What's the Worst Thing That Could Happen
Look at your life. Why are you listening to this podcast, developing yourself, improve your mind, seeking information? What's been holding you back from risk and opportunity?
Forbes asked 21 self-made billionaires five things they wish they had done differently. Many wished they took more opportunities, took more deals and did more business. They wished they spent more time with family.
What's the worst thing that could happen if you invest in rental real estate or invest in flipping a house? The worst possibility is that you absorb the information and never take action. Even in the middle of the coronavirus crisis, the worst thing that “could” happen, has not happened. The worst decision is to leave things exactly as they are.
[5:30] Johnson recently spoke to an investor friend who, in the early days, had to give up many of his properties because he had not saved for taxes. That person now owns hundreds of rental units. If not for those early failures, he would not have scaled to where he is now. When we start something, we never lose.
[07:00] What's the worst that could happen if you lose money? Has there ever been a time where you were not able to find more money? The worst possibility is that you have to start over.
[10:15] One of Johnson's early investment properties was a house that had been burned up. After a contractor an inspector looked at it, it became clear the deal would lose money, even quickly dumping it. He lost $2,000 on the deal. He could have decided to quit real estate investing. He lost money but gained experience. Namely, just because something is cheap does not mean it's a good deal.
[13:30] Johnson has lost money, even in the last 60 days! We win some and lose some. The worst is to never win, due to not being in the game.
[14:30] Perhaps a contractor takes money and doesn't fulfill on his promises? That only means the process needs to change. What if the stock market drops 30%? Take the chance, start that restaurant, have that child, meet that girl/boy.
[16:10] “When we try something and we learn from it, then go out again and use that knowledge, it usually ends up benefiting us: financially and spiritually. Your business will benefit from education.” Look at what's been holding you back and what makes you hesitate. Johnson has been shy about growing beyond 200 rental units. What's the worst thing that can happen if you Grab the Map?