About a decade ago, I make a major decision to purchase an investment home. The reason was to have my money make money, or so I told myself. The real reason was because everyone was doing it and I fell into the Trap.
The Trap is a societal "black hole" that pulls you into what is hot at the moment. In this case, real estate was THE thing to do and unfortunately, I was sucked into its orbit.
Ten years later and it was been a learning experience. This is a nice way of saying it has been horrible. Nevertheless, there are some major lessons I learned.
Here are a few:
1. Follow Your Passion.
This one is as old as the hills, but it has become this old because it is pure truth and truth lives forever.
Real estate is and never will be a passion (other than my home which I absolutely love). I thought it would be a quick buck. It is not. It is a great way to get an ulcer.
2. Do not buy into other people's dreams.
I went to a Robert Allen seminar. Allen is the "no money down" author who tells everyone that we all can make a fortune via real estate. In my opinion, the no money down is a scam, more or less. If you do not have money to put down on real estate, you do not have the money to be involved in real estate.
It may be Allen's dream but you have to ask yourself, "Is this what you really, really want?" If so, go for it. If not, walk away quickly. Better yet, run as if a pit bull is chasing you.
On a side note, the VAST majority of these seminar providers do not make money doing what they are promoting. They make money selling seminars. . . selling dreams. Their dreams.
3. Listen to your wife.
When someone is smart, marry them.
When someone has distance and can look at things objectively, listen to them.
Had I listened to my wife, the results not only would have been different but so less stressful and more beneficial. She made solid arguments. She made sense. She was right.
Get an "outside" opinion. . . . and listen to them.
4. 99.99% is the same as zero.
If you are not 100% committed fully. . . .
If there is any doubt. . . . .
If you sort of . . .kind of. . . probably want to. . .
DON'T! This is pure white and pure black. You are in or you are not and if there are any shades of grey, do not get involved. You will fail. You will be miserable.
Get in or get out. You cannot do both.
I have learned a great deal from this experience. It would go under the category of "hard lesson."
I hope someone who is on the fence can learn from the mistakes that yours truly made. Maybe then it will have been worth it.
On second thought, I am still sticking with no.
David Orman is the creator of the best selling anti aging formula found at www.hghplus.net
He is a teacher, lecturer and author. . . and former real estate entrepreneur.