Mistake after Mistake after Mistake…

This is what can happen when you go after your goals. I’ve never been a big fan of the saying where “you have to fail if you want to prevail”, but I do understand it.

“Thinking you know when in fact you don’t is a fatal mistake, to which we are all prone” ~Bertrand Russell

This quote leads me to talk about my second  mistake and how I overcame it.

Overcoming Mistake #2 – The Full Plan

My Second big mistake was the lack of communication I had with my mentor. I had access to him for two years and barely communicated with him. If you missed all the details behind this mistake, then you can get the inside scoop by listening to Mistake #2.

Overcoming this mistake, was a humbling experience, but I want to break down what I did for you:

Step 1: Get a Mentor!

As I said earlier, I already had a mentor. Step 1 was already completed for me. However, I want to mention some key character traits of a good real estate mentor.

You should choose a mentor who Is:

• Active in the real estate market - The market goes through many changes and you want someone who has their eye on the trends.
• Following the money- Many investors quit when the market crashed. You need someone who adapts to the market because you’ll still make money.
• Keeping you accountable – Your mentor should keep you on task with what you need to do. Like the commercial says… Just Do it!
• Accessible - I’m not saying that they should be available every minute of the day. But constant communication is key when your starting out.
• Not going to limit you – There are some mentors who tell their students not to work a certain area, limiting their students from doing a deal. This makes absolutely no sense to me. Obviously they know where the money is, so why should you have to struggle with the slow/dry areas. There are plenty of deals out there for everyone and it makes no sense for someone to say you’re not allowed to do deals in a certain area.

Basically, what I’m doing in this step is describing the type of mentors that I have. I feel like I was lucky to have even come across the mentors that I have and they could care less where I invest. We actually make a game out of investing in each other’s “backyards”. (local market)

Step 2: Take Action, Ask Questions, Take Action (In that order…)

Peter Dellaplane: You have this nickname – what is it, excitement, enthusiasm, esprit de corps-
Action Jackson: [cutting off Dellaplane] -It’s ACTION!

In mistake #1 I told you about the “What If” syndrome that I had and all the questions I had before even getting a single deal under contract. I tried thinking about the entire deal from start to finish and just had so many questions. A mistake that a lot of new investors often make is having to have all the answers before making a move. Get it going first and ask questions as you go along. This is why Step 1 is so crucial.

Let me put it this way…

Imagine you’re baking a cake for the first time. You look at the ingredients and all the directions:

Now, let’s say you were the type of person that had to have all the answers first. You might ask:

What if I go to the store and they don’t have all the ingredients?

It just says “Mix all ingredients”… Should I use a wooden spoon or a metal spoon? Does it matter? What if I need to use a spatula?

How do I know it’s smooth enough? What’s the best type of oil to grease the pan with? Should I use butter? Non-stick spray?

Crap… What temperature do I cook it at? It doesn’t say? Am I supposed to preheat the oven? What do I do?

Maybe I’ll just buy a cake…

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I know this is going over the top a little, but that is basically what happens to new investors when they get started in real estate.  They over analyze the deal and instead of getting a mentor to help them, they go at it on their own and end up not doing what they intended…

Here is how this scenario will play out if you had a master chef by your side:

You: “Ok, so I have all the ingredients….Thanks for telling me where you always go to get your ingredients… Now I’ll mix them together”

Master Chef (mentor): No problem, I love that place (Active)  Hang on though… “Did you forget to preheat the oven?” (Accountabilty)

You: “Sure did, thanks for reminding me. What should I set it to?”

Master Chef (Mentor): 350 (Accessible)

You: “OK Done! Now it’s time to mix the ingredients!

Master Chef (Mentor): Yup, go ahead mix the ingredients and beat them right afterwards. I’ll let you know when it smooth enough…

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I think you get my point… By taking action and then asking questions you can get ahead faster. You won’t be trapping yourself. You’re moving forward and your mentor is someone who can guide you in the right direction. Ask questions at each phase in your deal instead of everything upfront. Why talk about finding buyers if you can’t even get the deal under contract? Why talk about the closing table if you don’t even understand how to analyze the deal? Let’s get the deal under contract first, then get into detail on finding buyers. Let’s get the buyer, then we’ll talk about the closing table. This use to drive me nuts in the beginning, but what I found is that every deal won’t be the same and you won’t know everything upfront. Some things you will have to learn and adapt to along the way.

“You don’t have to get it right, you just have it get it going!”

After I contacted my mentor I stayed in contact with him and I Took Action First.. Asked Questions Later!

So that’s how I overcame Mistake #2, tomorrow I’ll share with you how i overcame Mistake #3. In the mean time, tell me what you think about the steps I took to overcome Mistake #2. I’m not really looking for a “Great Job JL, you really made it happen” comment. lol I’d rather hear what you think about the actual steps, if you’ve taken them before, and if they worked for you. If not… What has worked for you if anything? Leave your comments below.

To Your Success,

JL Ferren
New Breed Investor

http://www.LowBudgetRealEstateMarketing.com