The benefit of hindsight can make anyone believe they are an expert. However, as nice as it would be to be able to see into the future, we can’t. Therefore, it is important that the decisions you make today do not negatively impact the future. Acting on impulse or only thinking about your current situation will leave you with regret. At the very least, impulsive actions could lead you down a path you should have never even seen in the first place. It is important to make calculated decisions, as to future-proof your company. The smarter you are now, the better off your company will be 10 years from now.
Every property that you entertain is either an opportunity to buy or pass on. Property evaluation takes some time. If you have a few things going on, it can be quite stressful. The market is always moving and there is never any guarantee that things will remain the same for very long. All you can do is evaluate the data that you have and make the best decisions at that time. Instead of letting emotions get in the way or carrying over the sting of a recent lost deal, you need to look at every property individually.
There is never a perfect time to start a task. However, the sooner you do, the sooner you can start earning. Even the busiest investors will find time to update their education and expand their business. There will be some days that you question why you are doing it at all, but once you get through it you will reap the benefits. The alternative is doing things the same old way. If there is even the slightest change in the market you will be left scrambling for business. The better educated you are, the greater number of areas you can make money in the business.
Do you know every place that you spent money last year? Over the course of a year, you will probably account for hundreds of different expenses. Some are used to grow your business, while there are many others that you probably regret. You can make good money, but unless you are saving some of it you will eventually run out. Even on the best rental properties or rehabs there will be unexpected items that can drain your bank account. Instead of spending money on foolish items that offer little or no return, you will wish you saved that money and have it for a rainy day. Every year spent is another year closer to retirement, and another year of lost opportunity to make money. Don’t look back next year and wonder where are your hard earned money is. Save some for when you really need it.
Are there areas of the business that you want to get involved in but don’t know exactly where to start? This could be anything from buying commercial properties to expanding your rental portfolio. The sooner you get started the more comfortable you will be. Conversely, the longer you wait, the more apprehension you will have and the harder it will be to get started. There is more information about every step of the business now than there has ever before. You can also find information from investment club meetings and networking contacts. There is really no excuse for not getting started in an area that you have interest in. Don’t look back a year from now and wish you made on offer on your first commercial property.
Finally, you will always regret the things you didn’t do over the things you did. You can learn from any mistakes you make, but if you stay on the fence and never take action you will never know your results. Do you really want to look back and have regrets? Taking action will remove any doubt and regret that you could have. There will be some deals that are better than others, but unless you completely miss the mark you can recover. If you don’t take some changes along the way or take a stand, you will never know the results.
As much as we may try to fight it, time passes us by pretty fast. One year will be here before you know it. Every decision we make today will have an impact on the future. You will never make all the right choices, but if you can stand by your decisions in the future you can live with the results. Will you regret any decisions you make, or don’t make, in your business a year from now? Do you have regrets about things you did a year ago? You can’t change the past, but you can start to change your future. One year will be here before you know it.