Mistake Tip #1 - Don't fall in love!

One of the things I wished I’d learned earlier in this business is not to fall in love. Perhaps I should explain. Of course love is a wonderful thing -- just NOT when it comes to Commercial Real Estate properties. As an early Property Scout, I remember the excitement of finding my first couple of properties. I was ABSOLUTELY, without a shadow of a doubt, fully, positively convinced that I had found the DEAL of the CENTURY! I spent hours convincing myself, ever more completely, that this was IT! I had FINALLY found the vehicle to launch myself into magnificent wealth. I gathered details. I talked to brokers. I talked to city planners. I talked to neighbors. I talked to politicians. Each step along the way, convincing myself. Falling in love.

Once I had labored the labor of love, I carefully, excitedly entered my project into the NACREPS (National Association of Commercial Real Estate Property Scouts) website. And waited. I waited for notification from the pre-screening crew that, indeed, this was the most awesome property ever! Waited. Waited. There was no need for me to continue looking for other properties for sale. What was the use? I had found the EXACTLY PERFECT property. Waited. Waited.

I was so excited when I received my notification! I opened it up to find that the property was not among the chosen! What?!! How could that be? It was perfect! There must be some mistake. I pleaded for review. The great support team at NACREPS patiently walked me through what were some sticking points on my property submissions. I gradually learned what they were searching for. After all, it really wasn’t about what “I” thought. It was more about what the investors were looking for. There are certain criteria that make Commercial Real Estate Investing less risky. More profitable. If the property submitted, doesn’t match the criteria, it just won’t be advanced to the investors.

So here’s what I learned. Don’t fall in love with a property. Quickly do the simple calculations that you learn in the Property Scout training manual. If the property fails those simple tests – just move on. And QUICKLY! Do not linger over lost opportunity – lost love. Move it! Ditch the project! Get going on something else. Then, another tip here, submit, submit, submit. Don’t think just one project will do it. More about that later.

The moral of the story: fall in love with your family and friends and life and freedom and health and happiness. Do not fall in love with your property. Just remember, in this business the once-in-a-life-time opportunity comes along every week or so! NEXT!

To your MOST INCREDIBLE SUCCESS!

Maggie
www.nacreps.org