Latest / Social Proof Podcast / How Do You Embrace Your Biggest Losses? - David Shands

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How Do You Embrace Your Biggest Losses? - David Shands · Social Proof Podcast

• 0:00
  [SPEAKER_00]: Yo Dave, which guy from the man?
• 0:06
  [SPEAKER_00]: All right, so we're talking about losses and I was asked the question, what is one of my most significant financial losses that I've had so many.
• 0:19
  [SPEAKER_00]: I have lost so much money.
• 0:21
  [SPEAKER_00]: Because that just be willing to try stuff.
• 0:24
  [SPEAKER_00]: You know, like I just be willing to try stuff.
• 0:26
  [SPEAKER_00]: So I've had a lot of losses and finances have not been my biggest loss.
• 0:32
  [SPEAKER_00]: I've lost people.
• 0:34
  [SPEAKER_00]: I'm not talking about like death, but
• 0:36
  [SPEAKER_00]: I've lost people through my own ambitions, I've lost lost people, the my own arrogance, and those have been my biggest losses.
• 0:44
  [SPEAKER_00]: You know what I mean?
• 0:45
  [SPEAKER_00]: Like you find somebody that is a stand up personning in life, but there's some sort of opportunity.
• 0:54
  [SPEAKER_00]: they're expecting for you to be the same friend to them as they have been to you but sometimes you're not and you lose the person because their expectations haven't been met or you're not thinking about the person who's helped you along the way for years and you're only thinking about yourself in this moment and you lose people but financially I've I've definitely taken a couple else one of
• 1:21
  [SPEAKER_00]: But my first real estate investments are lost about fifteen thousand dollars.
• 1:27
  [SPEAKER_00]: It was a person who was wholesaling me a property that said that they were gonna help me fix it up and all that kind of stuff, right?
• 1:35
  [SPEAKER_00]: But I never really asked the person if they've ever fixed up a property before.
• 1:42
  [SPEAKER_00]: You know what I mean?
• 1:43
  [SPEAKER_00]: I never asked the person, I know you're gonna sell me this property on a wholesale deal.
• 1:48
  [SPEAKER_00]: So you get a commission and because you're my friend, you're gonna help me
• 1:53
  [SPEAKER_00]: with this flip.
• 1:54
  [SPEAKER_00]: I failed to ask to guy.
• 1:56
  [SPEAKER_00]: I have never flipped a property yourself because he's in real estate.
• 2:02
  [SPEAKER_00]: I'm thinking him being in real estate couple with the fact that he said he helped me couple with the fact that he does these deals with people.
• 2:10
  [SPEAKER_00]: I'm like, oh, but let's do it.
• 2:11
  [SPEAKER_00]: So just because somebody's in an industry doesn't mean they can help you.
• 2:15
  [SPEAKER_00]: That was my first lesson, but the second thing is
• 2:20
  [SPEAKER_00]: I, you never trust someone that stands to gain from what they're asking you to do.
• 2:28
  [SPEAKER_00]: And here's the thing.
• 2:30
  [SPEAKER_00]: I don't think this guy did anything malicious.
• 2:32
  [SPEAKER_00]: I really don't think he, I think he meant well.
• 2:37
  [SPEAKER_00]: But as we're talking to entrepreneurs, if there's someone that stands to gain,
• 2:44
  [SPEAKER_00]: from you doing something that they're asking you to do is not one hundred percent genuine.
• 2:51
  [SPEAKER_00]: It's not one hundred percent authentic because they stand the game.
• 2:56
  [SPEAKER_00]: So you can't, you can't really trust it.
• 2:59
  [SPEAKER_00]: You know what I mean?
• 3:00
  [SPEAKER_00]: You can trust people that are giving you advice that this is genuinely good advice when they stand nothing to gain from it at all.
• 3:09
  [SPEAKER_00]: So I lost about fifteen thousand dollars in that deal right merely because
• 3:15
  [SPEAKER_00]: The homeowner, I got the property, my friend did a wholesale deal.
• 3:21
  [SPEAKER_00]: The homeowner did a whole lot of DIY stuff.
• 3:25
  [SPEAKER_00]: They were just wired up stuff in the old house.
• 3:27
  [SPEAKER_00]: The people who came out to inspect the property, the hard money lenders, they come out, check it out, like, oh, this looks really, really good.
• 3:33
  [SPEAKER_00]: They walked around.
• 3:34
  [SPEAKER_00]: They looked at the numbers, they said, oh, this should be a slam dunk.
• 3:37
  [SPEAKER_00]: Cool, no problem.
• 3:37
  [SPEAKER_00]: We'll give you the money.
• 3:39
  [SPEAKER_00]: So the guy that says, it's gonna help me, he's like, all right, cool.
• 3:43
  [SPEAKER_00]: Um, these are some of the things we need to clean up, make it look nice, all that kind of stuff, cool, no problem.
