“In the midst of every crisis, lies great opportunity”, when Albert Einstein uttered these famous words, little did he know, like his inventions, this quote will energise and inspire the future generations. Real estate investors who are reeling from the deals that failed in quick succession must take a cue from this quote and reflect on how best it applies to their case.
Failure is inevitable, it happens to every body, no body is immune to it. Investors must accept this fact and use these failures as an opportunity to reflect upon where they want wrong and what they could have done better. This will help to be on a better footing with their next deals. Every real estate deal is different from the previous ones and has the potential to enrich you, make you smarter, if only you are alert, willing to learn and grow.
In every business, to be successful, one need to be thoroughly prepared. In case of real estate investing, that preparedness starts from being completely thorough with the deal. You must study and be well versed every minute detail of the deal. Otherwise, 3 months into the deal, on the verge of closing, all happy and excited and you across some detail about the property or its seller that could make the deal a loss making proposition for you. If you had known your facts at the beginning, you would have either found a solution to that problem or would have not waster your precious 3 months into that deal.
While you are carefully evaluating a deal, you may find some problems or issues at the very onset, it could be about the property, seller or title. Be very proactive to deal with those problems at the beginning itself, resist the temptation to be complacent and procrastinate. It is easier to deal with the problems at the start, otherwise, as you work further through the deal, these problems could grow to create unsurmountable barriers. It pays to be alert and proactive to all the problems that you bump into.
Some times our most carefully prepared plans could fail and we must be prepared for such contingencies. During planning stage itself, we must think of all the things that could go wrong and prepare a plan B to deal with them. This could save you from lots of stress because if something unexpected were to happen, all you have to do is to jump to your emergency plan, instead of wasting your time and energy, worrying about it.
As an extremely experienced real estate investor, American Made Home Solutions had their share of their failed deals but learned and evolved to become one of the top most real estate investors.
