The Club Mastermind Blog

Dec
3
2008
Tiger Woods & Rush Limbaugh Can Help You Invest?

"Limbaugh has a twenty year track record of sifting truths from lies; that is not an accident, any more than Tiger Woods is an accident. It comes from great talent and lifelong practice."

Have I got your attention? At the risk of totally alienating you as an active member of my audience with the Limbaugh reference above (quoted from James Lewis of AmericanThinker.com), I want to challenge you:
 
Can you identify what I believe is the most telling phrase above?
 
Take a look at the above statement...what is it that stands out to you? And just what is it that makes people like Limbaugh and Woods stand out from the crowd?
 
Some would say (like James Lewis above) that they both possess superior talent. And whether you agree or disagree that 'Limbaugh has talent,' he must have something...as he gets paid millions for what he does.
 
And what about Woods... surely he has talent! Yes? No? How else can you explain the phenomenal success of each of these individuals?

Well, ask yourself this: "Is it great talent... or is it... lifelong practice?"

You may have your own opinion... but before you move to your conclusion, I would invite you to read the following book: Talent Is Overrated,  by Geoff Colvin. In his book, Colvin takes a very critical look at the role talent plays in the success of individuals.
 
A constant theme in his book is that many superstar performers, while possessing talent, possess no more talent than most individuals with similar interests. In fact, what Colvin shows is that it isn't talent per se that separate the good from the great... but practice... and lots of it.

So, NOW do you see what part of the James Lewis's statement is the most telling to me?

So... again, I am sure you are wondering, "Pete what does this have to do with real estate investing?!"
 
My reply is going to be simple.... EVERYTHING!

I cannot tell you the number of times that I have seen investors rush into the investing world with little real knowledge - having never negotiated a deal, secured financing, managed a contractor and on and on - only to find that the unknowns presented too high a risk.
 
Or, they would take one of the steps above and think, "WOW, that was difficult! If this is what investing is going to entail... this isn't for me!"
 
Yet if those investors had just gotten through that one deal - "practiced" - and learned, they would have found that the second deal and each successive deal would become easier and easier.

In today's market, I see a great many investors, (perhaps even you!) who aren't making offers...getting rejected and then going out and making more offers.
 
Now, how do you think Woods got so good at sending that little white ball over 200 - 300 yards? He didn't just wake up one morning and start hitting holes-in-one.

Now ask yourself: "What makes me think I am any different from Woods (or Limbaugh for that matter)? Every day they get up, just like I do. They go to work...just like I do. And they practice their craft, just like I should be doing."
 
And they get better and better at it, until they are superstars. Are you any different?
 
So what can you do immediately to "practice" investing?

Go make 30 offers. Yes, practice actually making 30 real offers. Truth be known, most of them will be rejected, and when they are you should ask yourself: "What can I learn from this?"
 
Some of them will come back with counter-offers from the seller. And when they do you should ask yourself: "What can I learn from that?"
 
And, one or more will likely be accepted, allowing you yet another opportunity to continue to practice your craft as a successful real estate investor.
 
Each time you will get better - and closer to enjoying the rewards that any outstanding achiever can earn.
 
(By the way, if you need help making that offer, be sure to attend the help day I am holding on Saturday.)

And remember: in addition to "doing," practice includes networking, education, asking questions... in short participating in this game.
 
Are you participating? Are you practicing? If not why not?

Pete
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4/12/2010 9:22:00 PM

I am new to the club and would like to know how to make an offer. I do beleive there is a right way and a wrong way. I would like to do thing right. Can you tell me the right way to make an offer. Terrence