Is Great the enemy of Good?

[Lesley Resnick]

“Good is the Enemy of Great.” 

The concept is that too many people and too many organizations “settle” and take short cuts accepting that “good” is good enough and that they don't need to do the really hard work to be great

Jim Colins

I would suggest that he has it backwards in Real Estate.  Good enough is my approach.  I would like to have a lot of good rather than a little great.  I have found the 80/20 rule is true in RE.   

Should you wait for the perfect deal, tenant, loan, a home run?  A deal that meets every metric you can imagine?

Or

Take a good deal and move on to the next one?

How far do you go when renovating a house you will never live in?

If I am going to rent it, I am in the 80% business.  This should get me top of market

If I am flipping it, I am in the 85%-90% business.  This should get me close to top of market.  There are a lot of extremes in flipping.  I will paint over the termite holes or I will buy $1k vanity faucets.  

I never chase the last dollar.  I have been the agent on a number of deals that owners have been instant on the last dollar and ended up holding the property for another 3 months to clear a few dollars more or end up in the same place.

My business model is simple: Velocity.  I want to turn my money as quickly and often as I can.  Give me base hits all day long.