On Episode 49 of the Millionaire Podcast we spoke with John Delia. John owns and manages over 30 units. On the show, John talked about his first deal. When he bought the deal he made money but he didn’t make as much as he could of because he was taken advantage of by an older and more seasoned investor and because of ignorance of certain aspects of finance. John didn’t know about lines of credit or other ways of creative financing so in essence he left money on the table. John said that this is money he won’t leave on the table again.
Learn by doing not thinking about doing
When I heard this I spotted a few things. The first is that at least he made money and didn’t take a loss. The second is that by “doing” or “taking action” he found out the things he needed learn to make sure that he did well on every deal going forward.
The same is true with Nita who got reamed so bad on her first deal that she made sure the deal on the next was air tight. The stories go on and on.
John and Nita took action and learned, but both got paid to learn. This is a double bonus. This learning made their next deals air tight from real world experience that was built upon that knowledge. You don’t ever really know the reality of things until you get out in the real world and take action.
Too many of us are waiting until we know EVERYTHING about EVERYTHING to take action but you are letting valuable time slip away and you also aren’t making money. You also don’t know what you don’t know, until you take action. After you buy that first deal it solidifies so many things that before were just concepts on paper. You see how title works, you see how closing works, you see how to place a tenant and manage a unit. It all becomes clear.
Most people spend all their time learning out of fear. They believe that they can learn enough that fear will go away. Unfortunately fear never goes away. Even after you have the deal the fear is still there. I believe that you have to feel the fear, and do it anyway. Just get comfortable with the fact that fear will never disappear, but plan for the downside by operating through entities and choosing wise investments.
What kind of problems do you want?
The difference is what kind of problems do you want. Problems are the key to wealth and ill tell you why. In order to have success you have to take massive action but with massive action comes problems. This means that success and problems are like cousins. It means that you should actually WANT problems.
When you fight through problems and create solutions you solidify your position at the top and you shut the door behind you from people who are unwilling, un-knowledgeable, or less creative enough to find a solution. An example of this was the meet up I went to on Friday night. There I was peppered with questions about how I invest in real estate out of state, site unseen. She had a question and I had a solution for every question. Why? Because we took action and we HAD to find solutions to problems.
Now, we become the bottle neck. Wealth comes in the form of bottle necks. If you can become the bottle neck, welcome to wealth. When EVERYONE has to buy something or learn something and they have to go through you, then you are a bottle neck.
You have to realize though that successful people are bigger than their problems but poor people are smaller than their problems. Instead of wishing your problems were small, instead wish you were big. Small problems mean small success, remember, they are cousins.
Action beats information
Information is great. But information without action will just make you feel good. It won’t add money to your bank account and it can’t be left to your heirs. You will learn more in one deal than you will learning about other people’s deals. Action is the end all be all of success, period.
The people who sell you information bank on the idea that you won’t take action. The people who sell you information are also people with a depth of knowledge that came from taking action, not from a bunch of courses.
So the title action beats information is a little misleading. I definitely value information. It is vital. But I want to encourage you to take action while accumulating information. AND if you have to choose one, I would rather you be out taking action than absorbing education. I would rather you be out meeting actual players, learning their tips and tricks, the things you won’t find out for free on youtube or in a book that hides the ball. Knowledge is not the key to success. Applied knowledge is the key to success.
So, in 2018, I don’t want you overdosing on podcasts, youtube videos, books, courses, all that. In 2018 you need to be out doing the stuff that hurts. You need to be out there getting rejected and refined and groomed into a winner. Because action is what elevates you, not what you can stuff into your head. If you want to take action in 2018, the best way to do it is with a team and we want you to be a part of our team. Email firstname.lastname@example.org to learn how you can fit into one of our platforms that invests in start ups, real estate, and stocks.
Be great, invest well,