Problem solvers make money $$

December 14, 2016

 

 

When it comes to making deals work its not so much about 'finding' the best deal but finding something with problems and solving them. Now don't misinterpret me here, I would dislike for all of you to run out and buy the worst house with the most problems and think it is going to work, it might but it probably won't.

What I mean is every house I have purchased either on my own or with an investment partner I have had to solve problems, all of them, to make them the huge success they are. Now sometimes its a people problem, from communicating in a way the partner understands or the trades you use share the same picture and vision, and other times its a property problem, 'things' that pop up that were not in your original plan or sometimes its a 'me' problem i need to figure out. It could be design layout, budget changes, manpower issues when your contractors are ill or someone in their family dies and leaves you holding the tool pouch (and you know nothing about that trade). Tenant issues, advertising issues, city by-law changes, mortgage changes..... see how the list could go on and on! 

Its important to understand how to solve problems, if you can solve problems you can CREATE OPPORTUNITY and its opportunity that rewards those that have the ability to seize it. Now YOU may not be the problem solver but someone you work with MUST BE. If you want to know if they are, throw the most unrealistic problems at them (to do with the house), and see how their brain works, do they look for solutions or freeze and just say 'that's ridiculous' or it'll never happen......but what if it does?

Problem solvers are not immune to the things that go wrong they just have a plan in place or they look how to resolve and fix whats happened, they deal with the initial shock and feeling very quickly, then like a superhero, spring into action to save the day (which sometimes means hiring a mini digger and digging up the beautiful front lawn to divert water away just so you can repair the perimeter drain...yes we did that).

You want to make money in real estate, don't look for problems but look for developing a skill set where you can solve problems, play problem solving games to exercise the brain, OR find someone who does, it makes your real estate investing life a LOT easier. 

Gary Spencer-Smith

 

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