Keep Moving Forward! is my mantra, my battle cry. It’s my reminder that when we lose money as real estate investors, we need to accept and learn how to keep our wits about us – if we are to survive and continue investing. It might help you, too!
As a full time real estate investor, I know the risks and I know the rewards. The rewards far outway the risks, and I can minimize the losses that occur – sometimes, though it takes everything I have to keep moving forward.
Yes, even very experienced investors can lose everything. They can be victims of fraud, bad market timing, unforseen property defects. I’m reminded of Donald Trump. I recall learning that he had to file bankruptcy a couple of times, and was amazed that a man with his expertise and reputation was ‘losing’ everything. It turns out that it was only money that he was losing – he still had his knowledge, experience and connections. Perhaps more importantly, he had his drive. He has a clear vision of his outcome. He knows how to keep moving forward, and getting out of the hole he was in. Love him or hate him, his biggest asset is his ability to be fearless in times of adversity, and to keep moving forward. Do you have that kind of focus? Do you know how to keep moving forward? It can be tough, but let’s look at a few things that I’ve been doing to move past some recent losses.
- Ask Empowering Questions: I’m usually asking myself questions like this: “What is GREAT about this?” and, “What can I learn from this?” This is something I learned from Tony Robbins 20 years ago – listen to this audio clip.
- You’re Durable! Remember that you’re going to be in this for a long, long time: I’ve got at least another 25 years to go in real estate investing. Am I going to have a 100% success rate? Probably not. Is that ok? Yes! I get better with every market cycle, every good deal, every scumbag I encounter. It’s going to help me in 5 years, however tough it is now.
- Generate New Business: One of the coolest things about being an active real estate investor is that you can wake up tomorrow morning with a new email, letter or phone call from someone that wants to sell you their house. Or borrow money. Or partner on a great project. When you focus on building a ‘pipeline,’ the loss matters less – especially when talking about your emotional state. It started to turn around when my coach put it this way: “Don’t baby-sit the problem all day everyday. Go get another deal.” BAM! That’s exactly what I would coach someone else to do!
- Decide!: Moment to moment, you have the choice of what you focus on. No one has power over your thoughts more than you do. YOU can stay in bed all day, feeling sorry for yourself that you just lost $10,000. Or maybe it’s $100,000. Fear can take control. It’s easy to let happen. But you MUST get out of bed, maybe go for a run, and change your state. You must decide that you’re going to focus on gratitude – and all the things your grateful for. You MUST decide to make another choice. And remember – it could’ve been $1,000,000! Whatever you’re going through, also remember that others have gone through worse, and risen above it. You can, too.
- GROW! Get better at looking at the market, the deals, the people, the strategy, the system. Use this time to refocus and reflect what you can do better. Get a coach to help you see things from a different perspective. The situations that I take a loss on are going to provide either a springboard, a new disctinction, some invaluable knowledge… SOMETHING that gives me information that I can grow from. You can find great power in this! In fact, a loss propelled me to keep moving forward by developing the Trust structure that I now use exclusively on my projects.
Try this stuff out. Listening to people like Tony Robbins, Wayne Dyer, Depak Chopra, or other inspriational speakers has helped me to remeber things in the most challenging times. But you need to also put it to use in a practical way. It can be done – you just need to choose!
Please let me know what you do to get out of your funk – listen to motivation/music? Exercise? Disconnect? Or are you not very good with moving on? I’d love to hear from you. And please, Keep Moving Forward!