No one likes to fail.
But there comes a time in every real estate investor’s career when he or she must accept defeat, recognize failure, and wave the white flag in certain endeavors – all without feeling shame or regret.
Of course, I’m not talking about succumbing to any sort of comprehensive defeat, thereby throwing-away your entire REI career… No, what I’m talking about here are the painful battles you will inevitably lose on your way to winning the war for obtaining personal financial freedom through real estate.
Why is this important? And how the heck do you accept defeat gracefully?
Well, those are great questions, and I’m gonna let Mogul’s own Justin Lee handle the answers in today’s lesson – because he knows from personal experience the importance of failing well.
Specifically, Justin’s recent experience with poor market selection provided a great platform for him to learn the speed with which you "fail forward" is directly proportional to your success as a real estate investor.
Justin Lee Is Benefitting from His Failures, without Being Defined by Them
Justin is one of the coolest, multi-taskers we’ve ever had the pleasure of working with here at Mogul. Here’s what I mean…
Even in the midst of running several challenging businesses simultaneously, Justin is able to do so without letting those businesses own him. He’s not just a real estate guy; he’s also a savvy business-builder who has cracked the code to successful, profitable real estate investing across the domestic U.S. – all while living on foreign soil.
As you might imagine, Justin knows a thing or two about tackling difficult projects, and he doesn’t allow his investing career to get derailed by fears of failure or “analysis paralysis”. This is a big reason why we were interested in using today’s lesson to explore Justin’s highly practical insights about “failing fast and succeeding faster”.
Of course, Justin’s previous lessons have provided numerous other helpful insights, primarily regarding the beauty of outsourcing your investing business to capable interns and virtual assistants:
Against this informative backdrop, we suspected that Justin would have plenty of veteran advice for anybody in our industry who “fails at failing”…
…and we were correct!
Accordingly, today's lesson is perfect for any real estate investor who wishes to (i) confront challenging failures head-on while (ii) simultaneously gaining valuable insights about how to “get back on track” and move forward.
Specifically, you'll learn:
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How Justin’s recent attempt to invest in San Antonio was a colossal failure
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Why a veteran investor is willing to cut his losses quickly, when needed
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What it looks like when a veteran investor prudently changes course
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How to “lose well” in certain battles, setting yourself up for future success
So check-out the following video for all of Justin’s encouraging insights about inextricable relationship between cutting your losses and embracing future gains!
Justin Lee Explains the Art of Failing Fast and Succeeding Faster…
{Mogul Elite: Download a transcript and MP3 of this lesson in the Power Pack tools for this lesson.}
Understand -- Understand that all your failures (no matter how painful or colossal) are simply learning opportunities in disguise.
Face Your Failures - Rather than denying your failures and imperfections, face them honestly and courageously, in order to gain valuable insights about moving forward.
Fail Forward -- The sooner you can gain perspective and learn how to "fail forward", the better your investing career will be.
Justin Lee
has been a full time real estate investor since 2003 when he flipped his first property. Since then he's gone on to do over $25 Million worth of real estate deals in his own personal portfolio. Although he invests primarily in the United States, he's closed the majority of his investing while living outside of the USA in his hometown of Vancouver, BC, or while traveling in Europe or Central America. Unlike strategies that don't work in today's market, Justin's been able to figure out what works in real estate, and has a keen understanding for what it takes to invest in more expensive markets like San Diego, CA and Washington, DC. In 2008 Justin hired his first interns to help him with his real estate and online marketing companies. Since then, he's helped thousands of entrepreneurs work less, make more, and provide mentorship to the next generation of entrepreneurs through the power of an internship. Justin currently lives in Vancouver, BC with his wife Dreama and children Stella & Sebastian and enjoys being a husband, father, snowboarder, sports fan and real estate investor. He also enjoys providing mentorship to future entreprenuers through his unique internship programs which allow him to get more done and work less than ever before.