Working On Patience

[Michael N.]

Hi all, I've been listening to lots of podcasts over the last year or so and they've been great for motivation. I'm at the point where I'm full of motivation, but one of the frustrating things for me is the patience involved. Sometimes, you just have to wait for that deal to come, or several months for the rest of that down payment. What helps you through these waiting periods?

[JD Martin]

First, be sure "patience" isn't code for "excuse" or "procrastination". You have to have a clear idea of what you are doing in order to utilize patience in the faith that what you are waiting for will come. For example, if your idea of patience in DC is a cash-flowing duplex for $50k not in a war zone, your expectations are unrealistic and patience is nothing more than justification for failing to take action.

Having said that: if your goals are realistic, achievable, and you have a clear plan of action, then sometimes you do have to 'wait'. I try to see what other areas of weakness I can shore up when I'm in a holding pattern; worst case scenario, I utilize down-time for learning everything I can learn so that I am better prepared for my next move, whether that's buying another house, recognizing the market is too hot, changing strategy altogether, etc.