Cap Rate, Cash on Cash Return, Net Operating Income, Vacancy Rates, Gross Rents, Operating Expenses, and Debt Service all have …
Okay, so this one fires me up a little bit. I’m not going to lie. When Amy and I got started building our real estate business, I probably wasted a year or two of time and opportunity because I was listening to opinions of people who were not owning successful real estate portfolios.
Friends, family members, co workers, etc.
But a few years ago, once we owned about a million dollars of real estate or so, we made a gigantic decision that has altered forever our path towards our ultimate goals and dreams.
We stopped listening to roughly 99.99% of people.
We found mentors, both virtually and in real life, that we could look to for advice. I’m talking a few different podcasts and virtual training platforms, and then probably 5-6 people. And thats it.
Making this decision has helped us trust out own instincts, and not let other peoples fears, insecurities, or lack of knowledge get in our way.
The biggest thing that I personally have learned from this, is that no one else can see the vision of what I have in my head for Towner Companies. Only my wife knows and understands it. And therefor, if they cannot see my vision, they can most likely not give me the advice that I need.
You see, in the early stages of projects, developments, or ideas, I simply have it in my head and have ran several different analysis and projections, but overall I know the project or purchase will work, because I have seen it in my head working. Once I stopped feeling like I had to run this by people around me, share my ideas, etc. with them, I started just taking action on the project or idea, and then eventually reaching out to one of the 5 people or so people I trust and respect in that particular field or business, and most often times getting confirmation that I am on to something.
So make sure you don’t get advice from people who are not where you are trying to go. Although they have the best intentions for you, if they were people who had the answers, then they would have done it themselves.