Do not fall in love with any property. Any new courtship or sexy piece of investment real estate at first glance distorts one’s judgement. Passion tends to distort judgment. Buyer’s remorse can end like a bad marriage – in a divorce with tons of regret.
Rash decisions increase the divorce rate. Emotions tend to dominate self-control which allows distorted judgment to take over. Passions can interfere with sound reasoning. Intense passion and courtships that begin too quickly and end before the honeymoon starts. Over time a steadfast plan and smart execution will become the norm. Avoid the love affair. Leave your emotions at the front gate. Remember, you are building a business not a love affair.
Can you remember a time when your eyes locked with hers from across the room? His heart started to beat faster as your worlds raced to collide, and everything seemed to come to a halt. All you could think about was what just happened. I must meet her/him. Do not let any property distort your judgement and cause your passions to become emotionally involved and distorted this way. Keep your options open and continue looking for the next opportunity.
I once walked a property in Dallas TX. This was a 388 unit deal. It happened to be a beautiful spring morning early while the dew was on the grass and the steam was rising from the pool and the smell of the fresh cut grass caused me to make some decisions outside my better judgment. These are the lessons we learn to help us keep growing in the business. Don’t let your emotions run your acquisitions. Make sure your decisions are inside your business plan.