Having Friends That Are Investors
There are challenges sometimes when talking with another friend who is also an investor.
One of the biggest benefits of talking to another person who is an investor is that they can understand what it is that you are going through when you are making decisions related to real estate.
Investors think differently than consumers. When you are in the role of a consumer, you are thinking about what can you buy to make yourself feel good. You are thinking about what you can buy that makes you enjoy your life, or temporarily makes you feel more satisfied. You may think about the boat that will impress your friends or the truck that will get you from point A to B in style. You may think about how the products you buy will somehow improve your life.
As an investor, you think about how the purchase you are going to make is going to give you a return on your money or others’ money that you are investing. This is why it is good to sometimes talk with other investors. You should think about what it would be like if they were in your shoes.
You can consider their decisions from your perspective and they can consider yours from theirs. When you are talking with another investor, you are constantly talking in a way that gives advice to one another. You are talking in a way where you make each other look better and think differently about how you will proceed in future transactions.
Friends who are investors can help you sharpen your investment strategy. For example, they can look at your deal and tell you whether it is a great one that cash flows. They can also help you consider location and proximity. They can even help you push past your perceived limits.
When you talk with people who are not investors, you will sometimes not have positive conversations with them. They may react negatively to something you said. However, what they can do is they could help you stay in balance with other areas of your life.
Are you not talking to many people about real estate investing? You will quickly find out who is not in the circle you want to be in to grow your business, or grow yourself as an individual. You want to keep people in that close circle who will help you achieve greater success.
If you don’t talk to anybody who is also an investor, how will you grow as a real estate investor yourself? While you do need to make lots of decisions on your own, it will be beneficial to also make some decisions with the help of other investors.