In October 1941 Winston Churchill visited Harrow School (his alma mater) and spoke to the students. Included in that speech is one of the most famous quotations in history. Churchill said, “Never give in. Never give in. Never, never, never, never-in nothing, great or small, large or petty-never give in, except to convictions of honor and good sense. ” If you’re wondering to yourself, ‘How does real estate investing work?’ you could do worse than to start by memorizing those immortal words.
As in most other worthwhile endeavors, real estate investing requires one thing above all else… perseverance. Otherwise known as the will to win, perseverance is the quality I find in the shortest supply among those I run into who are asking the question, “How does real estate investing work?”
There’s plenty of strong starters… lots of folks come out of the gate and sprint well.
There’s no shortage of brilliant strategies… creative acquisition and finance techniques abound.
There’s a plethora of aggressive and clever marketing… witness all the ‘We Buy Houses’ signs and ads in your town.
There’s even a host of investment clubs and forums… people are partnering and working joint ventures in record numbers.
Unfortunately, there’s a lack of consistency. The investors I meet today are often not the investors I was meeting at this time three years ago, or two, or even last year. Why? I can only conclude that many investors are woefully ill prepared for market conditions as they truly are, and therefore are all too quick to exit the game when the going invariably gets rough.
Many of the failed investors I’ve spoken to had a ‘pie in the sky’ mentality when it came to the realities of real estate investing, especially regarding market values and lending criteria. As a result, they just couldn’t stick it out. They gave in.
How can you avoid becoming one of these disillusioned “former investors”?
One simple answer… enter in to the investing game with both eyes wide open, and a willingness to look at things the way they truly are, not as you would wish them to be. If you do that, you will position yourself to be one of the winners, consistently, over the long haul.
Winston Churchill had a funny habit of telling the truth. He told it to pretty much everyone he met. He didn’t sugarcoat reality, even with himself. Especially with himself.
Make sure, when answering the question, ‘How does real estate investing work?’ that you do the same.
I’ve got more on the question, "How does real estate investing work?"
Now, go make more offers.
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Tom Dunn is a successful real estate investor and author of the popular DealFiles Real Estate Investor Stories free newsletter. You are welcome to share this report, unedited and in it's entirety, with anyone you like. You may not remove this text.
© 2007 by Tom Dunn. Website: http://www.dealfiles.com e-mail: email@example.com