Real estate investing can be a humbling business. Stray to far from sound economic guidelines and sooner or later, it seems, you will pay the price. Then what do you do?
Another real estate agent from Nebraska and I were speaking through email last week. He had been burned big time by his real estate investing endeavours earlier in his life. When the Carter/Reagan years hit he lost everything…including his word as he had to file for bankruptcy.
In his early years it came easy and he continued to expand his parameters on what risk he would take on. When inflation shot to 18% he was doomed.
He wallowed in doubt and self pity for a while. Then took a hard look around. He was 41 years old without any formal secondary education and just a real estate license. There were no high paying surgeon jobs out there for people without medical degrees and the same was true with most professions he thought about.
Finally, he set back on the bath of building wealth through real estate. “A common man’s
vehicle” I think he said. It was tough. Every time he gathered a little money he would buy something else. This time however every property had to pencil
. And pencil with conservative numbers.
No overnight success stories. Just 22 years more of hard work, balancing acts, tough choices and self-denial. And yet, here he sits. A millionaire again.
We all get slapped in the face once in a while. What are you going to do about it? Quit?
A former United State Marine once told me, while I was wallowing in my own self pity, “FIDO, man.”
Forget It. Drive On.