Take Decisive Actions On A Respective Property
By Paul Esajian on January 8, 2014
It has been said that “he who hesitates is lost.” This is certainly an appropriate quote for anyone investing in real estate. There are many deals gained or lost because of the decisiveness of a particular individual. You can spend days plotting your plan of attack on a property, only to find out that you lost it while someone else was taking real action. Taking action does not mean making blind offers or moving forward on every property you look at. It means having a plan and taking advantage of an opportunity when you see an opening.
It is easy to take action when you are prepared. You may not see an immediate benefit to all of the education and experience you have gained over the years, but you will draw on it when it is time to make a decision. The more prepared you are, the quicker you can evaluate a property or a deal and live with the results. There will always be risks associated with every property. The quicker you can process the information the better decisions you will make.
There are many times, as an investor, that you will have to choose between two undesirable options. In this scenario, you are forced to choose the lesser of two evils. Learning to cut your losses or take your medicine is a skill and will have to be applied from time to time. The quicker you can make these difficult decisions, the less painful the results will be. Instead of spending time looking for a miracle solution, you are already focused on reality and planning the best course of action. Making the decision is difficult, but you must have the conviction to be able to move forward with it.
Once you take ownership of a property, you have multiple decisions and options available to you. There may be people in your ear telling you what you should do and how you should do it. Listen to everyone around you, but understand that you are the decision maker and you can go any way you choose. Whatever you decide to do, be firm about it and don’t look back. If you keep changing gears you will never get anything accomplished. This will only lead you back to the beginning and fill you with regret on every transaction.