The recently concluded fight between our very own Manny Pacquiao and Ghana’s Joshua Clottey was a perfect example of how not to win a fight by focusing too much on trying not to lose. What does this got to do with real estate investing? A lot! Read more below and find out.
Before anything else, I would like to make it clear that I am not a boxing expert, I just want to highlight some lessons learned from the fight which are applicable to real estate investing.
Clottey’s tactic of trying to survive and focusing too much on defending himself simply cannot win fights. Of course every boxer needs to have a defensive strategy but a good offensive strategy should not be left out. Freddie roach said it best when he said “If I was his trainer, I would have told him to engage a lot more because that’s the only way to win fights”. In my opinion, Clottey wasted his once in a lifetime opportunity.
Play to win!
In real estate investing, the same principles apply. To succeed in real estate investing, one needs to play to win and we do this by being on the offensive and “engage a lot more”. Just like how Manny threw so many punches (about 30 punches per minute… wow!) in his fight versus Clottey, we as real estate investors need to get out there and analyze hundreds of properties so that we can actually find more potentially good deals. The more potentially good deals we find, the greater the chance we will get to submit offers or participate in auctions for those good deals. The more offers we submit or the more bids we make, the greater the chance that we will actually end up closing that particular deal and win a worthy investment.
Of course it goes without saying that we still need to have a defensive strategy that will help ensure we don’t lose money on any of our real estate deals. We still need to do your due diligence and do the numbers. But unless we actually go out there and take action to pursue those deals, waiting for things to become perfect and the “planets to align” so to speak, opportunities in the form of good real estate deals will just pass us by.
I believe the easiest way to lose is by not trying to win!
To our financial freedom!
Real Estate Investor
Real Estate Broker License #: 20056
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Text by Jay Castillo. Copyright © 2010 All rights reserved.