10 Routes to Real Estate Failure

10 Routes to Real Estate Failure
Beginners



Discover 10 sure-fire routes to failing miserably in real estate. This style of communication is from Charlie Munger, who gave a graduation speech on how to have a miserable life.

0:00 Invert Always Invert
0:36 1 Victim Mentality
1:24 2 Argue Your Limitations
2:02 3 Issues Signal Failure
3:13 4 Don’t Spend Money on Marketing
3:52 5 Don’t Follow Up
4:28 6 Do Deals You Don’t Understand
5:17 7 Do Everything Yourself
6:15 8 Time the Market
7:38 9 Expect Instant Results
8:15 10 Quit

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18 Comments

  1. 1: Find what made you a victim & change that part about yourself or you'll continue being a victim.
    2: It's VERY important to understand your limitations, but it's equally important to understand your strengths. Everyone has a strength. Even if it's just recognizing your limitations.
    3: What doesn't kill you, makes you stronger. If you're not dead, stop crying & keep on keeping on.
    4: Not sure how effective paid marketing is, especially in real estate. 0 Experience there, so moving on.
    5: Follow up is the reset button in life. Very strong advice this one.
    6: If you take nothing else away from this video or channel, THIS is the most critical piece of advice I've EVER heard from a guru. And this isn't even just for real estate, it's true of everything in life. Just don't do it. No matter how shiny or promising it seems. If it's important then it's worth taking the time to learn about it 1st. Been watching Phil's videos ever since I saw his video on this very topic.
    7: This might be OK when you start small & stay small, but if you plan on expanding you're going to need more & more help.
    8: The best time to invest always has been & always will be yesterday. Enough said.
    9: Real Estate is a get rich slow scheme.
    10: It's not over when the fat lady sings. It's over when YOU sing. Real estate is very much like a marathon. At some point everyone will get tired of running. But it ain't over until you give up.
    Nice list. Just some bits that popped into my head while watching.

  2. Phil! You don't age! Can't believe this is a brand new video! You have the same look, same energy, same commitment to teaching, same EVERYTHING that you've had for a decade at least on youtube! Doing what you love must preserve you! Thank you for yet another incredibly instructive video!

  3. If you can learn how to be a master renovator, carpenter, fixer etc. It will be extremely beneficial. Phil i think has learned over the years by watching numerous contractor work who are the good ones and probably gets good deals. In my area and renovation will cost you big bucks and there is a shortage of labor.
    1. You will be able to do your own home inspections
    2. Be your own contractor and hire skilled labor and work with them and save massive.
    3. Repair jobs on your rental will save you tons.
    4. Do amazing flips with minimal of money.
    Will not be for everyone. But i you can learn to DIY it will be a road to success in RE.

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