Episode 88: Why Real Estate Investors Fail (And How to Avoid It)

Join John Crutchfield as he delves into the crucial mindset needed to succeed in real estate investing. In this episode of the Grab the Map podcast, he shares his personal journey from a school principal to a thriving real estate investor, emphasizing the importance of how one responds to failure. Learn the key activities for real estate success, such as making offers and networking, and discover practical tips to avoid common pitfalls. If you're ready to transform your approach to failure and start achieving your investment goals, this episode is a must-watch.

Podcast Timestamps:

00:00 Introduction to Real Estate Investing Mindset
01:46 Understanding the Fear of Failure
04:45 The Importance of Doing the Work
14:26 Practical Tips for Scheduling and Tracking Work
26:04 Learning from Mistakes and Partnering Up
33:55 Final Thoughts and Encouragement

Actionable Takeaways:

• Schedule Dedicated Work Time: Block out specific hours in your calendar exclusively for real estate investing activities, eliminating distractions and treating it like a serious business commitment.

• Track Offer Metrics: Start counting and tracking the number of offers you make daily/weekly. Begin with 1-5 offers per day and gradually increase to 50-100 offers, understanding that consistent offer-making leads to opportunities.

• Surround Yourself with Active Investors: Join local real estate meetups, Facebook groups, or networking events where active investors gather. Spend time with people who are consistently doing real estate deals to motivate and learn from their experiences.

• Embrace Failure as a Learning Opportunity: Keep a journal documenting your mistakes and failures. Analyze patterns, make adjustments, and view each setback as a chance to refine your investment strategy and criteria.

• Commit to Continuous Learning: Invest in real estate education through books, coaching programs, courses, and podcasts. Prioritize learning, but balance education with taking action - start making calls and offers while simultaneously expanding your knowledge.

Quotes:

• "If you do the work right, long enough, there is no such thing as failure."

• "Your failure didn't come from doing the work. Your failure came from not doing the work."

• "The greatest feeling comes when you keep doing the work and then you finally get the result and you're like, wait. So I worked for a whole month, and I couldn't find a deal, but then I got the deal on the last day of the month, and a $0 month turned into a $30,000 month."

• "I have lost millions of dollars in real estate investing in order to make millions of dollars in real estate investing."

• "When you make a mistake, that is the pathway to getting to your own success."

• “If you make the same mistakes repeatedly, you will get the same results repeatedly, and it's likely that you'll give up before you have an opportunity to get to success in real estate."