There’s so much advice out there for real estate investors, and sometimes it can feel overwhelming.
The markets move fast these days. Areas that were booming a few years ago are bust, and whole new markets have sprung up that didn’t exist.
It’s a lot to track, and it can be confusing.
Make sure you know how to say no.
Saying no is the most important skill you’ll ever learn. Too many novice investors jump on the first deal they see. The terms seem good, and everyone is encouraging that poor little rookie investor to just do it.
Of course, the folks who are getting paid off of the sale always want someone to just buy it. They want to get paid.
The best investors don’t say yes very often. The best investors say no all day long – maybe a thousand times more often then yes. Just on principle.
C’mon, you should know that the terms always get sweeter on the second round.
So don’t jump on the first opportunity you see. Wait for the best. Say no until you find exactly what you want.
You know why most investors can’t resist saying yes to everything they see?
They don’t know what they want.
They only know that they want to invest. They want to buy. Buying feels like action, it’s doing something. The fact that it’s a bad deal doesn’t matter.
They convince themselves with stories.
The market will improve.
The rents will increase.
The next tenants will pay more.
When I sell this, I’ll profit then.
Wrong.
If the real estate purchase isn’t making you money right away, walk away.
If it costs you more than you’re making, it’s not an investment – it’s a debt.
There’s a lot of discipline involved with saying no.
But remember, with an investment, money is made when you buy, not when you sell.
If you buy for the right price, you can always sell. Your profit is safe.
If you buy at the wrong price, because you think the market will catch up, you might be wrong. That’s not investing. That’s gambling. You’re betting on an uncertain future.
Just say no.
When you buy an investment, the value should be crystal clear. You’re buying something that makes you money right away.
That’s why we worked so hard to ensure that REI Brain delivers maximum value.
Your brain is the best investment you’ll make – thanks for letting us help you grow.
