Tip 4: The ‘Now’ Principle
An important part of real estate success is finding a great deal. With homes and/or land at stake, it’s important for investors to be patient in their decision making, and wait for a good deal. However, there’s a difference between waiting for a good deal, and waiting for a perfect one.
The latter is a trap many rookie investors fall into. Their resources are not yet built up, and few if any purchasing experiences are under their belt. Consequently, they choose only to act on deals that are free of risk or potential backfire…and none ever come.
A similar problem exists among poker players. They wait and wait and wait for the perfect hand to come, passing up many opportunities to double up, and when they finally land a pair of aces, either they’re nearly out of chips, or no one bothers to play the hand.
The ‘Now’ Principle does not dictate that success entails pulling the trigger on the first seemingly appealing deal. What it does posit is that good deals need to be searched out, developed, and even created from scratch. Calculated, effective risk management clearly states that no-risk deals don’t exist, and if they do they’re not worth your while.
A savings account is no-risk. Or so one might believe. But as stated in a previous post, hoarding every dollar you have and refusing to spend is the riskiest play of all, and is doomed to fail.
Moral of the story: Take action. Smart, reasonable action…but action. Otherwise, you’ll find that indecision is the worst decision.
For our loyal clients, and our future ones