A short YouTube talk (by Jonathan Cronin) arguing that the single biggest mistake real estate investors make is trying to go it alone. The speaker contrasts this with other common mistakes (failing to budget for the unexpected, poor underwriting, weak cash-flow) but emphasizes that surrounding yourself with experienced people (networking, mentorship/masterminds) and taking consistent, massive action are the keys to success in 2023.
Hey, what's up, guys? Today I'm talking about the number one mistake that real estate investors make and that will cause real estate investors in 2023 to fail, alright? But the opposite will also be true. When you hear this, if you do not do this, I promise you 2023, you're gonna explode in your game plan, your investing, okay? My partner and I have been in real estate for many years, even have a mastermind focused on buying large apartment complexes, right? And this one thing, I promise you, trips way more people up than anything else, okay? And there's a bunch of people in the publishing and articles and stuff that try to give a whack at what they think the number one mistake is. And I think they're all really important. I'm even going to read that because they actually kind of point to this one thing. But you know, Warren Buffett, of course, his number one rule in investing is never lose money, right? I mean, I think that's the underlying principle for anything. And then his second right is never forget the first. But it doesn't point to what actually, what's the mistake that causes you to lose money? Well, one thing I really, I read about recently, fool.com says failing to budget for the unexpected, that's the number one in their mind, failing to budget for the unexpected, specifically vacancy, vacancies and repairs. Now I think that's really important and it ties into what I'm about to say. But you know, inman.com says the number one mistake is not saying. No, we even have a saying in our group that says it is better to make no deal than a bad deal. Right? We say that, but that points to, you know, underwriting and all that kind of stuff. And then other people just talk about cash flow. You need more cash flow, you need more units, you know, you need more to write, underwrite more. Conservatively, you know, the number one, these are all major mistakes. But honestly, from all my experience, I believe the number one mistake is going at it alone. Okay? And that's not necessarily JV ing with someone. That's not necessarily, you know, trying to, you know, bring someone in on a deal. That's just simply, you know, Abraham Lincoln said, if I had eight hours to chop down a tree, right? I don't know if you've heard this quote, but if I had eight hours to chop down a tree, I'd spend six sharpening my ax. So in 2023, I promise you, if you do this one thing, you know, and it honestly spans across real estate, it's not just real estate, real estate. It's for anything. Whatever your goal in 2023, I guarantee you'll hit it if you do not do this one mistake, okay? And you do find the people who's in that, doing that already, who is already where you want to be, get around those people, learn from those people and network with them. Find the groups. I mean, I don't know where they're at. You know, we have a mastermind, but it's not contingent upon our mastermind. I mean, this is just rule in general. If there's one thing I can say about any kind of success I've had, it's been because God has put me in the right places. I have been in the right places with the right people, okay? And it's because of other people that have helped me get where I am. I don't think you need to partner on every real estate deal or you. You don't even have to with any real estate deals if you don't want to. But I do think if you get around the people who have already made the mistakes that you will make or that you know they made, going from zero to where they're at, you get around those people, avoid those mistakes, get on an accelerated path through networking with them and learning how they're doing it. It's fail proof. You're going to be able if you just take action and get around those people. Because that is the other essential. Taking action. Get around the right people, take action, take massive action. I just want to jump on here and just share that because I think it is the number one thing. And second would simply be taking action. People are not consistent with action. If you get consistent with action, you are going to make some massive results in 2023. If you're somebody who's looking to go hard in real estate, find the people who's doing it and jump in. Okay? Sharpen your axe, as Abraham Lincoln would say. All right, guys, y' all have a wonderful day.
