In my 47 years of completing real estate deals, there is one common element that stands out above the rest. Always be open to learn new ideas from more experienced and more successful investors or real estate pros.
I know you are thinking – who needs that? I’m successful now with my strategies and don’t need to change anything!
You are dead wrong…
…and here are a few reasons (and I mean just a few) that will perhaps change your mind.
Past strategies under different economic conditions that may have been successful in years past don’t necessarily apply in today’s climbing interest rate and cap rate environment. Over-paying today and expecting great results won’t happen except in Rare instances.
Tax changes that are constantly changing and new methods to combat paying more taxes evolve yearly so if you are not keeping up with the newest concepts you are in hole without even knowing, due to stubborn past thinking, I’m terrific with what I do, really?
I learned I was good at creating value at a very early age and thought I was the Cat’s Meow until I met investors much smarter and more successful on a grander scale than I every thought possible.
I never wanted to give up any control of my investments and fooled myself into believing that joining others will hurt my strategy.
Totally wrong thinking. Are you better than Warren Buffett at stock investing, don’t bother answering! If you could join in a deal with him rather than yourself, what would be your truthful decision? Same in commercial real estate investments.
I have met some of the brightest most successful and proven pros in most asset fields throughout the entire country. Joining them in some deals and diversifying your portfolio into segments of real estate that you can’t on your own, while still doing your own thing, is not a bad concept.
Picking and choosing the right asset group that is a necessity not an option such as retail or assisted living is a no-brainer. I can’t tell you how many investors a week still are compelled to buy retail investments with every fact and figure going against the idea with internet sales shrinking the brick and mortar stores yearly.
Margins cut and not able to pay higher rents or closing stores at a fast clip. Baby boomers aging like crazy and the absolute need for assisted living memory care essential for us all, which looks to be more sustainable for your next investment dollar?
Age and safety play a significant role with your investment dollars, so don’t tell me when you were young and aggressive with higher risk factors don’t change your strategy now that your older and hopefully wiser, where you invest your hard earned equity currently to simply maintain and grow your investment slowly without the loss of principal on some high risk younger man’s plan?
Call me to gain all the options just by listening, asking questions and maybe you will be surprised to hear a new idea that can immediately have a significant effect on your future commercial real estate investments.Tags: commercial income, commercial real estate, commercial real estate investments, tax