As a real estate investor, you know that hands-on experience beats book smarts any day. Sure, you can read all the books, watch all the videos, and attend all the seminars, but there’s nothing that compares to actually rolling up your sleeves and getting to work.
It’s like learning to ride a bike. You can read all the instructions, watch all the tutorials, and listen to all the advice, but you won’t truly learn how to ride a bike until you actually get on one and start pedaling. And just like riding a bike, the more you do it, the better you become.
I know this from experience. I’ve invested in real estate across the US, Eastern Europe, the Caribbean, and South America, and I can tell you that each market is unique. There are different laws, regulations, customs, and quirks that you simply can’t learn from a book. The only way to truly understand a market is to immerse yourself in it, get your hands dirty, and learn as you go.
But it’s not just about understanding the market. It’s about developing your intuition. When you first start out, everything is new and uncertain. You’re second-guessing yourself at every turn, wondering if you’re making the right decision. But the more you do it, the more your intuition kicks in. You start to see opportunities that others don’t, and you’re able to make split-second decisions with confidence.
It’s like playing Monopoly. When you first start playing, you’re cautious and hesitant. You’re not sure if you should buy a property or hold onto your cash. But as you play more and more, you start to see patterns and opportunities. You start to develop a strategy, and you become bolder and more confident in your decisions.
The same is true in real estate. When you first start out, you may be focused on flipping a single house or duplex. But as you gain more experience, you start to see bigger opportunities. You start to envision building communities of homes, then mixed-use master-planned communities, then resorts and hotels. The more you do and the more places you do it in, the more your knowledge becomes second nature to you, and you have the Midas touch.
Of course, it’s not all sunshine and rainbows. Real estate can be a rollercoaster ride, with ups and downs, wins and losses, and plenty of challenges along the way. But as the saying goes, “falling forward” is the way to go. You will make mistakes and experience setbacks, but it’s those experiences that will help you learn and grow.
When I first started out, I made plenty of mistakes. I overpaid for properties, I underestimated renovation costs, and I trusted the wrong people. But I learned from those experiences, and I became a better investor as a result. And the more I fell forward, the faster I broke through the barriers – both self-imposed or otherwise.
So if you’re a real estate investor who’s been hesitant to jump into a new market or take on a bigger project, I encourage you to take the plunge. Don’t be afraid to get your hands dirty and learn as you go. The experience you gain will be invaluable, and it will set you apart from those who rely solely on book smarts. Remember, the more you do, the more you’ll know, and the more you’ll succeed.