A real estate deal I wholesale flipped a couple months ago just resold after being renovated.
The rehabber beat my estimate of the value by a BIG margin.
Yup, he sold it for $34 Grand more than I said it was worth all fixed up.
Am I mad?
Am I upset that I didn’t ask for more?
Not at all.
I’m happy he made a ton of money on the deal.
And I’m happy that I made a handsome profit as well.
That’s the name of the game after all buddy.
I know I am conservative on my statement of values. It one of the reasons I sell deals with confidence to my buyers.
If they make even more than projected, then I’m happy for them.
And I know they’ll buy from me easily again in the future.
I showed pictures of the renovation at the last Traction REIA meeting, and one guy in the audience approached me and said he went to look at it, but didn’t pull the trigger.
Because he wasn’t confident in the numbers.
After the meeting, two other people came to me and said that they now wish they would have done it, as they had looked at it, but didn’t make a move either.
Now that the deal is done, they can see clearly how good it is.
And “Non-Buyer’s Remorse” has set in.
Kinda like wishing you had bought Apple stock 10 years ago — hindsight is always 20-20…
And the fact that the place sold for $34,000 MORE that I had stated it was worth rubs some extra salt into their wounds.
So being trigger shy and scared to take the plunge didn’t actually work out in the end.
It never does.
Sorry chief, but that’s just the way it is.
Now, certainty don’t take stupid risks. But it is a BIGGER problem to never take the plunge at all.
Because then you just stand there and watch life go by.
You watch deals you could have done, and profits you could have pocketed, slip away and go to other people.
People who were willing to do their research to verify my numbers.
People who had their act together to be able to do the deal, and then were able to profit from it.
Those who sat scared on the sidelines, or only dipped their toe in the water, are still sitting there with nothing but their hat in their hand, when it could have been so much more…
So who do you want to be?
If you don’t have the confidence, it is because you don’t have a proven system to follow.
So get a system and follow it.
It ain’t rocket science.
(If it wasn’t SIMPLE, I wouldn’t bother doing it…)
But, there are some moving parts.
You just need to learn the ropes and understand the process.
Then take the actions necessary to succeed.
Here’s where to go next:
Traction Real Estate Mentors