10/17/2024
E-Lesson #3: The 3 Fatal Flaws That Guarantee You'll Fail as a Real Estate Investor (Part 3)
Welcome back! As a reminder, these e-Lessons are free email supplements designed to help you prepare for the Full Course. However, they are not substitutes for the live Zoom sessions, which begin on October 19th, 2024 and run through November 19th, 2024.
If you can't pay for the course upfront, don’t worry! We offer flexible payment plans based on your schedule. Sign up early by October 19th to receive a SIGNIFICANT discount. Contact us to get started with Sessions #1-14, covering all essential aspects of advanced real estate investing via "Subject To."
The Full Course includes all necessary documents, contracts, trusts, leases, affidavits, marketing strategies, and LLC formation. Mentoring and coaching are also available based on your needs.
________________________________________
The 3 Fatal Flaws That Guarantee You'll Fail as a Real Estate Investor (Part 3)
Let’s dive right into Fatal Flaw #3, which is:
________________________________________
Fatal Flaw #3: Failure to Establish Clear Goals and Defining "Success" as Anything Other Than Making Big Profits
The main reason to become a real estate investor is simple: To make money.
This may sound obvious, but many investors don't have a clear profit motive or financial goal in mind when they start. Let me share a common scenario:
________________________________________
Joe’s Story: The Investor Without Clear Goals
Joe is an aspiring real estate investor. One night, he sees an infomercial promoting a course called "Make A Gazillion Dollars As A Landlord." He gets excited and orders the course. When it arrives, Joe devours the information and starts dreaming of long-term wealth through real estate.
Joe begins looking for investment properties and tells his friends and family about his plans. He soon discovers that his friend George is also in real estate, but George specializes in rehabbing houses. George buys rundown homes, fixes them up, and sells them for a quick $20,000 profit.
Joe starts to feel a bit jealous because his land lording strategy will take years—maybe even decades—before yielding significant profits, whereas George is making large sums of money in a matter of months.
Eager to make quick profits like George, Joe goes to a seminar on rehabbing. He gets excited about this new strategy, but soon, he hears about another "latest and greatest" strategy. Joe starts attending seminar after seminar, learning many different methods, but never fully committing to any of them.
________________________________________
Joe’s 2 Big Problems:
1. Lack of Clear Goals:
Joe never took the time to define why he wanted to invest in real estate. If his goal was to build wealth for retirement, the land lording strategy might have been appropriate. However, if Joe wanted to make significant current income, land lording was the wrong choice. Without clear goals, Joe is wasting time and money on strategies that don’t align with his true intentions.
2. Redefining Success:
Since Joe hasn’t made any real money from real estate, he subconsciously changes his definition of success. Instead of measuring success by financial results, Joe starts defining success as his ability to learn more strategies and become the most knowledgeable investor around—despite never having done a deal.
You might know someone like Joe—someone who can talk about real estate strategies all day but doesn’t have any real financial results to show for it.
________________________________________
Why Does This Happen?
If Joe admits that his goal was to make money and he hasn’t achieved it, he will have to consider himself a failure. To avoid this uncomfortable truth, Joe redefines success to match his situation. Now, Joe views success as simply knowing about real estate, rather than profiting from it.
________________________________________
Fatal Flaw #3: Failing to Establish Clear Goals and Defining "Success" as Anything Other Than Making Big Profits
To avoid falling into Joe’s trap, you must set clear, realistic financial goals for your real estate investing journey. Without those goals, you’ll likely end up wasting time, money, and energy on strategies that won’t lead to financial success.
________________________________________
What’s Next?
Tomorrow, in E-Lesson #4, I’ll help you get clear on your real estate investing goals. We’ll also dive into specific strategies that can help you achieve those goals. Get ready for some powerful, real estate-focused information!
________________________________________
Your Feedback Matters!
You’ve now received 3 e-Lessons, and I would greatly appreciate your feedback.
What do you think so far?
Please let me know your thoughts, and I look forward to helping you take the next step in your real estate investing journey.
Until tomorrow,
Eric
________________________________________
Course Details:
• Start Date: October 19th, 2024
• Live Zoom Sessions: Sessions #1-14 will guide you through advanced "Subject To" real estate strategies.
• Payment Options: Payment plans available, with discounts for early signups and full payment by October 19th.
• Contact Info: Call or email to get started today!