7 Ways to Avoid Failing As A Real Estate Investor

one of the reasons I really like real estate is because it's simple but that doesn't necessarily mean that it's easy and there's a lot of reasons out there why someone might be failing in their real estate efforts this week I want to talk about seven and these seven principles for failure aren't something that I came up with I'm taking them from perhaps one of the most influential books on success and motivation In Our Lifetime a book by Napoleon Hill you've probably heard of it it's called

Think and Grow Rich so stay tuned as we jump into seven reasons straight out of the book that apply directly to your real estate efforts and why they might not be working out welcome to short-term rental riches we'll discuss investing in real estate but with a specific focus on short-term rentals quick actionable items to acquire manage and scale your portfolio I'm your host Tim Hubbard welcome back to the short-term rental Rich's podcast I'm happy you're here again today we're talking about seven reasons why your real

estate might not be working out and these are reasons straight out of one of the most timeless books in history a book that was written almost a hundred years ago yeah it was published in 1937. now you might be thinking Tim that's crazy I don't want any advice from a book that's almost 100 years old but this is timeless advice there's a reason that the book Think and Grow Rich is one of the most influential and widely successful books on motivation and success in our lifetime

so I want to break down seven of the 30 reasons that Napoleon Hill gives for business failing or for you failing as an individual but of course I'm going to relate these back to short-term rentals so let's just go ahead and get right into it number one reason for failure and why you might be failing with your real estate efforts I hope you're not but that comes down down to your education and an insufficient education is one of the top 30 reasons Napoleon Hill gives for

failure now if we look back almost you know 90 100 years ago when he actually wrote this book we didn't have a lot of sources for Education right we could go to college we went to school but we didn't have YouTube we didn't have podcasts we didn't have so many conferences and and the ease of travel to get to these conferences like we do now so this one is one that we can definitely overcome and with that said I hope you've been enjoying the podcast and

it's provided a little bit of value for you and helped you with your short-term rentals so far or help you get to the point where you're about to pull the trigger if it has I would really appreciate it if you wouldn't mind leaving us a review on Spotify or iTunes or just taking a screenshot of your favorite episode and sending it to a family member a friend or a loved one to help them hopefully get them curious this on the industry but also help our Channel

grow I'd really appreciate that if you haven't already done that so we have access to amazing information these days one of the points he makes though is that it's not just necessarily collecting a whole lot of information right I'm just going to read the exact quote he says men are not paid and of course this was written a long time ago so this goes for men and women but men are not paid for what they know but more particularly what they do with what they know

so of course if we have a whole bunch of information but we're just sitting around not doing anything well then we can't put it into action and it's not going to do a whole lot of good for us unfortunately so I learned this like a lot of you I went to college I went back and I got my MBA and I spent a boatload of money on that and unfortunately I didn't see any real value come after that now I'm not saying it's a bad idea

to go to college just saying if we don't do anything what the information we get then it doesn't really help us I think one of the best ways to learn information the quickest is to find a mentor so if you can be part of a mastermind group if you can be mentored by someone that's already doing real really well in the real estate space well then by all means I would jump on that opportunity if you're trying to get in and you're trying to get some

deals done now this leads me to number two the second reason and these are not in order I cherry-picked these out of his list of 30 and I will say that his list of 30 is very comprehensive it would be hard to find another reason that didn't really fit in those 30 but I just picked seven so the second one big cause of failure in our endeavors are business Endeavors is lack of capital and I know this is a huge one that pops up in the

real estate world right because we need money to be able to purchase property the beautiful thing about real estate however is that we can partner with people there's also a lot of people out there that have a lot of money they just don't have a lot of time so I'm sure you know some of these people if you're not quite yet in real estate well reach out to some of these people get educated about a space and Deals will come to you once you put your

foot out there another Advantage we have in investing in real estate is that we can use mortgages right and now there are some mortgages that are available with very little or low down payments most the time these are Primary Home Loans but you could get into it just like I did a long long time ago by buying a multi-unit property I know this isn't going to work for everyone but I bought a four Plex for example I lived in one of the units and I rented

the other ones out you've probably heard this out and about referred to as house hacking but I only put down three and a half percent so there are loans out there get out there get educated see what's available to you if you don't have the money well where there is a will there is a way you will be able to find it you'll be able to find deals and you'll be able to get your foot in the door number three reason why you might be failing

in real estate Endeavors your efforts and that's if you just have a lack of persistence so if you get out there and you're looking for deals you just can't find anything and you give up well then you're never going to be in the industry and so I know that today's Economic Times are a little different than they were a year five ten years ago but if we don't stick with it then we're not going want to see results if you've been listening to the podcast for

a while you know that one of my favorite books is called the slide Edge and it's exactly this it's doing little things each day little things add up to Big results as long as we stay persistent there's also a great documentary out on Netflix right now if you haven't seen already it's about Arnold Schwarzenegger and I think this is an excellent lesson in persistence just to look at Arnold's Journey so if you check out the documentary you'll see if you don't already know that Arnold came

