Two shoe salespeople were sent overseas to open up new markets. Three days after arriving, one salesperson called the office and said, “I’m returning on the next flight. I can’t sell shoes here. Everybody goes barefoot.” At the same time the other salesperson sent an email to the factory, saying “The prospects are unlimited. Nobody wears shoes here!”
I love this old marketing story. It a reminder of how many times one real estate investor will see an opportunity that another buyer completely missed. Real Estate investment returns often go to someone that looks at a property with a fresh eye, see’s the potential that others miss, and acts on it.
Every development started when someone looked at a piece of property and decided that now was the time to put the money into the property and develop it. There is no point in time where everyone knows it a good time to act. It’s just obvious to the person that takes on the task.
No matter what type of property it is, savvy investors spend hours and days doing their homework to make sure that the property will produce the returns that make it a smart deal. When buying a property you must know everything you can about the current market, projected market, competition, neighboring properties, city and deed restrictions that control the property, and any other factors that might influence your ability to lease or sell the property. If you do the required homework your chances of success are much greater.
One day a man was swept up in a great flood. As the water rose he sat on the roof of his house and waited to be rescued. After a few minutes a boat came by and offered him a ride. He declined saying “God will save me”. A little while later a helicopter came by and once again the gentleman declined a ride saying “God will save me”. The man eventually drowned. As he stood before his maker he asked “How come you did not save me God?” God replied “well I sent a boat and a helicopter what else did you want me to do?”
It can be the same in real estate. When a real estate investment comes along that makes sense take advantage of it. You can’t reap the rewards if you don’t take the leap.
Mallett Integrity Team