A great man once asked the profound question… “you’ve gotta ask yourself a question: “Do I feel lucky?” Well, do ya?”
Whether your answer is affirmative or negative we as investors are in an incredible place when we stop to think about it. Early in my investing due to a lack of knowledge I ended up in the same spot many uneducated investors end up in. I had made the grave mistake of buying 4 properties without the due diligence necessary to ensure my profit on each property.
I found myself traveling down a dead end road with properties which had no equity and repair costs mounting each month beyond that which my cash-flow could support. I found myself in a place many would consider unlucky.
I found myself facing the same unlucky situation we now create a solution for as investors. As I went on to dig my way out of this conundrum. I learned what makes unlucky investors and what makes them lucky.
Very simply, lucky investors know the 2 keys to successful investing. What are they?
Lucky investors have learned the secret, which is First to find and work only with Sellers who are Motivated and Cooperative.
Additionally, lucky investors have placed focus where it belongs in deciding to say yes or say no to a deal. Yes, should only come after a clear understanding of the logical path to profit on your deals. Often the best deal you ever do is the deal you don’t do.
Profit comes in 2 forms. Cash flow through net income on monthly payments collected from occupants of the property can provide the coveted mailbox money. Additionally, profit comes from the equity created or captured from the structure of the deal.
Simple yes, but often the most powerful truths are simple and the easiest to forget. So, get out there and get lucky. Stick to the numbers and focus on Sellers who need and want your assistance.
Have a Lucky March!