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________Here are the Show Notes________
The two biggest enemy of success is fear.
It inhibits you from taking action. And nothing happens without that.
Fear, never goes away, no matter how successful you become. Same thing is said about CrossFit workouts… they never get easier. You just plateau to a new level of suck.
The same fear exists for the successful, why don’t they hold them back from taking action?
It made me push to busy my first out of state rental in Birmingham from Seattle, sell my Seattle rentals to 1031 into a dozen out of state properties, and lately moving toward a portfolio of syndicated private placements. I don’t know what’s next?
Successful people simply make a habit of taking action, despite the fear. They have gained the habit/muscle or mental six pack of taking action.
By taking action do you gain the experiences of facing obstacles and overcoming them, facing mistakes and learning from them, taking risks and surviving failure. Gained muscle or even a crazy mental eight pack. You draw upon these experience in times of hardship or difficulty.
Obstacles always change but your ability and track record to move around it is what is most important. When we evaluate people to work with Track-record is always important. Obvious we want to work with someone who is proven but realistically every situation in the future will be different and we are really looking for someone who can deliver despite the obstacles. We are not looking for who is a genius (although it helps) or even with some competitive advantage but mostly good character and ability to overcome obstacles… dare I say turn obstacles to opportunities.
There are a couple leads that have had touch times in their deals lately due to circumstances outside their control. What I know of their mindset is that they are freaking resilient that they will overcome the obstacles.
When crap happens we want say:
“we’ve faced a similar uncertainty before and this was the mistake we made and need to avoid”
“we’ve taken a similar risk before and we survived”
Do not mistaken brazen courage with competence/confidence. There are a lot of people who fake it till they make it.
Risk: If you are in aware of the risks and rewards (mentor/stage 3 of 4 of learning) then take the most risk as possible. The Shape ratio theory that I believe in that the more risk you take the more reward you get exponentially. Therefore take as much risk as you can to capitalize on the most reward. BUT… huge caveat here… only take the most risk that you are willing to take that if the worse that can happen you can live with.
This is why I don’t skydive.
This is why I stick primarily to non-recourse deals where the apartment is stabilized.
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