This Mistake Cost Me - A Lot
This is a 7-figure lesson that I learned the hard way...
Building momentum and creating success requires focus.
When you're focusing on solving the right problem, results follow.
Focusing on the wrong problem, however, is costly.
For years, my wife and I focused on flipping houses.
It was a great business model as long as we were able to buy houses at deep discounts.
We were buying up to five houses a month at one point. Times were great!
However, sustained low interest rates made it easier for landlords to pay up to 100% of the full market value for homes and still cash flow.
During this time, many house flippers transitioned to wholesalers, flipping contracts to landlord buyers.
Others moved to bigger asset classes, such as multifamily, mobile home parks, and self-storage units.
Instead, I focused on fine-tuning my house-flipping machine.
Eventually, I realized that the problem I was solving was no longer the right problem.
The market had changed, but it took me much longer to see how the change would impact my business because I was so knee-deep in the trenches working in my business.
That's when I started diversifying my business into traditional rentals, short-term rentals, and multifamily properties.
I try not to think about the opportunity cost of not doing this sooner (it's significant).
Instead, I take time throughout the year (at least quarterly) to assess if the problems I'm working to solve are the right problems I should be focusing on.
So, if your business is not generating the results it should be, you might not be focusing on solving the right problems.
What is a lesson that you learned the hard way? Share it here.
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