Rookie investors usually make a big mistake which they even do not realize. They pay full attention to their deals and fail to notice the caliber of their agents, they have hired. What if they have hired not experienced people? What if their agents are stupid and naïve?
As a beginner, you must know all the realities about people and investment business. In this article I try to grab all necessary information which is important for a new investor.
Do not think that your vendors are perfect
Here I am going to share a story of a person I know very well with you. I met a person who became my good friend later, was a rookie investor and watched him put together his first few real estate deals. He worked hard to get his all deals done, but he ran into problem many times with unexpected failures from his vendors. This can happen to you if you think your vendors are doing a perfect job and you do not pay personal attention to deals.
Do not try to do something unique
As a rookie investor, you should do things in a more systematic way instead of doing something unique in your deals. As I mentioned above the guy’s fiasco. He worked hard, but he had to face delays in his all deals because of the wrong choice of vendors. His hard work went in vain because of wrong selection.
The lesson here is not that business is hard or it is not a good thing. The lesson is to know that people are going to disappoint you. So, try to keep your work systematically.In order to crack a deal, you should know the market efficiently. You should not do something unique as a rookie investor. Try to do your deals in a systematic way as per the business rules. Say no to nonsense about people. Do not accept any stupidity of your vendors and other people.
Be alert from badadvisers
I called myself lucky as I find good advisers and mentors in my career.They always told me and guided me where to invest and how to invest. They have invested in my growth by their good advices. When I look back, I feel like the most fortunate person on this planet by having these people in my life as leaders. Just think! What would happen to me and my business if I met any wrong adviser in my life. What if they were not intellectually and smart and also, I do not know what to do. In this case also I had to rely on them, which would be bad for my investment.
Finding the best adviser is the most important thing.Do not trust any adviser and it is absolutely true. Our ambitions are always set by the leaders and mentors who are around us.So, choosing the wrong person as a role model can give you a severe pain.
Take care of your business personally
Just think, you hired an agent, why would he pay his personal attention to your business. Maybe he is a person who is working for salary and some incentives. He is just counting days and waiting for Friday to come. The most important rule as rookie investor, you should know is, you have to do personal care for your business. No one cares for your profit as the way you do. Many few people think for others profit and loss. At the initial stage of your business, you have to take care of deals like a newly born baby. You have to pay personal attention on each and every deal. Your first aim should be to nourish your business.