If You’re Scared, Get a Dog
Tomorrow at 1:00pm I’m closing on an investment property. This isn’t new. I’ve done this several hundred times. With that said, this project is different than my norm.
This rehab is a little unique for a few reasons. I’m using a new funding source with a new lender. This will be our first deal together. So far everything has gone smoothly, and I want to keep it that way. Although it’s cliché, you never get a second chance to make a first impression.
This will also be my first project in a new farm area. I’ve written articles and done trainings on the concept of farm areas or target markets in the past. Essentially a farm area is a neighborhood or small geographic location that meet my investment model. I target these areas with my marketing and become the neighborhood expert. When I see opportunity outside my targeted zones, I do research to assess the advantages to investing in some place new.
I’ve been researching, analyzing and marketing in this new farm area for the past several months. Based on all the knowledge I’ve gathered, this project is a good investment.
Monday afternoon I was sitting in my office with my partner when one of our property management clients dropped by. This client flips houses and has a portfolio of rentals which I manage. During the course of the conversation, my client made a passing comment about the new farm area where I plan to invest. He is not a fan of the neighborhood.
By Monday night, my partner as ready to squash the deal.
We all know people in our lives with a negative view of the world. The glass is always half empty. They’re the kind of people that can tell you 100 reasons why your ideas will fail. Instead of sharing the joy of our achievements, they’re full of jealousy and excuses when we succeed.
It can be difficult to ignore the cynicism from these negative influences. Unless we ignore their comments, the fear of failure can creep into our lives and decisions.
Years ago I had a friend with a catchy phrase, “If you’re scared, get a dog.” The first time I heard those words it made me smile. Don’t be afraid. But even if you are, don’t let that fear run your life.
Yesterday I had an in-depth discuss with my partner. We took another look at the new farm area. Then we went over the project itself. Everything checked out. Both the area and the property fit our model and exit strategy.
By the end of our analysis, we confirmed our prior decision to move forward. We’d done our homework and then check the results. Our answer were right.
Rumors and innuendo are powerful and can be dangerous. They’ve crushed better men than I. But it’s not hearsay that ultimately matters when considering an investment or building a life. What is important are the facts we know. What is important is our ability to evaluate those facts. And above all, our confidence in our own decisions is paramount.
Should you find yourself in a deal and you’re getting cold feet, do not be afraid. Do your homework and check your answers. If you’re still scared, get a dog. In the mean time, tomorrow I’ll be headed to my settlement.