By Erin Spence with Jill DeWit
In our work, we’re really lucky that we get to see so many people succeed. I can genuinely say that I’ve seen so many lives changed, and it has been an incredible journey. On the flipside though, we do also see investors fail. In these cases, we can usually narrow it down to one of a few recurring problems. Here they are –
It really is important to educate yourself. Whether it’s with us or someone else, it’s so important. When we see people who try to put together different pieces without getting the full story, believe false information they’ve found, etc. – mistakes are made. We’ve been there and made all of the mistakes, which is why we’re here to teach you the right way to do it. It really is worthwhile to take ownership, get knowledgeable, and ask questions! LandInvestors.com, the Land Academy Facebook group, and the Land Academy weekly call are all great places for that.
There are a lot of moving parts to being a real estate investor, and you really can’t be afraid of data. You need to know how to navigate spreadsheets, use different systems, utilize maps and GIS systems, and more. If this isn’t your strong suit you can definitely still be incredibly successful, but you will need to make sure you learn these items and take your time with them.
The other side of this is that you really need to create systems. This will help make things easier and faster for you, especially as your business takes off.
- Getting in your own way
This is the #1 reason we see people fail. Whether it’s something in their personal life, they feel like they can’t make the time commitment work, or they just have analysis paralysis and can’t bring themselves to “push the button” and send out that mail – we’ve seen it all.
Our biggest response to this is that consistency and perseverance are key. We have members who juggle full-time jobs, multiple young kids, and all kinds of other obligations. You don’t need to be able to dedicate 40 hours a week to investing (at all!) but as long as you’re consistent, keep pushing through, and get out of your own head – you will be successful.