WHAT ARE THE ODDS?
Lest you think I’d forgotten you, or that I was dead, I’m very much alive and quite busy. I’ve been remiss in posting for some time. You were warned that it was Rick’s Random Rants. My apology.
Several weeks ago, Friday was a full moon. Because it’s the second full moon this month, it’s recalled a ‘blue moon’ but not because of any blueish color.
It was also my 60th Birthday. This is a little gift from God that reminds me how good a life I have.
Tonight, I will drive down to my ranch and meet up with my Hunting Club friends
I get to enjoy the benefits of hundreds of deals I’ve done in the past. Cash flow from interest and rents. Equity from appreciation and gains from problems solved. Most, but not all, have been profitable. If I were to focus on the few losses, I’d be discouraged and reluctant to move forward and take very little action, if at all.
Earlier this week world stock markets looked pretty shaky. At the beginning of the last Great Recession, on the morning of that big stock tumble a friend ask me why I was frowning and I responded my thoughts about stocks plunging. He asked if I was hurt and I realized that no, I didn’t have any stocks. Remembering that I had plenty well secured trust deed notes, my smile returned.
But truth told, my losses are rare.
You see, I spend my time focusing on what I’m looking for and how to eliminate the deals that don’t fit my criteria.
This ends up being ‘needles in haystacks’ and is, frankly, exceptionally profitable.
In order to do this, I work very hard to find those situations that have just the right factors:
California property, an abundance of equity, vacant, a problem such as foreclosure, pending tax sale, deceased owner, a dispute; maybe ALL of these together in one big cluster-mess.
Are these situations rare? You betcha. But not zero.
What pays the bills? My primary business is the liquidity products and services my company provides to my probate estate and trust clients.
So, here are my Top Ten (10) Perspectives for a Good Real Estate Attitude:
1. Recognize that you must embrace the process, not the results
2. We all experience fear. It’s not unique to you. The odds are that if you are having difficulty with taking or not taking some action, it’s because of some fear that exists inside of you. On this topic, do not reinforce fear or reward it. This happens when you dwell on it for any length of time, project it and frequently bring it up in conversation with others. Recognize it, call it out, move around it, over it or through it, but do not let it remain a barrier. Watch for “head trash” such as ‘What if…’?
3. Have the willingness to feel uncomfortable about making decisions that will be wrong
4. Accept to see mistakes as testing, not as failures. ‘I tried, this way, it did not work the way I intended it to, this time.’ Next!
5. In every failure lies the seed of an equal or greater benefit
6. Learn to ask better questions. Spend time to think through and phrase your queries better in order to attract better responses from more qualified listeners with more experience
7. Measure frequently. You need Feedback loops. Quantity and dollars are yardsticks, but not the only ones. One of my college economics professors used to tell a story about a power utility worker who could make (7) times his normal wages during stormy weather, after hours on Sunday, etc. but that money was NOT enough of a motivator to the worker when his life was in jeopardy.
8. Learn to accept criticism. They are not criticizing you, the person, only the behavior or perhaps the results. Consider weighing the source, too.
9. Accountability – most all successful investors have a written plan and someone they discuss their strategies, methods, actions and progress with on a period basis. The objective is to review feedback loops and realign where necessary. Everyone gets of course, but only a fool steers towards the sound of a waterfall.
10. Continue to invest in your education. Dollar for dollar, it’s the best ROI you’ll ever receive.
Next week I have important announcement; maybe two. Stay tuned.
Meanwhile, save the date: Saturday November 14th, 2015. I hope to have location and more details on a One (1) Day seminar,
Probate Secrets Unlocked
The Hunting Club will become a free audio podcast so that everyone can enjoy the interviews with guest deal makers. If you’re subscribed, you can expect further announcements. We are setting up programming now and will use the iTunes and other platform.
“Plan your work and work your plan, but don’t plan the results”