Real Estate Investing Mistakes Are Your Education: How to Use Them to Your Advantage w/Robert Mahone
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In real estate investing, the first few deals are the scariest. Instead of seeing the mistakes we could make as failures, what if we treat them like necessary lessons? To be successful, we need to take advantage of both the wins and pitfalls.
How do we situate ourselves to start learning and taking advantage of opportunities?
In this episode, New Jersey agent and investor, Rob Mahone walks us through spotting his initial opportunities, getting through the fear of doing those first deals, and how he is using the lessons he learned today.
As agents, we take people through the process, so the process isn’t unfamiliar to us, it’s the action of doing it ourselves that’s unfamiliar and that’s what you have to overcome. -Robert Mahone
Three Things You’ll Learn In This Episode
- How to win in investing We often spread ourselves thin thinking we can tackle and succeed at multiple things. Can we achieve more by doing less?
- Why our mistakes are so powerful How do we extract lessons from the missteps and hurdles we face along the way?
- The best way to start a deal Why is evaluating properties first such an important step?
Robert began his real-estate journey nearly 20 years ago. It started with researching the industry, attending seminars, and working with mentors who took him under their wing. He bought his first rental property in 2015, and a second 6 months later. A rough patch as a new investor propelled him into a dual-career, supplementing his IT contractor salary with income as a real estate salesperson. He initially thought he’d use the real estate sales position to meet other investors and expand his network, but he fell in love with the joy that arrives on closing day for first-time buyers who are finally achieving their goal of homeownership. People want someone they can trust to get them through the stressful home-buying process, and Robert takes his work seriously in educating his clients and the agents he mentors on the benefits of homeownership. Real estate and homeownership are tools to generate equity, but they can also create long-term revenue streams and provide huge tax benefits. Approaching his third year in real estate sales, Robert has replaced his position as an IT contractor with being a full-time agent. He now supplements his income with his investments and a General Contracting business. It’s really important to Robert that his three sons grow up playing monopoly with real property and not just the board game.