We live in a society obsessed with a microwave approach to life. We want what we want and we want it NOW! No doubt, we're impatient. So how do you and I cope with our desire for instant gratification?
Sure enough, we want it right now. Instant breakfast. Fast food lunches. Three minute dinners. I'm even guilty of doing something surely none of you has ever done. I've screamed at our microwave because it's taken too long to warm up my cup of coffee.
Some people, especially those new to real estate investing, have not been spared by this infectious "I want it now" mentality. Satellite dishes, cable, the Internet, pagers, cell phones, fax machines and, of course, email. Is it any wonder they just naturally expect to achieve instant results? It's become a way of life.
Then they get involved in the wonderful wacky world of real estate investing. Not surprisingly, they expect private lenders to line up at their doorsteps. Realtors should immediately find them the houses they're looking for. They want overnight success. They expect to become wildly wealthy after purchasing just a few houses. They want to become successful with no effort and no risk.
Heck, why not? After all, everything must be done instantly - now.
Well, not exactly. If you're just getting started as a real estate investor, it's critical that you reject this notion of "instant gratification." If you're searching for the "shortcut to success", the "magic key to open the real estate treasure chest", or the "instant wealth pill" to propel you over the top, you're setting yourself up for a huge disappointment and inevitable failure.
Realistically, can you have all the money you need to finance your deals?
Can you have realtors referring to you the right properties at the right price?
More importantly, can you become wealthy as a real estate investor?
But let me share a little secret with you. There is a price to be paid because there really are no shortcuts.
People who pursue success as real estate investors must have passion, perseverance, persistence, and most importantly, patience. It takes a lot of patience to really succeed as a real estate investor. Just ask anyone who's made it.
Most of us know that patience is important in life and is a respectable quality and virtue to possess, so why is it such a rare virtue? Because we're afflicted with impatience and don't want to wait for our desired outcome or result.
But those investors that are able to rehab their minds and achieve patience can and do achieve success. Patience is a state of mind. I can just hear you saying in a very lively way as you read this, "But I don't have any patience." Well, patience can be developed.
Here's some tips on how you can acquire a capacity for patience.
See the big picture.
Put things in perspective. I recently had a birthday and I had to renew my driver's license. So there I was in this long line at the department of motor vehicles waiting for over an hour to get my drivers license renewed. I was getting very impatient. But then I realized that renewing my license is something I need to do just once every five years. Waiting one hour for the privilege of being able to enjoy the freedom of driving for five years is not a bad deal.
Think long term.
Impatience is usually the result of shortsightedness and focusing only on the now. If I discipline myself to make four phone calls a day or twenty a week, I will be able to find motivated sellers. If I'm able to purchase just one house per month from motivated sellers, I will purchase twelve in one year. So what if you don't purchase a house in a couple of days? But where will you be a year from now if you continue to make the daily phone calls?
Focus your mind on the right things.
When you are impatient, you are only impatient because of what you are focusing on or thinking about. Be a positive thinker. Do not focus on the fact that you're having to make 20 phone calls a week; rather focus on the positive result you want to achieve - buying a house.
Waiting adds value to the reward.
My dad always knew I was cursed with impatience, so he always reminded me of the old adage that says, "Good things come to those who wait". Success itself is one of the greatest examples of this. Real success takes time, and therefore takes patience.
Impatience is usually the result of making faulty comparisons. If another investor has reached a level of success that you desire, realize that he or she has already paid a price. Instead, you will probably compare your worst virtues to another investor's best virtues. Really, don't go there. Instead, decide to do what the other investor has done. Pay the price.
It is not easy to practice patience, but those investors that are able to master patience are able to master the art of real estate investing. Patience can be learned like any other skill. The microwave approach to successful investing dies hard, but lasting success requires that a real estate investor practice patience.