If you've never been to Barcelona, you should try to go someday. It's beautiful there. The sun warms the place up as it bounces off the beautiful stone buildings and the breeze from the Mediterranean feels so good!
I was there recently, sipping cappuccinos in one of the cafés located on a narrow and winding street in the city. While taking in the sights and sounds, and drinking that steaming hot cappuccino, I was reminded of 3 real estate investing lesson that I'd like to share with you.
Here's a picture of me in the café. Keep reading below to discover 3 real estate investing lessons that can help to make you a more successful real estate investor.
Why Your Ideas About Money are Wrong (and What Needs to Change to Truly Become Wealthy)
Lesson #1: Money is not the end. It's a means to an end. In the US, we work hard to make money and we can even get a little flashy to show off our cash. We're magnetized by stories of people who have huge bank accounts – as if the more digits in the account, the more respect and power they have. But it's not the dollars that matter. Life is meant to be lived and money can help make that happen but success isn't measured by the digits in your income; it's measured by the moments that enrich your life.
When you are investing in real estate, you should work toward a profit, but the amount that you work and the profit you earn should not come at the expense of enjoying life. We’ll talk more about this in future posts and why most people are doing it wrong.
Your Success is Only PART of the Success Equation. Here's the Rest of It:
Lesson #2: Quality lasts. Barcelona was founded as a Roman city as far back as the 3rd Century BC. Obviously not a lot is still standing from those days but even some of the city's "newer" buildings are ancient by North American standards. These buildings that still stand are a testament to the hard work, skill, and dedication of the craftsmen who constructed them.
When you are investing in real estate, stick to quality deals with quality people. Work toward lasting deals where everyone is happy and successful. The moment you try to cut corners, the quality suffers and so does your success; the deals where you try to win at the expense of others will be the deals that cost you the most in the long term. Want to know what a "quality deal" is? Check back to this blog and I'll show you exactly what quality deals look like (and which deals you should avoid like the plague!)
Are People in Barcelona Lazy?
Lesson #3: You can get more. The pace of life is so different in Barcelona than it is in the US cities I've lived in. But don't make the mistake in thinking that Barcelonans are lazy and less successful. They just understand that time is relative. They hang out with family and friends during siesta and they've figured out how to work less and get more out of life. There's a time to work and a time to socialize.
When you invest in real estate, remember that time is relative to the people involved in the deal. Motivated sellers are desperate to get out of their homes and they want you to move at lightning speed. Hard money lenders are reluctant to part with their money until they know the deal is safe and profitable so they move like molasses. As a real estate investor, you need to be all things to all people and match your pace to the audience you're working with. I've got some blog posts planned to show you exactly how to get more money so you can get more out of life, plus I'll show you how to move at the right speed to make more deals happen.
You won't believe what you're going to read in my next blog post. I'm going to show you how to become successful "the lazy way" by building your Real Estate empire while sleeping in and sipping cocktails all day long. I think you'll be surprised how easy it is. (Hint, you don't need a smartphone with international roaming). Stay tuned...
Signing out from Palm Beach, Florida (but dreaming of Barcelona!)
Your Friend and Mentor,
Mark Evans DM,DN