21 Sep 5 Ways to Become A Resilient Learner in Real Estate
Being a resilient learner is key in developing Level 2 income, which we discussed on Monday. Most people, whether it comes to being business owners or real estate investors, have to learn how to become a problem solver.
Several years ago I had bought a property, and I continuously got a water bill for about $500 per month. It was a duplex, and back then it had one water meter running for both units. One of the secrets to buying real estate successfully is making sure that all utilities are metered separately. This property had the potential for such a strong cash flow, but I got discouraged. Finally, someone asked me why I didn’t put in dual water meters. We began to look around, and we found someone that was willing to work with the city and give us a really good deal. The problem was completely solved and the tenants became responsible for their own water bill. It was amazing how simple the solution was, and it tremendously increased my bottom line.
These are the top 5 Ways to Become A Resilient Learner.
1. Learn from Your Mistakes
You’re never going to learn to build businesses, invest in real estate, or learn how to work with stocks unless you’re willing to learn from your mistakes and become a resilient learner. In the story I shared above, I made a mistake. This happens to everyone, especially if you are a beginner. You must not be afraid to make mistakes, the important thing is that you LEARN FROM IT. I sought advice for my problem, I listened, and the way I have managed my properties since has changed for the better.
2. Learn to Get In The Game
If I’m going to teach the game of baseball, I can stand on the side all day and instruct the players with video, but the player won’t learn until he gets on the field and into the game. Real coaching doesn’t take place in a vacuum on the sidelines. Real coaching takes place in the middle of the game and so does learning. When it comes to moving to Level 2 income, you’ve got to be willing to get into the game of investing and business ownership in order to be able to learn how to make money.
3. Learn to Develop a Team
Have people that know more than you do in whatever area you are in. In the real estate business, you want bankers, mortgage brokers, a good real estate agent, a good property manager, and good contractors. Developing a team is key in order to have the kind of income you need. You become successful because you can’t do everything by yourself, and it’s foolish to try to.
4. Learn Historical Returns
If you think about historical returns across the board, you’ll see that returns back 30-40 years ago has been about 14% annual return on the money. You have to understand the historical returns where you’re planning to put your money. If you want to invest in US small-cap stocks, foreign stocks, real estate, oil and gas, treasury bonds, gold etc, you should research the historical returns on your investment. You need to know what kind of money you can expect.
5. Learn to Rely on Systems
We talked about building a team earlier, but you also need to put systems in place in order to be successful. Formulas, documentation, and policies become a part of the system and having systems make decision-making easier. Good systems also anticipate problems ahead of time.
Being a resilient learner is the secret sauce to success. No one starts off automatically successful and never making mistakes. The important thing is that you LEARN from these mistakes. How have you become a resilient learner in your business?
If you didn’t know already know, I am hosting a Real Estate Mastery workshop in Denver, Colorado on October 20-22nd. The incredible guest speakers and I will teach you the tricks and tools we use as advanced investors so the mistakes you make can be minimized or avoided. If you would like to find out more information, click this link. If you are ready to begin your journey as an investor, or you are looking to grow your business, purchase tickets here.
I hope to see you there!