Posted by Bill Gatten on November 23, 1999 at 17:47:50:
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For the newbies with ever present question - Posted by Bill Gatten
Posted by Bill Gatten on November 23, 1999 at 17:46:27:
The following is a post I recently made on another site in answer to a newbie REI question. After laboring on it for a while, I figured it might be worth sharing with you all here on CRE as well.
For what ever it’s worth:
…there is not a “single best” way to do anything, especially when it comes to creative real estate investing. The more tools you have, the better off you are bound to be…in any profession.
Opinion:
First: In the begining of any program, the best thing you can ever do for youself is willingly accept the certainty of the mistakes that will surely come with the experience.
As you work your way out of the errors you make along the way (as we all have), you’ll learn a bundle: not only about your program and its objectives, but about yourself. In other words, given the scope of our potential in this business, if we wait until our proverbial field is free of weeds before we begin planting our seeds we’re likely to miss the season and end up with nothing for our efforts: i.e., “Don’t worry 'bout the weeds…just plant your seeds…there’ll be plenty of time for hoeing* once the crop starts coming in (*not to be confused with ho’ing, of course).”
Second: The next best thing you can do to learn your craft is “teach it.” Talk about it with everyone you meet until they begin shunning you and throwing things at you. These students will waste no time in telling you when you are full of baloney and where you might need to go for further research ('been told where to go more times than I can count).
As you muster the nerve to teach others what little you think you know, you’ll find that you know more than you thought you did, and that most of those you thought were so smart, actually know less than you do; and you’ll be astounded at how much you’ll teach yourself in the process. Just never underestimate how much they MIGHT know and always season your assertions liberally with qualifying open-end adjectives (virtually, essentially, probably, possibly, more than likely, usually, etc.)…'cause they’ll definitely zap you when you least expect it.
Personally, everytime I give a seminar, I’m absolutely amazed at what I learn from it. As a matter of fact, in answering a question about land trusts today, a new concept (another PACTrust™ advantage) popped up that I’d never thought of before (re. the potential for a deceased lease optionee’s probate proceedings to involve and tie up an optioned property).
When you suddenly learn that accumulating more knowledge only provides you more potential for new kinds of errors, you’ll also realize that trying too hard to avoid those errors may only serve to stiffle your progress (or stop it completely). In my opinion one must absolutely recognize “potential for error” as the mother of those very opportunities that make true RE investors wealthier than most other folks.
Here’s one to laminate for your wallet (hold the applause):
“If before you’ve begun, you’ve taken the time to know for sure what you’ll do if you fail…you already have.”
Fact: Highly successful people make quick decisions and are slow to change their minds. Less successful people are slow to make decisions and quick to change their minds. Unuccessful peope either make quick decision and change their mind just as quickly, or take forever to make a decision and even longer to recognize that it was a bad one.
Go for it now…don’t wait for the mentors and gurus to do it for you… they can’t–they can only give you their recipes…and make their money whether you do or not. Use them, but don’t depend on them: just selectively learn from their mistakes.
Bill
A Great Big Thank You from this Newbie! - Posted by Crystal in Canada
Posted by Crystal in Canada on November 25, 1999 at 16:27:40:
Each day I am amazed at the support, knowledge and inspiration offered by you and the many others here.
I am still learning and I have a desire to take action soon- now that I read your post I will write down a date and goals and I will stick to them.
The most difficult part of this has been realizing that the more I learn the less I really know.
It was frustrating at first but truly exciting when I grasped a concept- I thought I was progressing… you just made me realize I’m stuck.
I have read enough courses and there is enough support here to get me started. I need to believe in myself and get out there and take action!
I know I can be successful- thanks for the boost!
Thank You!