Anyone who skis knows that if you hug the mountain, you’ll fall down. The only way to fully enjoy the skiing experience (and not fall) is to let go and throw yourself down the mountain. It flies in the face of logic, but that’s how skiing works. The analogy holds true for real estate as well.
Many well intentioned and hard working real estate investors struggle because they “hug the mountain” with fear based actions that keep them from moving forward. Here are a few examples of what a “mountain hugger” may look like:
The Info-Junky: This person buys program after program, watches after webinar, attends seminar after seminar, safely huddled in the cacoon of info-world.
The Over Analyzer: This person over analyzes every lead without ever getting the deal under contract, turning everything away in hopes of the “perfect” deal.
The Macro Economist: This person reads every economic article, blog post and email message, collecting volumes of opinions on the future, waiting to make their move when the economic climate is perfect.
The Desk Organizer: This person would rather make sure their business cards are in, their website is fianlized, their desk is clean, and every other none-money-making detail is perfect before even starting.
The Must Know Everything: This person is ready and willing to action as soon as they feel they know enough to take the plunge.
Am I ringing any bells? I hope not. I hope you don’t identify with these success-starving scenarios. The sad reality though is that after coaching and mentoring literally thousands of real estate investors (or those striving to be), I have witnessed too many “mountain huggers”.
To the Info-Junky, I say…”You can’t learn to ride a bike reading the manual.”
Many real estate programs are very effective. But your education with those programs does not begin until you begin applying them. That’s why Chemistry class includes both a lecture and a lab.
To the Over Analyzer, I say…”If your paperwork is right, you can make risk free offers.”
When you have the right contingency clauses in your contracts, you can put deals under contract and if you don’t like what you see during the due diligence stage, you can always give it back. No need to over analyze, it’s risk free.
To the Macro Economist, I say…”The best time to get in the game is today.”
A macro economics professor once shared with me that he was always thinking 5 to 10 years into the future but he saw that most people made their money within 1 to 2 years. In other words, while the future-obsessor is pondering the unknown, the go getters are closing deals and making money.
To the Desk Organizer, I say…”That which you least want to do today is usually the first thing you should get done.”
It is so easy for self employed real estate entrepreneurs to push off difficult decisions and intimidating actions until tomorrow while spending today organizing the office. Mary Kay Ash, founder of Mary Kay Cosmetics, had a simple time management formula. The night before, write down the 6 most important items that needs to be accomplished the following day, and the item to complete first is the one you least want to do. The office is plenty organized. Now it’s time to make some money.
To the Must Know Everything, I say…”You’ll never know everything.”
You’ll never know everything. Ironically, there is value in not knowing everything. Here’s a simple example. Wells Fargo recently notified the public that they would no longer postpone a foreclosure if a short sale or loan modification request was sent in less than 10 days prior to the foreclosure date. One of our students didn’t read that post in our Lender Database, and went ahead and submitted a request only 3 days prior to the foreclosure, not knowing she wasn’t supposed to. The associate at Wells Fargo said, “Although we no longer do this since it’s less than 10 days, we’re going to postpone the date and process this request for you.” Who knew? Had our student “knew it all”, she may have told the seller that it was a lost cause and not even attempted the deal. Instead, she didn’t know she wasn’t supposed to succeed so she went ahead and succeeded anyway. You don’t need to know everything before you begin, just get started!
In conclusion, remember this…Those who hug the mountain, fall; those who let go, fly.