Excuses Won't Make Me Money
"As long as I KNOW I'm going to make it happen (a deal, this business, whatever), whatever holds me back (poor credit and/or no money) is immaterial to accomplishing my goals. In fact, I am BLESSED to have this challenge (poor credit and/or no money) because since I KNOW I will succeed that means I will have successfully defeated this challenge and developed skills and attributes (patience, tenacity, faith, creativity) that will take me far FURTHER than someone for whom this (credit/money) was not a problem. Nor will I, when I have bested this challenge (poor credit and/or no money) ever take what I have gained (good credit, wealth, financial independence) for granted and lose it-- as some who never face challenges do."
Believe that and you cannot fail.
This quote from Danny Welsh takes to the essence of what it takes to be a success. We must first resolve to achieve success, regardless of challenges. Once you’ve set your mind toward success the path becomes apparent. This first step is often overlooked as people try, aspire, and hope. Only true resolve to a successful end will set you on the right path.
Each obstacle we encounter is an opportunity for growth. Since we have the resolve to see the project through until the end, obstacles are speed bumps not roadblocks. The skills gained to overcome these obstacles make us stronger. In fact, it is these very challenges that allow us to appreciate the success we achieve.
Often we look at others that have achieved success and say, “They started out with [fill in the blank], they were lucky”. While the challenges aren’t the same, they have indeed overcome some obstacles to achieve success. And for those very few that encountered no challenges, they often make mistakes that destroy them.
I know at the start of my own investing career I had good credit and money did not seem to be a challenge. Creditors were all too happy to provide mortgages at 95% LTV. With the market soaring it seemed impossible to fail. I had worked out the purchase of three SF houses with two lease option tenants ready to go with 95% LTV loans. I picked up another duplex with subject-to financing. During the rehab of the duplex I had another single family house deal with 100% financing. It was a project I was partnering with the previous investor. I took an assignment of a master lease option on a local triplex. All told, I closed on four single family houses, one rehab duplex, and a triplex in less than three months.
I did not have the money challenges and I grew careless. The market corrected and I was highly leveraged. I had to evict one of the lease option tenants as they got behind. My duplex rehab went over budget by $10,000. The partner for the single family rehab disappeared.
I look back and wonder, would this have happened if I didn’t have such easy access to credit?
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You must have the right frame of mind to be a success. Sometimes we must get knocked down to see how careless we are getting.
I agree with you my friend.I bet everyone already heard" What doesn't kill makes you stronger".
Every obstacle and difficults we encounter in our lives we will overcome when we have our minds set for success. What comes out after are the lessons we learn and the victory in the end.
At any rate, it looks like those things served to make you stronger. Cliche as they say, but what doesn't kill you makes you stronger. I remember at one point in my investing career where I felt that because I had accumulated $$$, I started to get more CAREFUL , for fear of losing.
Tony Robbins talks about the Carrot and the stick and people are motivated by either the desire for gain and/or the fear of loss. In my case, the more I had, the more I wanted to protect it , and it led me to be way to cautious. When I finally realized that if I did lose everything, I still had my salvation , my health, my wife AND all the knowledge and experience that got me to where I was. So, if I lost it, I could rebuild it...faster this time since I could jump the learning curve.
the moral: Don't be afraid to lose. Take some risks. You may stumble, you may be beat down, but as long as you can get up, wipe yourself off , learn from it, adjust and move forward YOU WILL NEVER EVER FAIL. NEVER.
As Rocky said in one of the best quotes ever "You, me, or nobody is gonna hit as hard as life. But it ain't about how hard ya hit. It's about how hard you can get it and keep moving forward. How much you can take and keep moving forward. That's how winning is done! Now if you know what you're worth then go out and get what you're worth. But ya gotta be willing to take the hits, and not pointing fingers saying you ain't where you wanna be because of him, or her, or anybody! Cowards do that and that ain't you!"
I've also noticed that the biggest jumps in progress also happen when we're frustrated or when we have the greatest challenges. When this happens, I personally take drastic measures and do things I normally wouldn't do, and I've seen many others do the same.
James 1:2-4 Consider it pure joy, my brothers, whenever you face trials of many kinds, because you know that the testing of your faith develops perseverance. Perseverance must finish its work so that you may be mature and complete, not lacking anything.
"NOT LACKING ANYTHING".....I like the sound of that....
"Good job, team! Next step…21. if you were to take the keywords “Rick Melero” and “Tim Mai” combined and type it into the "search engine for real estate investors". There you will find several links, one of which goes to a video I did recently. You may or may not have watched it. You may or may not have known part of the information I shared was for those in the MMM program…and could be said to be in preparation for today! You may or may not need to watch the video, or look/ask elsewhere, to get the answers to these questions together. We ask that you take the answers, and weave them together in a “story-based” blog that teaches the lesson of “Overcoming Challenges: Lessons from Tim Mai and Rick Melero” and post it to the Real Deal Community to receive the next step in the Challenge Puzzle.
Here are your questions that your "story-based" blog should answer throughout:
1. What challenge or challenges has Tim Mai overcome to become a multi-millionaire real estate investor and entrepreneur?
2. What challenge or challenges do you know of that I have similarly overcome?
3. What is Tim Mai’s wife’s name?
4. What is my step-son’s name?
5, What is the address of the building in Orlando where I was in the boardroom of the 12th floor while participating in that video interview over the web?
Talk soon….
Rick Melero"
-- Real Deal Support
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