further and further over time.
A big part of becoming a great real estate investor is properly handling mistakes. When you make a mistake, acknowledge it and know what you’ll do differently next time. Taking personal responsibility for everything is key. Assume you are responsible any time anything goes wrong. You will be a wiser investor and be able to minimize mistakes moving forward. If you blame others or outside circumstances for your mistakes, you are bound to repeat them over and over.
Only a fool trips on what is behind him.
Accept responsibility for everything in your life. Do that and you will realize you are not a creature of circumstances, but the creator of your life. And when you realize that, you will be unstoppable.