Like any other field, there is plenty of potential for error in the real estate world. Whether you are drafting problematic lender contracts, delaying action on overdue payments, or underestimating budgeted repairs, chances are you have made a mistake at some point. This is completely natural, and believe it or not, may even pave the way for personal and professional growth. Read on to learn more about the positive aspects of these setbacks, and what they mean for property owners.
These Setbacks Are Part of the Game
There’s no getting around it. If you’re investing in real estate, there’s going to be setbacks, crises and problems on the way to success. I call it “brain damage” because they do a number on your head. Why? Because the stakes are so high. You’ve got your money, your future and your pride all on the line. Unfortunately, it’s the nature of the business. If you don’t encounter these setbacks, then you’re not doing it right.
Never Make the Same Mistake Twice
You should never make the same mistake twice. And thanks to the lessons that the obstacles in your career present, you won’t have to.
Experience is the thing you get right after you needed it. Well, these problems are the experience. In this business, we tend to learn as we go.
In the real estate world, we would obviously prefer if everything went according to plan. This is no different than any other industry. But, even when your deal does not go exactly as planned, there is still an opportunity to learn. As a landlord or investor, you should recognize the value in learning important lessons. You may as well make the most of these mistakes through learning, even if you can’t win in the current situation. Lessons can pay off in spades later, as long as you make a conscious effort to adjust your strategy.
Rome wasn’t built in a day.
As you journey through your career in the real estate world, you will encounter many challenges. After successfully navigating these challenges, you will become a seasoned investor or landlord. With this new experience under your belt, your knowledge, skills and outlook will be stronger than ever.
We all strive for success, but success after overcoming a crisis or setback is indomitable, immovable, and just incredible. Not only will your confidence soar, but your value within the industry will skyrocket.
Think about it. The next time you’re describing your experience to a lender, you’re going to have something real to talk about. Rather than simply embellishing upon your previous experiences, you will have a legitimate and truthful story to tell. Lenders like putting money with successful investors. But, investors who persevere through even the harshest challenges earn more merit.
The bottom line here is that you shouldn’t be ashamed or embarrassed of your past setbacks. Instead, you should frame them in a way that demonstrates your attention to detail. Use these setbacks to tell your story.
Long Island Real Estate Law
Encountering a serious real estate issue is not a pleasant experience. As a Long Island real estate lawyer, I help individuals assess and respond to these issues each day. It’s important to make a concerted effort to avoid these issues. But, when they are unavoidable, learning from them and using this knowledge in the future is paramount. Make the most of these opportunities to learn, and you will gain meaningful experience.
At Clark’s Laws, we’ve witnessed great successes and spectacular failures, and put that experience to good use for our clients every day. Feel free to reach out if we can ever be of some assistance to you.