One thing I learned over the last 5 plus years is most of the time I can’t rely on people, and please, I’m not saying that in a bad way, what I mean, especially in Business we must be self-reliant.
And I’ll give the reasons why in a minute, but think about it… how many times have we been let down by someone who we need their help, and of course life happens and for some reason that help never materialized.
But since this article is more about business than personal, I’ll get to the point! I’ve been let down a bunch of times!! And I mean a bunch, and I’m not blaming anyone but myself, as you read on you will read how I’m coping with my mistakes and making myself aware that I was not pressured into anything, so it all falls on me.
After a few years of studying the real estate industry I felt I can start investing myself, but something happened along the way……..FEAR! I felt that I still needed more time to learn and what happens next? I look for someone to invest for me, in other words put my money with someone with investing experience.
- First mistake, the person I first invested with almost got my credit ruined, I lost a few thousand dollars, and luckily my credit wasn’t harmed.
- Not saying no to bad investments. Not only would most reputable brokerages find these investments in poor taste, but even on a personal level I knew they went against my better judgement. Even though I am completely aware of the folly, I always feel I can help and I didn’t want to disappoint my business partner (issue I’m working on, LOL )
- What is this investment about? How will it make us money? Will I get a return? – Due diligence!
- What happens if I don’t get paid? – More Due Diligence.
- I was trying to get rich quick, there is no such thing as getting rich quick equals lost money and bad taste in my mouth.
- Buying courses we don’t need, spending $20k and up and that was with a partner who never paid me her portion of the course, pick one niche and stay with it, most real estate education with one niche can cost as low as $199.00. Or cheaper.
Getting to know your partner
- We need to know who our partner is! Get to know him/her and find out what makes them tick, most of us will reveal our true selves early on in a relationship.
- Don’t partner too soon in a business deal after meeting them, it’s like dating, you must go on a “few dates” Get a feel for that person.
What should I do?
Like the title of this article says, be self-reliant, and I’m not saying you can’t work with people, maybe you can hire out the tasks you can’t or won’t do. There are specialists in the business world we can work with on a short term basis, starting with these-fiverr.com, craigslist.com, & upwork, just to name a few.
If you feel you are not ready to go out on your own, then JV- Joint Venture with someone, it can be on a deal to deal basis, you can do a one deal partnership and move on from there, but, if you form an LLC with that person, things could get dicey if there are disagreements.
Remember there are low costs real estate investments like – Reits, (google it) start there I did a few years ago, BUT, Do your investigating on any investment, you can always lose money, be prepared, invest what you can afford to lose.
- Warren Buffett – “Interpretation of Financial Statements”, must read if you are getting into stock Investing
- Frank Gallinelli – “What every Real Estate Investor needs to know about cash flow”, the real estate financial bible to learn how the “numbers work”
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Keep the momentum going, Good things will happen.
Thank you for reading, Please stay safe.