Whenever the Olympics roll around, I watch all the events I can. These athletes come from different backgrounds, and each sport and discipline has its own requirements, limitations, and strengths. Watching the top athletes in the world and seeing what drives them and how their sports have shaped them, always makes me think about my own career and how real estate investing has made me the person I am today. It also makes me think about how Olympians’ drive, passion, and persistence can teach us a lesson or two about starting a real estate business and about real estate investing in general.
Find What You Love and Stick with It
I’ve seen a lot of new real estate investors bounce from one kind of investment to another. Then, after a couple of years, they’re surprised that they haven’t mastered anything or gained much capital. Sometimes it takes some trial and error to find the right kind of real estate investment to fit your personality and lifestyle, but once you find it, stick to it.
Yes, you can (and should) diversify, but dabbling in a bunch of different kinds of investments won’t make you a champion. Finding the one you excel at and really sticking with it—that’s what makes a champion real estate investor.
They’re Not Just Motivated – They’re Dedicated
Olympians don’t skimp on the preparation. They know that if they don’t train, they won’t make it, and so they don’t take days off when they don’t feel like training. Instead of relying on motivation, they choose to be dedicated to their sports. So, whether or not they’re feeling motivated in the morning, they always get up and do what they need to do to be the best in their sport.
There will be days when you don’t feel like hunting down leads, following up with motivated sellers, talking to contractors, or doing marketing work for your flip houses. If you are dedicated to making money by flipping houses, you’ll do those things even when motivation fails you.
Disasters Happen – You Have to Get Back Up and Keep Going
Runners trip and fall. Gymnasts land wrong and break a bone or tear a ligament. Weightlifters miss lifts and suffer injuries to their shoulders or knees. Every athlete in the Olympics knows that they might be injured or that they might face a serious setback when they get up there to perform. When this happens, they don’t just lie down and quit, though. They get back up and keep going. And a lot of them come back for the next Olympics with better performances and greater stories.
You’re going to have bad deals. They’re part of the business. If you quit after your first bad deal, you’ll never have another good one. On the other hand, if you look at a bad deal the way an Olympian looks at an injury—as a temporary setback—you’ll have countless great deals ahead of you. You just have to get up, dust yourself off, and keep going.
These are just a few of the inspiring lessons I take from the men and women who train their whole lives to make it to the Olympics. I might not be a great athlete like they are, but I know that I can put the same kind of dedication and determination into my real estate investing business that they put into their sports. And so can you.