This week I would like to discuss Transitional Vulnerability. Do not be caught off guard when starting a new venture.
Transitional Vulnerability is one stage of learning a new business or skill-set when you are the most vulnerable to immediate failure and becoming discouraged.
Transitional Vulnerability can last weeks, months or a lifetime on your own.
Some examples of Transitional Vulnerability:
- When a butterfly first hatches from its cocoon it is in a state of transitional vulnerability.
- When a child is being born, both mother and child are in states of transitional vulnerability.
- As a baby bird learns to fly it is in a state of transitional vulnerability.
- When you start a new job you are in a state of transitional vulnerability.
- As you begin a new hobby or sport you are in a state of transitional vulnerability.
Investing in real estate is no different.
However if you fail with investing you are out literally hundreds of thousands of dollars over your lifetime assuming you never returned to investing.
When you choose to begin a side business of investing in real estate and/or investing in mobile homes for profit you are in a state of Transitional Vulnerability for at least your first 5 deals. This figure is based solely on my own experience of helping others in this field.
Make sure to understand that you will be faced with many common and unique challenges to overcome. These challenges will encourage you to stumble, become delayed, be afraid, second-guess yourself, hesitate, and eventually succeed or fail. Many of these challenges, both internal and external challenges can be overcome with correct training, leadership, and accountability.
Building a profitable portfolio is hard, but you can do it. If anyone on this planet is where you wish to be there is no reason why you cannot duplicate his or her success.
How to overcome Transitional Vulnerability?
Be prepared before you ever take action in public.
Much like a pulling off a Band-aid it is going to happen one way or another. You can either learn this business overtime and improve slowly which is called "Trial and Error" or you can choose to advance your knowledge with a seasoned investor working directly with you on your deals, this is called having a "partner", "coach", "mentor", or "local expert" on your side. Make sure this person is someone others vouch for and that you like, trust, and can rely upon.
Logically speaking there are only so many steps (A, B, C, D... Z) that you should take to successfully build a profitable mobile home investing portfolio. Just to make sure you and I are on the same page I consider a successful business one that buys/sells one mobile home per 30-45 days.
Lack of clarity is what eventually hurts most amateur mobile home investors from moving forward as quickly as they can with help.
Lack of clarity for:
- Where to advertise and market to save money and get results?
- How to speak to sellers when screening?
- How to construct offers?
- An outline of every step of the process? Click here to see a more complete MHI outline.
- How to answer seller/buyer questions to keep the deal moving forward?
- What offers to suggest when buying and selling? This requires real-time help.
- How to sell, what paperwork to use, and properly screening for low-risk buyers?
- The best ways to manage properties for receiving on-time payments from your tenant-buyers.
If you ever have any specific mobile home investing questions or general real estate investing questions do not hesitate to ask me.
Love what you do daily,
Related Getting Started Investing: Transitional Vulnerability videos: