The business world fascinates me, largely because everything I know about it stems from self study. I am a scientist by training and the academic world was the only world I knew before. Many would be investors will have had the same backgrounds and to those who are going to follow their career paths while investing part time, a little education is necessary.
The business world, of which real estate investing is only a part of is much more varied, fluid, dynamic and kaleidoscopic. In the earlier part of this theme I posted the steps to be taken by anyone who would invest in real estate. It is for everyone.
Even the most sophisticated investor will, at one point in time, question whether they made the right decision in the purchase of the property. As long as you own up to your decisions and not blame anyone else for something that did not go quite well, you will do fine. You accept that you made the best decision that you can at the time that you made them.
It is said that as music is the language of the soul, mathematics is the language of the gods. Numbers are what you see on paper. They are generated by precise formulas. Numbers are impersonal. If you use the same formula for calculating something, then your calculator or program will always give you the same answer ad infinitum.
I have walked away from deals that look good on paper. On those, I lost my deposit money, and I chalked it up to learning. When everything else looks good and you are ready to sign on the dotted line, you still have to feel inside that this deal is for you. It is as simple as that. How do you know? You just do. Every once in a while, you will see that one of the deals that you walked away from was actually a good deal. The first tendency is to regret, but this serves no purpose at all. There will always be good deals. That is why you have a team. For every success and for every perceived loss, you learn something. You have to ask yourself what you learned from it and use that knowledge for your future purchases. In this case there is no difference between buying a stock and real estate. You win some, you lose some. As long as you win more than you lose, and that is where your instinct has to play a part, you will always be on track to building long term wealth
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