I remember it like it was yesterday. There was a stinch that over took you as you walked through the front door. Walking through room after room was full of a junk like one of those harder houses. The walls looked liked they had been thrown up on. The kitchen looked like all they did was cook everything with Crisco oil because the walls around the oven were caked with it. And in front of the oven, it was like an ice skating rink because of all the oil splatter.
And as I walked out that door that day. I said I am buying this duplex. Because I had the one trait that is most necessary as a real estate investor.
And that trait is “courage”.
Yep. You have to have courage if you are a real estate investor. Keep in mind in 2006, when I bought my first rental property, I didn’t have a clue on anything. There wasn’t very many resources that I was familiar with at the time that could have made me an educated buyer either. No one in my family had every owned income producing real estate.
I didn’t know the game at all. I had never heard of the 1% rule. I didn’t know anything about how to evaluate a property as an investment at all.
Fast forward to today and there are a billion books on it. A billion websites and someone at every turn trying to sell you education products on how to become educated on it. I like to think my blog is one of those resources as well.
But as I walked out of that duplex that day. I had the one thing that an investor needs more than money, support, resources, you name it. I had the “courage”.
I had the courage in myself that I would figure it out. I had the courage in myself that it was going to be difficult. I knew it could cost me financially. But I had the courage to still make the investment because I know who I am and what I am capable of.
Everyone I knew said I was crazy. Why would I ever buy a rental property. Why would I want to take this on. Not one person told me to buy the property.
Seventeen years removed from that great decision it is now easy to understand why I didn’t have any support. Because most people, yes, most people. Don’t have a clue about how to build wealth. That is the harsh reality. And now more than ever. It is on full display on a daily basis that most people don’t have any courage.
In 2006 you could hide the fact you didn’t have courage. But in our world today, we see it on a daily basis the lack of courage people have. They do as they’re told in most cases. They fly under the radar hoping not to be seen and not cause a stir. And that is just on normal day to day stuff. Much less putting your money at risk in an investment.
Investing in real estate takes courage, because you are putting something at risk with the hope that it will provide you a return. It is risky. And people don’t like risk.
If you want to become wealthy you have to take risks. You are going to have to go out on a limb, with good due diligence of course. But eventually you have to pull the trigger.
My only advice on how to build courage is to start doing stuff that you are scared to do. Do the things that make you uncomfortable. This is the only way to develop more courage. One small step towards courage will eventually lead you to the next bigger thing.
To your success and your future.
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