Real Estate Investors: Mistakes Happen. How Will You Handle Them?
If you invest in real estate long enough, you will eventually make a mistake or two. In fact, most experienced real estate investors I know will freely talk about their slip-ups long before they talk about their successes.Why?I think it has to do with the mindset of successful investors. Successful investors seem to know that mistakes are part of the learning process. They simply learn the lesson and move on, taking the experience and making it a positive part of their future.Let’s face it; everyone can choose to invest in real estate, but only a select few become successful long-term investors. I believe this is because most new investors are either afraid of making mistakes, or they make a mistake and are consequently frozen with fear. If you want to be a successful long-term investor you need to get over this fear of messing up. It is not easy, but there are a couple of keys that I can suggest to help with the process.The first key to successful long term investing is to learn from your errors and not grind on them.If you are beating yourself up over mistakes of last year or the years prior, you have my permission to stop.
You are forgiven. Now dust yourself off, learn from them, and get in the game. You are smarter for having made the blunder.Everyone has a choice when they make a mistake. They can own it and learn from it, or they can let it become an anchor that takes them down. Losing money isn’t fun, but no one said you had to be perfect to be successful in this business. In fact, if you are perfect, I would guess that you have either never invested or you are lying to yourself, as making missteps is inevitable in this business.In addition to keeping the correct perspective on your investing faux pas, you need to insure that your support network has the same view. Your support network or significant other has every right to be upset by mistakes, but they cannot continue to bring it up time and time again. If someone in your network is treating these momentary lapses in judgment as hand grenades that are thrown about on a moment’s notice, you need to have a direct conversation and make this stop as it helps no one!
Remember, I am a firm believer in ensuring that you have full support of your significant other as you work this business (In fact, I believe you need to work it together in most cases). That support needs to be a two-way street and when a misjudgment is made, both of you need to own it, discuss it, learn from it, and most importantly, move on together.The final point I will make about making mistakes is that you need to be focused on not repeating them.The most expensive mistakes are the ones you repeat. If you repeat them, shame on you; you just paid for that lesson twice, so you had better learn from it this time.