“Return On Experience” Could Be Your Most Valuable Payout
Venturing into new territory? It’s OK to not have all the answers
If you face anxiety when embarking on a new venture, you can do one of two things:
Refrain from taking action until you have all the answers.
Or
2. Jump in, aware you might make a few mistakes, but will gain a tremendous knowledge and experience.
The only way to accomplish anything is to do it
Want to be a writer?
Write.
Publish.
Every. Single. Day.
Will some of your pieces be awful? Yes.
Will you learn a ton? Yes.
3 months from now, will you be a better writer?
DEFINITELY!
There are people who consider me a real estate investing expert.
Maybe because people see me out there investing, they think I’m an expert. The truth is, I’m not. Not even close. But I’m learning.
Have I had failures? Ha! Let me tell you.
But with every project, my knowledge increases tremendously.
Here’s the thing I’ve learned, and this will help you, no matter what industry you want to get into:
It’s who, not how.
Leverage the knowledge of others.
A quick story of how I used this recently.
The other night, I went to a local real estate investor meet-up, as I do every month.
One of my friends introduced me to an insurance guy, who everyone in the group loved because of his vast knowledge.
The timing was perfect because a couple days later I went to look at 3 properties I have under contract.
The agent told me things he was looking for, asked me to get pics of the electric panel, and under the sink, amongst others things.
Not minutes after I sent the pics to him, I got an email back.
Mike,
This is a Federal Pacific/Stab Lok panel. It’s forbidden by most every carrier as it has a high failure rate. You can google the name and will see the history come up. While I do have a carrier or two that don’t have this as a specific requirement, it’s important to know as it will limit your access to all carriers that are the most competitive.
I had no idea to look for this, and so I could ask the seller to either replace the panel or give me a concession. So I’m extremely grateful for this bit of knowledge I received today.
Also, I found a very knowledgeable person to add to my circle. And that’s priceless.
Granted, I learned one thing out of hundreds of things I need to know… but I’m one step farther ahead!
Do you see what I am saying here?
Embark on the project.
Do the work.
Learn.