Justin Jarboe was excited to get into real estate because it was a significant growth opportunity. But he reached a point where he was helping a lot of other people build wealth in real estate without building any for himself. He started to explore new resources, mentors, and coaches, and he came to the realization that if you take a calculated risk, you will still make forward progress and end up net positive—even if it is the wrong decision. He found an investor to work with which forced him to get real and make a plan. But the main driver behind his professional growth was the willingness to fail forward and take risks.
Theory vs. Practical
Education in real estate investing is about learning how to gather, organize, and use information. It reveals the strategies available and teaches you how to use them. But nothing completely eliminates risk. With twenty doors in his portfolio, Justin has gained a lot of experience, however, things still go haywire and he has to make adjustments. When you face challenges in this space, it is about what you are going to do moving forward. It is about making mistakes and learning from them so you handle similar scenarios more effectively and efficiently in the future. You can do theory all day long, but eventually, you have to move into practical to get a full grasp of new concepts you learn.
Emotional Ties
Justin faced bankruptcy, difficult tenants, lease issues and a host of other challenges. But even in the face of adversity, he chose not to give up. In doing so, he mitigated similar risks in the future, and he learned that anything is possible with a relentless will and emotional motivation. When things are going well and it’s new and exciting, real estate is a lot of fun. But when things get tough and there are obstacles in your way, it is easier to give up when it’s not tied to something emotional. Ask yourself why you are doing this, and if you want to hear more of Justin’s story, listen to the latest episode of Real Estate Investing for Professional Men and Women.