A good friend was changing careers and needed advice.
He was leaving his long-term technical career and going into straight up, commission-based, sales.
When we were chatting about his transition, he tossed this question at me:
"What's the best book I can read about selling?"
And in our humble opinion, that right there is the fatal error we've all fallen for at some point.
When I was really into my bookworm stage, I stumbled into the personal development genre and had at it.
Looking back at that time, I've realized the value I took from reading didn't come from one book.
It came from the impact it had on my thinking and behaviour at a really deep, core level.
And that took time.
One book would give me something to think about, and then the next would clarify it for me.
The book after that would teach me how to put it all into practice.
Then the next would perhaps reinforce the ideas and give me some sort of spark of a new perspective.
The value of the personal development books came from the process I found myself going through.
And that I'm still going through.
That's why it's so difficult for Nick or myself to answer when someone asks what the "best motivation book that we've ever read" is.
Different books had different impacts at different times in our lives.
The real, impactful value came from reading many of them. It gave us a base of knowledge and a lot of unique insights into our own character.
No single book could duplicate the impact of the whole.
The same idea applies directly to real estate investing.
We used to believe there was "one best" strategy.
In fact, for years we hunted for the one best strategy.
It was like hunting unicorns ... Difficult, but you always hoped that one was out there.
Today we're often asked,
"What's the very best way to create cash flow from real estate?"
"What's the best property type to flip for the most profit?"
"Where is the best city to invest?"
At this point, we've been fortunate enough to see unbelievable cash flow numbers from almost every property type imaginable. Some that we flat out told investors would never work turned into massive money makers for them, LOL!
Hardly any of those unique situations can be duplicated exactly... But we've seen them and they're real.
Huge profit numbers with everything, from tiny little 2-bedroom properties to enormous modern mansions.
People are making great investments in cities that the majority of Canadian couldn't find on a map.
There's no "one good real estate investment."
Much like personal development, real estate investing is a process.
One property may give you a bit of cash flow or even cost you money but the lesson you learn could end up helping you create a monster of a deal on your next property.
One tenant situation may tear you apart emotionally, but at the same time, create the strength you need to handle the next.
Just like there's no one perfect personal development book, there's no one perfect property.
There's no one book on mastering sales for my friend.
There's no one book on marketing for your business.
There's no one book on becoming the perfect parent, spouse, coach.
It's all a process.
In our lives, we've found that we almost always come out ahead, sometimes with big wins, if we dedicate ourselves to the long-term instead of jumping at the quick fix.
And it's interesting that in today's world of instant information we find ourselves cherishing the value of going back to the basics.
If you're looking for the easy way, the instant answer, or the 280 character solution, let this be a reminder that sometimes committing and going for the deep knowledge seems to be the opposite of what most people do... And that alone may be the proof that it's the right approach! 😉
Until next time ... Your Life! Your Terms!
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