Few investors succeed when they make fast decisions, based on little information and gut instinct. The odds may play in your favor, but the lack of a plan that includes due diligence, market intelligence, timing, decisiveness and massive action will mean that your outcome be survivable.
Take a lesson from U.S. Army sniper school. When you undergo training, you are taught to stalk a target for days and that you may or may not ever get a shot. You have to be willing to walk away from your mission without ever taking out your target, without being emotionally invested in the outcome such that you would endanger your life or those around you.
You learn that your window of opportunity may last for seconds and that if you are distracted, you may miss your chance. You rely on your spotter to assist you in identifying your target and helping you research the field as well as time your shot. You don’t shoot off mission. If your target does not present itself, you walk away.
Here are some tips to help you slow down your investment decision making to create fast results for your portfolio:
1. Define your target. What are you looking to acquire and why?
2. Take the high ground. Use available resources to scout out the market, gather intelligence, and get the information about where the flow of opportunities in your market.
3. Use a spotter. Consider hiring professional advisors to source, qualify, and confirm that your target has been acquired.
4. Be willing to walk away. If the deal isn’t right for you, don’t do it. You’ll often make more on deals you don’t do.
5. Don’t get distracted. Other targets will present themselves. If they aren’t a match, don’t invest in them.
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About the Author: Jeremy Cyrier, CCIM is the founder/principal of MANSARD Commercial Properties and member of the CCIM Institute faculty. He delivers thoughtful, large scale commercial real estate solutions to the individual challenges owners and tenants face. Jeremy Cyrier, CCIM was elected by Banker & Tradesman as one of its New Leaders in 2009. You may reach Jeremy at Jeremy@Mansardcre.com.
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