Do not let your emotions control you

[Jarret Durst]

I just backed out of a deal that would have been my first property. I was coming up on the end of my negotiated due diligence period. Everything checked out. The inspection went well and I could tell that I found a good GC (general contractor). The property was practically mine, I just had to pay. So why did I decide to back out?


I started thinking hard about the property and I realized something. This was not going to be a logical buy but an emotional one. While readdressing the property I realized that I didn't have all the information I needed to run accurate numbers and the location was not great. I was doing this just because I crave so much to quit my 9-5 and live with financial freedom. On top of that, my parents keep telling me it's a bad idea to get into REI. So I also really want to prove them wrong. All this, and probably more, blinded me from the reality of the property, it wasn't a good deal. I was basically taking a shot in the dark because I couldn't be patient. It could have lead to my REI career failing before it ever started.

basically, my point is don’t let your emotions and ego blind you and keep you from seeing the truth about a property. Make sure you have all you need to run the numbers and get accurate information. Have a process and follow it. Don’t blindly purchase a property because you are impatient or wanting to prove people wrong. The right property will come.