April 28, 2005

Emotional Swings

When I thought I landed an awesome 30 unit deal, I was incredibly ecstatic. $15k/unit in an area surrounded by $23k/unit. I thought that was just awesome.
Now after I talk to a CPM in the area, I find out that it's a piece of shit property and I'm overpaying by 2k. It's a good thing I found out about it during the due diligence period.
But it really took a lot out of me. I was feeling pretty bad for a while. And I still do feel like I got punched in the stomach.
I tried rationalizing it by saying to myself, "Hey, it's ok that this is not the deal I thought it would be. It's ok that I feel foolish now. I can justify all of this because I took my shot, and I learned a couple valuable lessons. First, if an area is losing population when the general area is gaining population, that area sucks ass. Second, I get really emotional when it comes to deals, so I'll try to learn to control it as much as possible. Third, I learned that I can pull the trigger quickly when I recognize a good deal. Fourth, if I keep on looking long and hard, the deals will present themselves. Fifth, I picked up a very honest CPM on my side, and a property inspector.
So eventually, I'm going to overcome this bad feeling in the pit of my stomach, get back up, and keep on submitting offers. Submitting offers is the only way I'll be able to keep my eyes out there, continually honing my sight, and eventually I'll get one. Brokers will see that I'm serious, and I will continue to build my support staff.
DFW, I'm going to conquer you and make you my bitch. I hope that discomforting feeling I get when I think of when remembering good deals passing me by will never completely go away. Remembering that sting will keep my taste buds sharp.

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

<< Home