The Investor’s Learning Curve
If you find yourself at the point where you have thought about using real estate as part of your investment strategy AND you are truly ready to take ACTION, congratulations! It is impossible to know the exact statistics of how many real estate thinkers turn into real estate do-ers, but the real estate do-ers are in the minority by far. So, once you’ve gone from the research phase to the actual practical use phase, you’ve already accomplished a major victory. But, as always, it’s not time to sit back and relax.
To continually achieve your maximum potential with with real estate, as with anything, you should ALWAYS be adding to your knowledge and skills of the field and whatever niche you choose. That being said, however, there is a profound learning curve for those just getting started vs. those that are experienced. Getting your hands on that first property and then managing it successfully can be challenging, but those that are persistent will prevail and also gain valuable information along the way.
The learning curve of real estate can be likened to almost limitless other things that are learned in life. What’s your hobby? Chances are you went through a steep learning curve for that, too. Imagine, for example, learning to play a musical instrument for the first time. First you have to learn the whole basis of music: time signatures, notes, rhythm, reading written music, scales, etc. Then you can start compiling the components together to make beautiful music.
This process easily takes years to accomplish. The bulk of learning almost anything is found at the beginning of the process. You meet with instructors, practice on your own, socialize with others doing the same thing as you, and over time you can combine all your different skills into a beautiful thing. Once you are practiced at what you are doing, repeating the process becomes a lot easier.
What causes the learning that happens during your persistent journey to master the art of what you’re doing? A lot of what you will understand as second nature in the future comes from the MISTAKES that you will make between now and then. Due diligence, research, and building up a team of professionals to work with you will help you avoid catastrophic mistakes, but do not be mad at yourself when you make the occasional error. Learn from it instead!
While real estate investing is a major interest of mine, I am a pilot by profession. Why is it that I make good landings almost every time I fly? Because I have made MANY hard landings! And guess what! I STILL have hard landings once in awhile, just less often than when I was first learning to fly.
The same WILL happen to you in real estate, it’s almost inevitable. You will have MUCH to learn in the beginning and there will be MANY things that you will wish you would have done differently after you’ve done them. The important thing is to not dwell on the past but instead take each and every mistake as a learning opportunity to carry you into the future.
