3 Ways This ONE Attitude Ruins Everything For Investors

What’s up guys, in today’s video, I want to address a kind of pitfall that I see a lot of investors subjecting themselves to honestly a lot of time without even realising it. This is one of the things that I think holds investors back. And just people in general back more than almost anything I can imagine. It’s impatience, and I want to speak directly to how I see this impacting investors when they’re investing in short term rental properties so that hopefully you as a short term rental investor or someone interested in this space, you might want to just audit how you’re approaching your short term rentals, or you’re investing to make sure that you’re not accidentally being impatient in some area that might be really negatively impacting your performance. So there’s a few different areas that I see this showing up for people. And it honestly can just ruin people, like there’s no easy way to say there’s no sense in sugarcoating it, this can literally be the difference between huge success and complete and utter meltdown failure. And so the first place that I see people just cutting corners, and being impatient having a huge negative impact on their investing in deal finding, a lot of people just rush this process, they don’t want to do the initial work of, you know, just figuring out why they’re even investing in the first place, figuring out what market actually makes the most sense and aligns with those bigger goals that they have, what types of properties, a lot of times, they just kind of run right into it and just almost go in, like on a one track mind, I want to buy this type of property in this market. And that’s it, I’m not going to consider anything else. And although I appreciate and respect the you know, action taking mentality, I think that planning is a really important part of action taking, you know, you need to do that proper planning, you need to do your due diligence, especially when it comes to investing. And so I see people making this mistake where they just rush right in. And then oftentimes, they are so impatient that they pop around a whole bunch and never really get disciplined and do the work. So what will happen is they’ll look at a property and it looks really good. And they’re about to put an offer in but then some other property comes up, or they have some thought in their head that they didn’t think of before and it makes them back out of this deal, and then go over here, and they just kind of hop around a whole bunch. And initially, they end up just getting frustrated, frustrated eventually. And either they quit, or they just buy a freaking property. So they can be done with this whole analysis piece. And I think a lot of people view this initial analysing properties, doing your due diligence, do finding as a lot of work with no results when they haven’t bought a property. And putting I always remind people is that, you know, with anything, like if you take sales, if your door knocking, you know, you’re going on knock on 1020 doors, before you get a lead before you get someone’s actually interested in your service, that you’re cold calling, same thing. And so to have the mentality of you know, it was a total waste of time to call these 19 people, that just doesn’t really work because there’s no world in which you can actually just call that 1/20 person who actually picked up or was interested in gave you a lead, you have to call through those 19 people in order to get to the 20th. One, there’s no other way around it. And so similarly, in real estate investing, there’s no way to find a good deal without looking at bad deals, it’s just not going to happen unless you get incredibly lucky. And luck is not the strategy, right. And so you naturally just need to put that work in of looking through bad deals in order to eventually find that good deal. So you just have to be prepared for that going in, you’re not not making any progress, you’re getting closer and closer to finding the good deal, the more bad deals you look through. So I just want to remind people to not get discouraged if you’ve been looking for a while and definitely don’t get impatient, impatient is what’s going to cause you to just take that 19th bad deal and just say screw it, let’s do it. And that’s going to be a decision that you regret for the whole rest of your life. So please, please do not get impatient with that. Now, the other thing that I get to see people getting impatient with is just the learning process overall. Now, this doesn’t happen often. I think a lot of us, you know, are you still we know that we’re embarking on something, something new, and we have to learn and a lot of people are excited and eager to learn. But I do know that some people, you know, perfectionist, they just want to be really good at things. And so I find that for them. It’s really, really important to just slow things down and remember, hey, this is something new. Perfection is not the goal, progress is the goal. So you really just want to get in that space of hey, I’m going to learn I’m going to absorb I’m going to assume that I don’t know what I don’t know. Because the opposite assumption of thinking that I know more than I do. That’s gonna lead to complete chaos that’s gonna lead to failure for sure. If you just assume that you know everything and don’t aren’t open to learning. That’s a really, really hard way to learn because you end up having to learn just by burning yourself and making mistakes. It’s a whole lot better to listen to the expert that tells you not to to touch the stove, because they’ve done it before, or they know someone who’s done it before than it is to go and plant your hand right on there and then have to learn by burning the heck out of your hand. And when I talk here, it’s obviously analogy. burning your hand is a whole lot better, frankly, than losing 10s, if not hundreds of 1000s of dollars and a whole bunch of your time. So that’s the stakes we’re playing with when it comes to short term rental investing with the stakes being higher, it just pays that much more to learn from other people who’ve already been there and done that. And then probably another one of the big ones where I see people making mistake of being too impatient is getting their property listed. I always like to remind people that there’s just no sense at that stage of stepping over dollars to pick up pennies. And what I mean by that is that I see a lot of people going in when they get their property, they’re