over from Austria he was a foreigner entered into the U.S he was a bodybuilder one Mr Olympia multiple times which is basically the best or the biggest bodybuilder in the world so after his bodybuilding days he became a famous actor we all know him from Terminator right and then for those of us that live in California or from California or they live in the U.S well we also know that he became governor of California so none of these were easy Feats but they were all accomplished

by being persistent so if you haven't seen that documentary yet check it out I think it's a great great documentary the fourth reason in Napoleon Hill's Think and Grow Rich for failure and again these aren't in order of his reasons but these are ones I cherry-picked is when someone is overly cautious so if you've been trying to get into real estate for a while you've been thinking about it but you're just a little scared and you never pulled the trigger well obviously you're not going to

have real estate success right you're not going to see any rewards coming back from that and we see this a lot of time people just analyzing and analyzing or looking at a whole bunch of markets and never narrowing down we have to take some chances out there if we don't then we're never gonna we're never gonna see any results and I know it's scary sometimes Taking Chances I've definitely been scared of my journey along with real estate you know signing contracts moving to different countries I

mean all these things I definitely wasn't 100 confident the reality is is when we're taking chances that's exactly the same time when we're learning and we're growing the fifth reason why your real estate efforts might not be working out and I hope this is not the case but again these are some of the most common reasons for failure in anything we know that the majority of businesses that start up don't make it again this is why I like real estate because it's simple right it doesn't

necessarily mean that it's easy but it's simple so as long as we're taking the appropriate measures and educating ourselves we can overcome these failures or these potential failures and we can get some really good deals but we're not going to be able to get really good deals if we're guessing if we're guessing if a Market's going to do well or guessing if a short-term rental is going to rent well or or guessing in any way whatsoever we need data we need facts about our investments before

we pull the trigger and get into them Napoleon Hill says that most people are too lazy to acquire facts with which to think accurately so we educate ourselves we acquire the facts and then we can make good decisions based on numbers based on metrics and it's it's not a guessing game right we've talked about that before we run the numbers the numbers tell us what to do the sixth reason why you might be having trouble in your real estate efforts or just in general with whatever

business Endeavor you happen to be getting into is if we have negative thinking and this one's hard that this one you know if we're having lots of challenges we can sort of go down this rabbit hole and change our attitude and when we change our attitude it changes our outlook on everything so I like to practice gratitude I know that sounds kind of hippie-ish or whatever you want to call it but the reality is thinking positively is a habit and we can train ourselves to do

that so I like to write down several things I'm grateful for every morning that helps me to stay positive that helps me to believe that the goals that I set out to do I can achieve and that also helps with my real estate Endeavors and my real estate Investments the other thing to note on negative thinking or negative personality is that we can't have that in the short-term rental space because this all comes down to hospitality right so after we have our properties if we're responding

in some sort of negative way or no one likes hanging out with Debbie downers right no one likes to walk away from some sort of conversation just feeling drained we don't like that so we can't have that in the hospitality industry so if you found yourself in a tough spot try to practice thinking about things you're grateful for and there are a few books out there that are really great one that comes the top of mind is the Happiness Advantage I love that book it really

changed my mindset so check that one out if you happen to be in a sort of dark negative thinking time in your life number seven the seventh reason that you might be failing or not achieving the success that you want is your inability to cooperate with others so maybe you got an excellent property but you're having trouble keeping housekeeping staff or you're having trouble working with your property manager real estate is a team sport unless we just have one property which is going to be a

little easier to manage the more properties we acquire the more difficult this gets it is a team sport we can't do it alone and so our ability to cooperate with others is going to be a big reason for our success and the opposite is true if we don't have this ability well then we need to learn communication is the name of the game so if you find yourself constantly looking for new providers and contractors and team members well there may be something on your end that

you need to work on a little bit uh and that it all really comes down to communication okay so there it is seven reasons straight out of Napoleon Hill's thinking Rich if you haven't read his book yet I highly suggest it it's amazing how relevant all of the information in there still is and I didn't mean to go on a Spiel here to to try to say that you know people are failing from left to right there's lots of opportunity out there we just need to

find it I just want to relate a few of these common things because we all go through these I go through these things all the time our moods shift our environment shifts and so check out his book if you haven't already really is a blueprint for success and remember when we're having our failures failures are really just an opportunity in disguise right there they're the times where we learn the most one of the things I really like about the short-term rental industry is that when we

fail when we have an issue we get feedback from it and we can improve we can make our properties better we can improve our decision making in the future and hopefully we ever overcome all of our challenges we have a lot of success and we keep on growing in and learning so until next time I hope you're having a wonderful week out there and I'll talk to you soon foreign on the fast track to Financial Freedom through short-term rentals what all starts with the properties you

acquire but you want to make sure that you acquire the right properties I want to give you my ebook that will show you how to do just that there is no charge it's my gift to you for being one of our subscribers just go to restmethods.com that's r e s t methods.com