Do you operate from a position of Inspiration or a position of Desperation? Successful investors must be creative and inspired. They must be open and able to look at things from “outside of the box.” When we are desperate to close, for financing, or for any part of a real estate deal, our creativity is stifled and everything just looks hopeless. Moreover, we project this desperation to those with whom we are making deals and they will take advantage of it.
So, what do you do if you are in a place of desperation? Take a step back and breathe. Imagine that whatever situation you are in that is causing you stress is resolved. Now, take a second look at the deal. What are you missing? What other angle can you come from? We often surprise ourselves with our own creative solutions when we step back and pause for a bit.
If you are in a situation that you can not find another creative solution for, ask an advisor or trusted friend. Many times others who are not as close to a situation can see answers that we are just not currently able to find.
Finally, sometimes there are simply deals and situations that do not have any other solution. If this is the case, then it is time to weigh your options. Is the outcome worth the struggle? If so, stick with it. If not, walking away is always a viable option. This is often hard to swallow, as we tend to stick with things through the end, but sometimes walking away is truly the only option that makes sense. Remember, there is always another deal around the corner, and once you let go of the one that is weighing you down, you will be more open to other deals that are around you.
Appreciate Your Real Assets,
Those Flipping Guys