so excited, but they’re on this time crunch. And sometimes there’s justifiably so somebody’s didn’t plan well enough to know, okay, it’s going to take 30 days for me to get this property up and running. So I need to just budget for that extra mortgage payment, the extra utility bill, etc, etc. But if you’ve done that, then a lot of people, they’re just so eager to get the property up, and they just want to get it up right away. And so what I see them do is they’ll cut corners, you know, they’ll either not order this specific couch because it’s going to take an extra week to get in, even though they know it’s better. It goes with their design better, it’s more functional, it’s a better, it’s more affordable, all this stuff that just go screw it, let’s just get something else. Or I’ll see them you know, they’re held up on adding a certain amenity. So we’ll just get the photos done without that amenity. And then they’ll try to get a photographer to go back in later, but then that ends up not happening. So now you just have a listing that has a hot tub, but the photos don’t show it. And you know what that is the point of having the hot tub there, if you can’t show it off to your guests, because the goal there is to get a return on that investment, you’re just not gonna be able to do it. If you can’t mark it, that amenity for, don’t even get me started, the worst mistake I see people making is that in a rush to get their property listed, they’ll take the photos themselves, Oh, it’s the worst mistake. Because getting a photographer to go in there, it’s maybe going to take an extra week or two weeks long term that’s gonna pay off 1000s, if not 10s of 1000s of dollars over the long term is going to be your payout from hiring that professional photographer. And the benefit of not hiring them or delaying hiring them is maybe a couple $100 In bookings you get by listing a little bit sooner. And so again, I think that the the kind of antidote, the solution here is twofold. Guys just want to take a quick break here to say that for those of you watching, who want to build cashflow, and long term wealth by purchasing Airbnb ease and short term rental properties, there’s a link in the description right down below for a free training that will walk you through my exact strategy for investing successfully in Airbnb ease. Now, if you’re not ready to actually buy properties, and you want to get started managing other people’s properties on Airbnb the same way I got started and build a full time income managing other people’s properties. There’s actually another free training linked in the description down below as well, there’ll be a really great fit for you. So whether you want to invest in short term rental properties and actually build amazing cash flow and long term wealth by acquiring the assets, buying the properties themselves, or you’re looking to earn a full time income managing other people’s properties on Airbnb, we’ve got some awesome trainings that are linked in the description down below, that’ll definitely help you out. When you sign up for the trainings, we’re also going to send you a few other tools and resources completely for free just to help you get started. Again, the links to sign up are in the description down below. And both trainings and all the tools are completely free. So make sure to register for the trainings, links in the description down below. Number one plan. So I think a lot of this impatient after the initial purchasing stage can just be eliminated by proper planning, if you plan going into the deal that you know, you’re going to have an extra month or an extra two months of renovation of furnishing of setup of all this different stuff, then you don’t have the stress of thinking, Oh no, this unanticipated mortgage payment I didn’t think I was gonna be paying out of my pocket, things like that there might just be some initial carrying costs, you need to budget for that. And then the other thing that you have to do with planning is right from when you go firm on that deal, you should start that process of looking for the photographer of sourcing your furniture of getting everything ordered, so it can be delivered. If you really want to get the property up quickly, then you want to start the ball rolling on that stuff early on. Don’t wait till you have keys in hand to start looking for all that stuff because it does take time. And you want to start doing that ahead of time so that you’re just planned out ahead and can get the property listed sooner, but not have to do any any shortcuts in order to get there. So really, those are the big areas that I see this showing up and if you’re watching this, please please please do yourself a really big favour and just be patient when it comes to real estate investing. It really is about making a few really really good decisions moreso than being active and you speed and all this other stuff, right? Your money is what’s working for you. You’re not where Looking for you when it comes to real estate investing. So patients is a really, really important factor to make sure those crucial those critical decisions that you’re making them effectively and doing those really key pieces the right way. So this is just your friendly reminder to stay patient stay on the track. As long as you’re working with a team that has your back that makes sure you’re not going to make mistakes, then you just need to be patient. If it takes an extra month or two to get that property up and running because you had to find the perfect deal. Trust me, trust me, trust me, trust me, you are going to thank yourself for that later on, is gonna be well worth the additional time if it just takes you a little bit longer. Now that being said, if you want our help to make sure that things do go as smoothly as possible and as quickly as possible without taking shortcuts, then make sure you check out the links down below to get in touch with our team we would love to help you we’d love to work with you to make sure that you can invest successfully in short term rentals and avoid any of these common pitfalls. If you’re new to the channel here, make sure you hit the subscribe button right down below the video here to stay up to date with the two new videos we post every single week here on the channel. Also make sure to hit the like button down below this video to give this video a thumbs up if you got value from it if it was helpful to you in any way shape or form. And let me know in the comment section if you have any thoughts.