I was at an event this weekend and started talking to a brand new investor. I could tell by talking to her that she has a true passion for the business and will be very successful one day.
She started discussing the highs and lows of the real estate business and she said to me “I feel like a manic depressive. I’m so high after I get a deal. But then sometimes I don’t get one forever and I feel like quitting.”
You know what I told this new investor? I told her, “welcome to the world of real estate investing.” We all feel this way. At least it’s good to know that you’re not alone. When I first began in this business I seriously wanted to quit every few months. I’d get several deals in a row and I’d be on top of the world and think to myself “I’m the world’s greatest investor, nothing can stop me.”
Then I’d go a month without getting a deal and think to myself “I can’t do this business, I’m never getting a deal again, I should quit.” Now, I will admit this has gotten much better over time, but I still have my highs and lows.
So if you’re a new investor how do you deal with this “manic depression?” Well, as I just mentioned, realize that you’re not alone. One of the smartest things you can do is to form your own mastermind group with other investors. Simply go to your local REIA meetings, make some friends and then get together with this small group once a week or once a month.
With this group you’ll share your struggles, frustrations and also what’s working. I’ve been a part of a mastermind group for years and they’re part business/part therapy. Most importantly, when you’re at a low point and want to quit this business, your mastermind partners will help to motivate you and keep your real estate dreams alive.
Another thing you can do when you’re going through a rough spot is to count your many blessings. I know it sounds corny, but it always works. The next time you’ve just lost a deal, or the next time you go a month without getting a deal, remember that you still have a roof over your head, clothes on your back and food in your stomach. The slump that you’re in is just temporary and if you keep moving forward you’ll once again be on top of the world and “the world’s greatest real estate investor.”
So, if you happen to be reading this right now and you’re in a slump, just follow my advice above. And if you’re movin’ and shakin’ right now, just remember that when you go through a dry spell you’ll be right back to where you are now in a matter of no time.