My father was a successful businessman, a great dad, and generally a wise man. One of his favorite comments when a task was discussed and a question of timing (often procrastination) came up: “There is no time like the present!”
Beginning investors are often so scared that they will mess up that they never get off Square One. That is like being so scared of the bicycle that you never learn to ride it, although admittedly, investing involves considerably more risk than a skinned elbow or knee. Those of us who learned to ride bikes generally enjoy riding and never forget how. Investing can be like that, too, if you give it a chance.
The key is to be ready enough, but not PERFECTLY ready, because you will never get there. Do you have buyers or know how you will find them? Do you have funding sources or strategies that do not require your cash? Do you know how to find leads? Do you know how to minimize your risk? If none of the above, find a partner or a mentor. But get going!
What can you do TODAY that will move you forward and closer to an actual deal than you were yesterday? Do that now. As Dad would say, “There is no time like the present!”
Most of us have had a science course of some sort at one time or another. They nearly always include a lab requirement. When we took an English composition course, we had to write. When we took an art course, we needed to do time in the studio. When we participated in athletics, we spent much time in practice.
We all recognize the value of actual experience to really learn anything. We cannot just show up for the game or write a novel if we have not done the drills.
Yet in real estate investing we tend to take a course or read a book or attend a boot camp and expect to go out and win the game. Then we cannot understand why we get run over or left in the dust.
I recommend to all new investors: Work with a mentor or partner with an experienced investor for a few deals until you catch on. You will find that the light bulb will come on multiple times during the experience as you suddenly understand the significance and the subtle nuances of what you learned in the course. Your success will be accelerated. You will not need to reinvent the success wheel by yourself.
If you are currently struggling, hire a mentor! Find a partner! Spend some time in a “real estate investing lab!” It will be one of the best investments in your success you can make at this point.