Let’s face it: making deals complicates our lives.
When we first become involved in real estate, buying a property can be very anxiety-provoking: I mean, really, even though we’ve done all our due diligence and run the numbers 15 different ways and talked to our favorite mentor about it and it STILL looks like a great deal, how do we ever REALLY know? And this leads to self-esteem problems, as we’re constantly second-guessing ourselves and berating ourselves over our lack of confidence.
And even for seasoned investors, taking on a new deal is stressful—an accepted offer means that we must find a buyer, start a rehab, or put an ad in the paper to get a tenant. Plus, there’s the additional bookkeeping when the checks roll in, and, of course, the taxes to pay on the profit at the end of the year…
Since stress and anxiety lead to psychological and medical conditions, including high blood pressure, overeating, bad hair days, fear of success, and a whole host of others, making deals should obviously be avoided at any cost. So, I think it’s important, for the sake of our own health and well-being, that we all learn how to NOT get trapped into making a deal. Here are some suggestions:
1. Make Sure You Know EVERYTHING Before You Do ANYTHING. <
Read More...