That’s right. Buckle up because the road is not always smooth. You’ll face challenges and obstacles that can stop you in your tracks and keep you from moving forward. And guess what: the more successful you get, the harder the problems become. (That’s something the newbies don’t want to hear but I’d say that the best investors are the ones who learn to cope with and overcome the problems that most other investors are stopped by.)
Trouble can come in many forms – from the deals you do to the people you work with to the bureaucratic and administrative headaches of your city, county, state, and federal governments. And more. (And I should clarify here trouble could be anything – from annoying problems and hassles to massive obstacles that threaten your entire business… for some investors, even just trying to fill out your taxes for the IRS at the end of the year is trouble enough!)
So, how do you troubleshoot these troubles, overcome the obstacles, blast past the problems, and create a greater level of success in your business?
Follow these troubleshooting steps:
Step 1. Get clear on the problem. Clarity around the problem is usually the biggest problem itself! Get clarity, roll up your sleeves, and do the research, and dig in until you are as clear as possible. Ask lots of questions. Seek out experts. Ask more questions. And, be brutally honest with yourself. For example, if the IRS is breathing down your neck about unpaid taxes, the problem isn’t that taxes are too high, it’s that you haven’t paid them. (Sure, taxes are too high but that’s not why the IRS is breathing down your neck.) Just that switch in thinking to honestly state the problem with clarity will help to put you on the path to solving the problem.
Step 2. Build a plan. Build a plan to get moving forward. Create a clear plan is simple to follow and lays out a step-by-step method to solve the problem. Use verbs to build your plan so that you focus on what YOU can do. Don’t rely on luck. Set dates and create milestones and give yourself a reward for hitting those milestones. And be sure to build in some flexibility because you recognize that things change. Ask your mentor for help because, chances are, they’ve been there.
Step 3. Execute your plan. Move forward with your plan to solve the problem. Make it a priority. Do it first thing every day, even if you only spend a few minutes a day. Just build momentum and move forward step by step by step. Celebrate your success but keep moving forward and don’t take a day off until the problem is solved. Also, watch yourself for procrastination so that you don’t put off the troubleshooting for another day (which can be tempting to do once you have a plan in place.)
Step 4. Build a system so it never happens again. You should only ever troubleshoot something once. If you face the same trouble again, you’ve failed. Once you’ve built your plan and executed on it to solve it, build a system so that it never ever happens again. We live in an amazing time of technology and outsourcing so that you should never have a reason to face the same trouble more than once.
In real estate investing, and in your whole life, you will face challenges and problems. That’s okay. It happens. Most people will be stopped in their tracks because of them. But you are not most people. Step up. Follow this method. And solve every trouble you encounter.