Have you ever been so inexperienced in a certain realm of investing that you can’t even identify the extent of your own naiveté? Yeah, me too.
Today we explore the inescapable truth that you will never know everything about real estate, and we celebrate the fact that such infinite wisdom is not necessary to be a successful investor. We also explore the reassuring reality that it is okay to have a ton of questions – even when “you don’t know what you don’t know”.
Determination > Information
There will never be a day when all your informational streetlights turn green simultaneously. So stop waiting around for perfect informational clarity, and put your foot on the gas!
No successful tourist ever cancelled his vacation to France because “there might be a red light on the way to the airport”. And no successful Romeo ever delayed his pursuits of Juliet because “there was a red light on the way to Build-a-Bear”.
Of course there will be red lights! They’re everywhere! Even for investors. (Especially for investors.)
Personally, I encountered at least 9,999,999,999 red lights on my last road trip to the beach, but I persevered anyway, fully expecting a gauntlet of unforeseen complications before ever leaving my driveway. While cranking-up my car in Tennessee, did I know at which times I would be delayed en route to Florida? No. Did I know in which little towns my GPS would fail me? Absolutely not! But I knew delays and complications were inevitable…
…and I knew that my courageous determination to navigate this uncertain roadmap would ultimately reward me with blissful serenity at my delightful beachside destination.
Such is the case with real estate investing.
You will never know everything about real estate investing...
The journey from casual investment voyeurism to successful deal-making bliss is rife with informational roadblocks and educational detours. And even the most veteran real estate gurus will confess that they are constantly surprised by unexpected nuances in this ever-changing industry, which is part of real estate’s allure.
So don’t be paralyzed with insecurity if you are unfamiliar with esoteric contractual terms (see “acceleration clauses”) or intimidating investment strategies (see “triple net lease investing”). It’s all part of the learning curve!
...But Doug Ottersberg can help you foster a healthy perspective.
And most of your real estate peers will be happy to help you navigate any unfamiliar roads you encounter, because they too are on the same educational journey as you are. They will be eager to learn from you as well, and they will probably be happy to celebrate by your side as you capitalize on the numerous “teachable moments” along the way.
In fact, to reassure ourselves of this encouraging reality, we rejoin our ongoing conversation with mindset maven DougO.
Have you caught our previous chats with Doug?
Some really good stuff there. Highly recommended.
Now let’s tune back in as DougO reveals more about how to survive in an industry which frequently boasts more questions than answers…
From Doug Ottersberg, Inner Game Advisor…
{Mogul Elite: Download a transcript and MP3 of this video in the Power Pack tools for this lesson.}
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Identify – Identify whether you are one of the many people who wrestle with the lie which falsely claims “I don’t yet know enough to get started”.
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Choose – Choose to take action in the face of fear, thereby killing the fear itself. If you fear the consequences of acting on imperfect/incomplete information, take the first step anyways…and reject the fear of looking like a doofus!
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Precondition Yourself – Precondition yourself to find comfort in the assurance that “You will always know what you need to know when you need to know it”.
Doug Ottersberg
is a lifelong entrepreneur. His depth of business and investment knowledge comes from hands-on experience owning a variety of businesses and investment real estate, along with a deep love of applied learning. In addition to assisting others in transforming their lives by training them to use the skills of persuasion and influence, rapid personal transformation and sub-conscious reprogramming during private one on one sessions, group teaching is also a major passion for Doug.