• 3:48
  [SPEAKER_00]: We did that.
• 3:50
  [SPEAKER_00]: Now it's time for us to get our inspection.
• 3:54
  [SPEAKER_00]: And the inspector starts to uncover all of the things that the original homeowner did.
• 4:04
  [SPEAKER_00]: Now it wouldn't be so bad, but
• 4:09
  [SPEAKER_00]: We already put a bunch of money into the building of the house.
• 4:12
  [SPEAKER_00]: Before we understand, we understood what was actually at the foundation of this investment property.
• 4:19
  [SPEAKER_00]: What we should have done was get an inspector first.
• 4:23
  [SPEAKER_00]: Hey, come here and inspect this to see if this is a good investment.
• 4:27
  [SPEAKER_00]: But I trusted the person who sold me the house.
• 4:31
  [SPEAKER_00]: And I trusted the hard money lender who stands to gain from us flipping this house.
• 4:38
  [SPEAKER_00]: And I was only person at loss in the space because I had to sell the house for less than I had to sell the house from whatever all for I got because the hard money lender won a day money back and I had to sell it.
• 4:51
  [SPEAKER_00]: For they didn't make any, they didn't make any money, but I still lost the fifteen thousand.
• 4:56
  [SPEAKER_00]: The person to sold me the property, they got their money upfront.
• 5:01
  [SPEAKER_00]: And that showed me a whole lot of lessons, not only in real estate, but
• 5:06
  [SPEAKER_00]: Before you go into any investment, do the research.
• 5:10
  [SPEAKER_00]: Have someone check it out.
• 5:11
  [SPEAKER_00]: Look under the hood first.
• 5:13
  [SPEAKER_00]: Before you invest, off of excitement, any advice of people who stay on the game from this decision that you're making.
• 5:20
  [SPEAKER_00]: So that was a fifteen thousand dollar loss.
• 5:23
  [SPEAKER_00]: Also I've lost a bunch of it.
• 5:25
  [SPEAKER_00]: Opportunities where someone says, hey, put some money into Bitcoin and you'll flip it.
• 5:31
  [SPEAKER_00]: It gains interest and it pays you out.
• 5:34
  [SPEAKER_00]: I've done it during a couple times because I just can't say no.
• 5:37
  [SPEAKER_00]: I'm so excited.
• 5:38
  [SPEAKER_00]: Let's go.
• 5:39
  [SPEAKER_00]: But sometimes it works, sometimes it doesn't.
• 5:41
  [SPEAKER_00]: But here's the cool part.
• 5:44
  [SPEAKER_00]: I've lost more times than I've won in my life, one hundred percent.
• 5:50
  [SPEAKER_00]: I've lost more times than I've won.
• 5:53
  [SPEAKER_00]: But I've won more than I lost, meaning I've had multiple failures.
• 5:59
  [SPEAKER_00]: But you fail a bunch of times.
• 6:02
  [SPEAKER_00]: That one win, you forget all about the losses.
• 6:05
  [SPEAKER_00]: You know what I mean?
• 6:06
  [SPEAKER_00]: You could, some I could tell you know, twenty times and at twenty first.
• 6:11
  [SPEAKER_00]: conversation is worth a million dollars so you don't even remember the twenty right so I've lost more times than I've won but I've won way more than I've lost on my career so I'm never afraid to share my losses because I shoot I shoot and I shoot and I shoot I don't know how many I'm going to make but I do understand one thing something's going to go in
• 6:34
  [SPEAKER_00]: So, some people call me gullible, some people call me naive, some people call me whatever they call me, but I go after it.
• 6:44
  [SPEAKER_00]: And the people that are on the sidelines say, oh, look at you, you lost, oh my gosh, you'll fall for anything.
• 6:50
  [SPEAKER_00]: I probably have accomplished more than those people would even think of.
• 6:55
  [SPEAKER_00]: Why?
• 6:55
  [SPEAKER_00]: Because I'm willing to go after it.
• 6:57
  [SPEAKER_00]: Call me down, call me stupid.
• 7:00
  [SPEAKER_00]: I'm willing to do that, but I'm going after it.
• 7:02
  [SPEAKER_00]: Man, that's why I commend people who go after love.
• 7:06
  [SPEAKER_00]: They have a felt relationship, a felt relationship, and a felt relationship.
• 7:10
  [SPEAKER_00]: You know, when you come around, your friends say, oh, who's the new guy?
• 7:15
  [SPEAKER_00]: There was a new grout as you didn't fell in love with, right?
• 7:17
  [SPEAKER_00]: And they rose you for that, but you keep going after love because all of those failed relationships would turn into the main catalyst for you being able to identify and find that one person because you only need to find one to spend a rest of your life with.
• 7:34
  [SPEAKER_00]: So I'll tell you, I embrace some of my losses.