Friday, February 6, 2009

Real Estate Nightmares

You are sleeping soundly when it happens: you find yourself sitting straight up in bed, your heart beating fast and sweat breaking out all over your body. Congratulation you are officially a real estate investor with properties for sale or rent. It happens suddenly. One night the world is in order and peaceful and the next you are awake at 3:00am in the morning. I know because it happens often for me. Mike what does it mean?

It means you own more than the house you live in. It is that simple. You can't prevent it because once you own more than one house that asset now needs an occupied (preferably one that is paying a monthly rent), maintained, rehabbed and it will generate bills (electrical, water, gas, sewer, insurance & taxes). You start this business with big dreams about buying and selling houses and making big money but it is the details that will drag you down each and everyday. You can over come this - in fact if you are still reading this blog you probably already know this- with commitment and persistence. Because there are days that the crap hits the fans and usual ends up on you. You have to wipe yourself off and keep going. My motto is "Keep moving forward". It's like walking in mud if you stop it takes twice the effort to get moving again.

Another valuable asset for you will be your support team. This maybe a spouse, friends, family or employees. I am fortunate that I have all of these and I use them. I have a very supportive wife who listens and challenges me everyday. I work with my brother to bounce ideas or just dump on him if I need to and lastly I have a great staff. My staff take care of a lot of the details so I can focus on the big pictures items like private money and buying properties.

So when you wake up in the middle of the night - remember to be grateful for the challenge of the day to come and welcome to the club. Also I find it helps to have a pad by the bed to write down what is on my mind to get it out so I can go back to sleep. Have a god night sleep.

See Ya,

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