Thursday, October 30, 2014

Success Lessons Learned

The Real Estate Association of Puget Sound hosted a super Saturday of training last weekend, presented by a variety of local speakers. All of the local speakers are active real estate investors in today's market, and all of the presentations were filled with real world advice, success, failures, tips, ups, downs and humor.

There were many important lessons from the day's presentations, but I would like to share just a few here that really hit home for me. Will Heaton and James Dainard are a couple of our most successful real estate entrepreneurs, who have transitioned their off-market wholesaling business into a company that offers turn-key investment opportunities and access to investor capital. Their presentations for REAPS are always filled with real world case studies that impart great education, and lots of good entertainment.

Will Heaton, who came from a strong sales background, talked about the trials and tribulations of his former housemate, a business major working at the local hamburger joint, as he started knocking on doors to find real estate deals.

"He was really terrible," said Will. Of course, he was referring to James Dainard, who continued to become the successful business partner that he is today.

Lesson #1: Whenever we begin anything new, we will not be good. We may even be bad at what we do. Just like a baby taking his or her first steps, we will stumble and fall. But the more we practice, the better we will get. Every journey begins with a single step. You won't know what you don't know. You just have to keep the faith that you will improve.

James admitted that it took a full year, of knocking on thirty doors a day, before he got his first deal.

Lesson #2: Take the steps that are necessary for success, and eventually you will succeed. Be disciplined about what it takes to succeed. How many of us would continue knocking on doors, day after day, month after month, when doors get slammed in our face, when all of the answers are "no?" That is why James succeeded where others failed. He just kept doing what he knew would lead to success, eventually.

Lesson #3: Do not give up before you get there. What if James had quit knocking on doors on day 364 of his first year?

Great presentation, Will and James! Thanks to REAPS for hosting.

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Happy investing!

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