Dealing with the Turkeys in Your Life
A potential investor asked me a very reasonable question about my track record of finding “fix and flips” over the past year, and projections of success for the next 16 properties. I responded that he can reasonably expect of the next sixteen homes, four would be genuine giant winners, four would be profitable flips, four would be cash break even investments, and four would be flops. All reasonableness flew out the window as the investor said “Why do I invest in flops!!!” Wow! What a strategy. Just do the profitable ones! Why didn’t I think of that?!!!
It would be great if we were all masters of our universes and could press a repeat button for success time and time again. But, we’re not. I know firsthand. In looking back over my 41 years in Real Estate, I have learned that nothing stays the same very long and a certain percentage will be a turkey. We must look at each deal with new eyes and look at what the universe is around us every time. We must look at investments differently as the recession recovers and changes the ground rules for buying and selling as well as what segment of the
real estate market is emerging from the depths of despair.
These turkeys are a constant presence and they seemed to breed especially forcefully in tough economic times. I learned I wasn’t in charge of success. I was in chargeof the processthat hopefully would yield more success than failure. I began to be guided by three navigational stakes:
1.My process and my diligence to execute was the best I could do.
2.My attitude and determination to remain positive and confident was a critical catalyst for my success.
3.My resiliency and ability to see failure as but a speed bump on the road to success allowed me to get back up when I was knocked down.
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