the-abcs-of-real-estate-investing-ken LifeFeeling

I admit when I was just starting out I had an acute fear of failing. The difference is I
knew that if I did nothing and remained frozen in fear, I would fail. I felt I had a better
chance of success by just going forward one step at a time to make some opportunities pay
off. That’s the thing about fear of failure, if you don’t use it to your advantage as a
motivator, it becomes a self-fulfilling prophecy.
Myth #11: You Have to Know the Tricks of the Trade
There are no tricks of the trade in the purest sense of the term. But there are secrets to
success in life. And as long as you know those, you’ll be successful at anything. First, you
have to set goals. Goals will be the foundation of the roadmap for your success. They will
also tell you when you have arrived, so you can pat yourself on the back. Everyone needs
that reinforcement. Not coincidentally the next chapter is all about goal setting.
Second, you have to persevere. Quitting when things get tough doesn’t produce winners.
In fifteen years, I could have quit a hundred times. I’ve had plenty of tough problems.
Financing that falls through, employee problems, and downright frightening resident issues.
But successful people work through difficulties and they come out on the other side
stronger, more confident, and better prepared for the next challenge. And trust me, there
will be more challenges.
Finally, you have to understand the process. That’s what this book will do. It will take
you from beginning to end and every step in between. From setting goals to setting up your
team, to finding property, to evaluating it, to determining a purchase price, to managing it,
I’ll let you in on fifteen years’ worth of experience. I hope this book will become your
handbook for success.
CHAPTER ONE ACTION STEPS
• Understand the myths in this chapter.
• Ask yourself if there are any others.
• Identify the ones you believe to be true.
• Determine which myths have been responsible for hindering your success.
• Make the commitment to abandon these unproductive myths.
• Make the commitment to learn techniques and preparedness so magical things happen.