When speaking to newbie Real Estate wholesalers who are struggling, four very common themes or reasons appear. If you are floundering and are unsure why you have not found success, take some time to reflect and see if you fall into one of the following four categories:
- You are skeptical
- You are afraid to make a mistake
- You are misinformed or over-informed
- You are inconsistent
YOU ARE SKEPTICAL
It is not uncommon in wholesaling for newbies to believe that this business is too good to be true. And there is some fact in that statement. It is not like the investors that you see on TV who appear so glamourous and luxurious. It takes a lot of hard work and effort to launch a real estate investing business.
And the more you learn, the more skeptical you become. You discover that there is a lot that you need to know to become successful. And from that point, you really can’t or won’t believe anything else that you learn about wholesaling.
YOU ARE AFRAID TO MAKE A MISTAKE
This problem is all in your head. And if the thought of making a mistake paralyzes you, you will talk yourself out of doing anything. You need to wrap your head around the real process of learning. Everyone makes mistakes when they are learning. And if you refuse to make a mistake, then you will never be able to learn.
Mistakes are lessons. And the best way to deal with these lessons is to take the knowledge with you and work to minimize the damage or problem that the mistake created. Simply vow not to make the same mistake again. And then try again. That is the only way to make any progress.
YOU ARE MISINFORMED OR TOO INFORMED
There is a massive amount of real estate investment information out there. But you need to be able to sift through that myriad of data and determine which part pertains to you and your investments. You really can have too much information to apply in a positive manner. And without whittling down that abundance of data, you could be utilizing the wrong information to your current deal or issue. So now you are misinformed. The secret with data is to keep it focused enough to be truly helpful rather than a hindrance.
YOU ARE INCONSISTENT
Real estate investing is a long game. And you need to maintain momentum and focus throughout the process. When you stop and start, you lose more than just motivation. The information and knowledge that you worked to learn to become outdated and useless. You lose touch with contacts, buyers, sellers, and other valuable contacts who keep you up to date on the latest market trends and information. All of that current and constant contact is part of the momentum that will keep you moving forward. And when you take even a short break, you have to backtrack to regain what you lost while you were focusing on something else.
It can be hard to accept that your failure or lack of success is your fault. But the best way to determine the issue is to take a long, hard look at yourself. If you fall into one of these four categories, you are not alone. And you should not feel ashamed or give up. It happens to many more newbie wholesalers than you could imagine. And all you need to do is recognize the problem and correct it. Don’t give up on yourself and your future of financial independence.