You're about to discover the missing ingredient to most real estate investors success recipe. It's not a specific investing technique or strategy. Instead, it affects the ability of a real estate entrepreneur to withstand the inevitable obstacles that will most certainly try to keep them from reaching the top of their success summit. In fact, what you're about to learn will be as helpful to your career in real estate as anything you'll learn from me. Here is the missing real estate success ingredient...
Missing Real Estate Success Ingredient
What I've also discovered is there's other challenges that are going to go against your ability to finally break through, and this ingredient I want to share with you here is missing because I guess some people feel like either, A, it's not that important, B, maybe they feel like they're too good for it, C, some just don't make the time, but what I want to point out is this ingredient is emotional and mental armor. Armor. Like a soldier in a battle has armor, back in the old days, or if you're a construction worker and you're putting on a hard helmet, you're going to have some sort of protection.
Emotional and Mental Armor
I believe that real estate investors need emotional and mental armor or protection. Emotional, mental. Because not only is the road to real estate success not a straight, paved, comfortable suburban drive, it's more like a mountainous road with switchbacks and all kinds of different directions, but then you have to deal with the fact that there's people in your life, friends, family, co-workers, associates, just people you run into in the business, and they're always yapping in your ear, aren't they? It can be as innocent as being at a Superbowl party, for example, and someone saying, "So, have you closed any deals recently?" or "How long you been doing that real estate thing? Oh, four months. Have you closed a deal yet? None yet? Oh, wow. Okay." It can be that innocent, which could completely deflate you.
It can be as human nature-like as those that want to bring you back down to their level. Some may consider what I'm about to share a little bit controversial, but I believe it to be true because I've seen it so often in life, and that is a lot of people don't really want you to be successful. Have you ever seen crabs in a box? I want you to picture a little box about that high, whereby the crab does have the ability to crawl out themselves. If you've ever seen this before, what'll happen is that one of the crabs is trying to crawl out. The other crabs in the box will pull them back down into the box. They really will, and humans do the same thing.
Here you are trying to crawl out of your current economic situation and get into a better situation by investing in real estate and you've got these people pulling you back down, friends, family. Not everyone, but a lot of the people around you are probably not incredibly supportive, or if they are, they don't know how to be as supportive as they can be, so you've got the challenges of real estate, you have the issues of people trying to just pull you back down, and another problem with real estate that it may not apply to a lot of other industries is it's complete delayed gratification, meaning the effort you put in today, you bear fruit on months into the future. Minimum. Sometimes even longer depending on the kind of deals you're working on.
By contrast, if you owned a hot dog stand and you were selling hot dogs, you would get instant gratification. You're making the hot dogs, selling the hot dog, he gives you a dollar, and you just boom, boom, boom, boom, boom. At the end of the day, you can count up how many dollars you earned, how many hot dogs you sold. Real estate doesn't work that way. We humans have a very short memory in many cases, so what happens is the work you have done, you have forgotten about all that effort three or four months from now when you actually get the benefit, and so if you don't build a pipeline, that causes all sorts of stress, as well.
When you add all this up, real estate can be very, very difficult emotionally and mentally, and if you've been in the business a while, you're shaking your head, you know exactly what I'm talking about, so I believe that the missing ingredient for many real estate investors is armor. You need armor. What kind of armor am I talking about? This is specifically what I feel is the best armor you can put on. Stories of successful people. Those stories, they could be books. They could be documentaries. They could be made for TV movies. They could be true story, full-length feature films. They could be little snippets of little bios, any number of different ways in which you could get that information.
It doesn't have to be business. It could be sports. It could be political leaders, social leaders, anyone and everyone that you consider successful, that you highly respect. That is what you want to continue to soak into your brain consistently, and you don't grow out of this. This is armor. This is like the hard helmet on a construction site. It doesn't matter how successful that developer is. He's still putting the hard helmet on when he's going out there where they're building the development, so you don't grow out of this. In fact, I would argue that you actually have to do more and more the more successful you get because the more successful you get, the bigger of a target you become.
Study Success Stories
What this means is mentally, if your constantly soaking your brain with the stories of successful people, and you don't knock over the light that's helping light the video, when you do this, you're brain is going to constantly have the protection it needs when you're out there trying to make it happen, and that may sound simple, but it's incredibly powerful and very few people take advantage of it. I do see where some people will read books on success, and those are good. The Twelve Success Secrets of Successful Success People. That's fine, but I think it's even better to read the stories of people. Read their hurts and their pains and the bad times and what happened and what made the difference for them.
When you study successful people, successful peoples lives, they leave clues, and it not only strengthens you, but it also gives you great ideas, as well. I'll give you a good example. A great book would be Behind the Arches written by John P Love. It's the biography of the story of McDonald's, and most people know the corporation, McDonald's, and whether or not you agree with their menu selection, the one thing that is clear is that they have a very successful company, and the owner of that or the originator of that was Ray Kroc, and in that book, you read and you learn just how fragile that company was, how it could have gone out of business at any moment. You learn that Ray Kroc didn't earn a penny in the first seven years of the business, seven years, never took out a penny. Any money earned, he would throw back into paying company salaries and those sorts of things.
You learn just how difficult it was, and what happens is when you read these stories of successful people, in many cases, you realize that your situation may not be quite so bad. It is the armor to allow you to be protected from the elements, and in real estate, the elements typically aren't falling objects like you would see on a construction site. They're the emotional and mental arrows being thrown at you from all different directions. What it also does is it gives you staying power. I believe this message I'm sharing with you right here is valuable as anything I'll ever teach in any of my other videos, and if you see them, tens, if not hundreds, of thousands of views on some of my videos, and very, very popular for real estate investors, but this right here is so critical.
The ability to stay in the business long enough to produce great results. You've heard the phrase the harder I work, the luckier I get. Absolutely true, and I would add that as a real estate investor, the longer I stay in the business, the more opportunities I have because what happens is, inevitably, most people can't stick to anything long enough to see it work. We're here at the end of January, and for many of you, if you make New Year's resolutions, you might be here at the end of January and you're already slacking on your eating healthy, going to the gym routine. It's already starting to fall apart a little bit.
People have difficulty sticking to things long term, so when you can, when you have that staying power, magical things happen, so while the other people are busy sleeping and they're not following through, you're busy picking up great deals. Staying power. How do you make sure and insure staying power? Right here. This armor right here of the stories of successful people.
Another great example is something I just read recently is a book called The Billionaire Who Wasn't by Chuck Feeney. He, at one point, had earned over 4 billion dollars, and he had done it with duty-free shops in airports, specifically Honolulu airport, but also Guam and some other parts around the world, and his wife was a French citizen and they set up residency in the Bahamas. This guy's originally from New York, but he figured out how to avoid paying IRS taxes, so he made 4 billion dollars and nobody knew about it, and then he gave it all away without anybody knowing either. He had his attorneys make sure that if they gave money to a college or just whatever that it was strictly forbidden to mention that he gave the money, and if they did, he would stop funding, so literally, the guy gave away 4 billion dollars without anybody knowing. The name of the book is The Billionaire Who Wasn't.
These kinds of stories, and you read where he got started and where he tried to do duty-free sales of vehicles and it fell apart and he lost a ton of money and his entire business fell apart, but he picked himself back up. These kinds of stories, they're not just success principles necessarily. They're real lives of real people, and so I hope that one day when you look back, you will have read tens of thousands of biographies and autobiographies of successful people, and let me assure you, by the time you've done that, you will be the most successful person you ever thought you could have imagined yourself to be because you would have been soaking up that incredible information, day in, day out, year in, year out. That's your armor. That's protection to insure that you stay the course.