Learning By Doing as a Real Estate Investor
I want to talk to you about how learning by doing is far more beneficial to you than learning by reading something on real estate investing or listening to someone talk about it.
I have a doctorate degree in education. I am also a formal school principal. I taught using a textbook a lot. Looking back, I am amazed at the times where I had my students do something and watched the growth it created.
There is lots happening in the real estate investing space. There’s plenty of of coaching and mentoring going on and I know that seduction is power. However, what I also know is that people learn way more when you get them involved and engaged in doing something than when they hear or read information about something.
The person I want to talk to right now is the person that has not done any real estate deals yet, but wants to jump in. I am talking to the person who thinks they will make mistakes they cannot recover from.
I want you to know that you will learn much more by doing a deal and investing in real estate then you will by just talking about it, reading books, or investigating.
I’m not saying you should just jump in without educating yourself or by not considering the stage of life you are in. I’m not asking you to forget about all of the things you should consider to be a responsible adult.
The people I’m talking to have the time to invest in rental real estate but simply have not done so yet. They have money to take the plunge, but have not done so yet. They really enjoy talking about doing deals but haven’t done a deal yet.
The main reason they are putting all of this off is because they are afraid of making an error or making a bad judgment call. They also may be thinking they that don’t know enough.
You will learn so much more by doing a deal than by sitting on the sidelines. You will learn more from doing deals than you will from just watching people do them.
My own experiences taught me what I should look for when doing an inspection using a checklist so that I buy a property that is not just a deal, but one that I can accurately estimate rehab costs on. Using someone else’s checklist can actually lose you money. By going through the process yourself, you can create your own checklist for the criteria you are looking for.
You can learn lots by talking to neighbors and stepping into their homes and seeing what their homes look like. You can learn about what should be improved on a property based on what will make a good return.
Think about how you are learning. Are you spending most of your time learning through books, videos, and audio books? Are you learning by talking to other people about their deals?
Are you actively doing deals? Are you actively looking for properties that provide cash flow? Are you actively looking for ways you can find funding? Are you actively flipping properties, dealing with tenants or property managers? Are you actively involved with real estate investing or are you just looking?
I want you to get involved and do something, no matter where you are at in your stage. If you’re just starting to look at deals, I want you to look at least 10 deals a day. If you are just starting to make offers on properties, I want you to make at least 3 offers a month. If you’re doing the work you’re going to learn more than just talking about it.