In our latest blog post – 2010 Was a Good Year and We Have Big Plans for 2011 we talked about some of the mistakes and successes we had in 2010. The discussion of our mistakes generated some conversation with us and one of our mentors and we really need to clarify our thoughts a little bit. In particular we are speaking about the following comments which we orginally said were mistakes:
We spent money on real estate classes. After attending a real estate seminar, we bought some real estate classes, and in retrospect it was really a mistake. The classes have been good, but we have learned so much more in just networking with people and learning from what others are doing.
We’ve taken on too much debt. Some of the debt we’ve taken on has been from doing the deals we’ve done, but we have also taken on debt paying for some of the real estate classes we’ve taken. In retrospect this money would have been better spent on property.
In retrospect, these things were probably not mistakes, and here’s why…
Before we purchased these real estate classes, we were comfortable. We were comfortable going about our daily lives commuting back and forth to work and living life below our potential. As we were reminded, these classes provided a few things for us. First and foremost, we spent a lot of money on these classes, which instantly created a high level of motivation for us to succeed in our real estate investing business. I’d like to think we didn’t need this motivation, but when I look back I have to admit that our real estate investing really went into overdrive after we purchased these classes.
In addition to providing motivation, these classes did something else that has probably had one of the biggest influences on our success. You see, Kelly and I haven’t always had the same views about real estate. I had been interested in real estate since early in 2009 after reading Rich Dad, Poor Dad, but Kelly was skeptical. In fact she was more than skeptical. When I told here I wanted to purchase a rental property she told me I was crazy (except she wasn’t that nice about it). After wearing her down over a few months, I finally was able to convince her to purchase our first rental property in the spring of 2009, but she definitely wasn’t fully on board. It certainly has helped that this rental property has been successful, but even after we got the property rehabbed and rented she was still skeptical.
However, when I took Kelly to our first class and we met Lee Escobar, I think our lives were changed. Kelly saw the light that I had already been exposed to, and it was at that very first class that we decided we were going to jump into the real estate game together. These classes opened Kelly’s eyes to the potential of real estate and we were finally on the same page.
Ever since that weekend we’ve been having a blast. We’ve fallen down many times since that weekend, but we’ve continued to get up. We’ve met so many great people, we’ve learned a whole bunch, we’re having the time of our lives.