OfflineThere is a problem I have seen over the years that many students run into. And in fact, I notice that I make the same mistake myself, over and over again. That problems wastes years of time, and should be avoided at all costs.
This issue is hanging onto deals that are in the works, at the expense of starting something else, or getting other deals started.
The assumptions in peoples minds are valid. They may think that if they get too many things going on, they won't be able to focus enough energy or attention on the deal in the works.
However, I have seen enough transactions over the years, that I have seen deals drag on for a year or more. There are delays, extensions, excuses, and sometimes outright deception or misrepresentations that can delay a project or completely derail it.
There was one instance where a student spent over 6 months working on a short sale. Technically, there is nothing wrong with that, and some of those short sale deals actually do take that long. The problem in her case, was that no other deals were attempted during that time. At some point, the deal failed, and she was left to start over. The problem in this situation, is that she could have done two or three deals in that time period. As it stood, she had to re-connect with investors, qualify them, and then go out and start searching for a new deal.
Ideally, you should have four or five projects going on at one time. Knowing, as real estate goes, that most will fall through for one reason or another. Be prepared for that eventuality, and have some back-up offers waiting in the wings for when others fail. In the worst case scenario, it is a first come first served situation. The first deal to progress to closing gets closed, and if you don't have the resources, time or ability to close more than one, cancel the others at that time. But at least you'll be getting something accomplished, instead of wasting time and having to start over and losing multiple months worth of valuable time. Remember, we all are allocated 24 hours in a day. Make the most of each one, and don't waste them!
Great advice. That's like the old adage of putting all your eggs in one basket - not smart.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson
I've learned that the hard way too, and keep relearning it. Thanks for the shove. Along with this is another crucial lesson. You can't force a deal to work. Numbers are numbers and try as you like you cannot - repeat cannot - create a profit where there isn't one just because you are determined. Move on. Find a deal that works. No - find 5 deals that work and work them til one or two or all come through. ya!
Blessings & Favor,
Gena.
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I can do all things through Christ who strengthens me. Phil 4:13
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