The mistakes I will discuss in this article are deadly because they are self inflicted. You should never block your own path to stability and financial freedom, yet we see this happen frequently. There is never a legitimate excuse or reason not to move forward with your tax deed and tax lien investing business. Below are 4 mistakes we hear and see on a regular basis.
1. Lack of funds = no success
Saen and I hear this excuse all of the time. Our response is that you do not need mountains of money to invest in liens or deeds. Nowhere in our risk free 14 step process does it cost a dime. You can complete the research steps cost free, and by tirelessly doing so you will come across a fantastic deal. If you cannot afford to invest in the deals you find, someone else will. So do not counter with, ‘I don’t know anyone with money,’ because that is irrelevant as well. Once you have gathered all of your research and can prove that in fact your deal is clad iron with an unbelievable return (as most tax lien and tax deed deals do), then investors will come.
2. Tasks unscheduled are tasks undone
Saen especially reminds our students that you must schedule out your time in order to be successful at anything, especially tax liens and tax deeds. Sitting down and blocking time throughout the day and even the rest of the week will lead you to success. Everyones day is full, every minute is accounted for. So with this new endeavor if you do not plan out what you will be doing, when you will be doing it, and what actions you will be taking during that time period, then you will fall back into your old schedule. Also, eliminate possible distractions before they happen…you know what they are.
3. Explain USTLA’s investing strategy to friends
This one may seem strange…but is very important. Many of our students are just beginning to learn best practices, strategy, and the process of investing. As novices, they often try to explain what they are doing to friends not only because they are excited, but because friends are naturally curious. This however can create doubt in the process, and in yourself. What happens is that as a beginner you cannot answer your friends questions adequately, which leads them to question the process…they begin to think that it is a scam and this may influence you. As investors and educators, we have no interest in giving bad advice to our students. We have shown through numerous examples that this process works. So before you attempt to explain tax liens, complete and become confident in our educational program.
5. Conclude that every county within the same state is the same
In fact, the returns, results, and availability varies significantly between counties, even if they are in the same state. The counties could even be sharing a border and the markets could look like night and day. You should treat every market with a fresh approach, know that the rules are not state wide and that the county workers run the sales or auctions in their own special way. Do not assume that the level of competition in one market is the same as in all markets in a state. Florida is a great example of a state whose markets vary. Some auctions in some counties are flooded with investors, yet in other counties there is opportunity…know that with our strategies every county is at your disposal. If you see something you do not like about a particular county, such as the competition level, then move on. You have the power and knowledge to do that.
Take a moment to think about how these mistakes can affect, or maybe even already have affected, your life. These are hurdles that can be removed by you if you take the time to do so. Empower yourself by clearing your own way to success.