1st Failure! Woohoo!

This is only my second post, but I've already failed at Real Estate Investing. Why am I excited? Because I've learned a lot along the way and it's only a small part of the bigger story in my investing career. 

So what happened? Well after a month of going back and forth with the underwriter, there was one tiny little sentence in fine print that kept me from qualifying for the loan I needed to get my first rental property. Something about not having landlord experience and barely missing the financial qualification mark. The short version is: I work full time and own my own small business. Genius me decided to save some money on my taxes by doing them for free online. This caused it to look like I took $15,000 in write-off's last year for some expenses, mileage, and depreciation on equipment. Because of the way the online program interpreted it, my losses went on the wrong tax form and counted against my total income. Now I get to have my taxes amended and pay in about $3,000. Lucky me. 

*NOTE TO SELF* - Hey self, don't ever do your own taxes ever again. Ever. At least not for free while you own a business.

On the bright side, instead of this being a failure, I choose to look at it as a minor set back in my timeline. I'll still qualify for the property once my taxes are amended, and hopefully the seller will still sell to me since they weren't originally looking to sell the property until next summer anyway.  As frustrating as that news is, I'm that much more motivated now to figure it out and keep going. Their stupid rules and regulations will NOT stop me from making this happen! 

Mindset is a crucial part of your real estate business venture. If investing was easy, everyone would do it. If you struggle with doubt, join the club. Then quit the club and get over it. Learn some positive affirmations from youtube, meditate or take yoga, go to therapy. Whatever you have to do to be mentally and emotionally healthy is what will help you succeed in ANY area of your life, not just real estate. In order to set yourself up for the best success, surround yourself with like-minded individuals and a network of people who will be there to encourage you when things get tough. You will get bad news, you will fail from time to time and mistakes will happen, but the people in your life can lift you up or tear you down. Choose carefully. Choose wisely. Don't ever stop!