Father's Day is upon us, so it seems appropriate to reflect on a few of those fatherly axioms that dads drill into their kids -- er, I mean, "gently instill in their children." There's a reason this kind of advice from fathers gets handed down from generation to generation: It's really good advice. And the thing about really good advice is that it can often be applied across many areas of your life. Such is the case with the words of wisdom I'm going to share with you today -- they can easily be applied to your real estate investing career.
So if you're blessed enough to still have your dad around, give him a call and thank him for whatever words of wisdom he's doled out over the years. Chances are, he'll appreciate it, and who knows? Maybe he'll even share a few more of those words with you -- something like, "If you buy me one more stupid tie, I will smack you upside the head so hard your unborn grandkids will feel it."
Always be a man (or woman) of your word.
Well, advice doesn't get much simpler or straightforward than that, does it? And when it comes to doing business -- of the investment real estate variety or otherwise -- it doesn't get any more valuable, either. If you say you're going to do something, do it. Be a straight shooter, and business will come to you. No single piece of advice has been more valuable for our family-business than this one. Sometimes, doing what you say and sticking to your word is hard. Sometimes is not popular and sometimes it can downright hurt! But nothing could be more fatal for a person in business and in life, than failing to to be a man or woman of your word.
Watch the pennies, and the dollars will take care of themselves.
It's certainly no secret that if you're careful with your money, you'll end up with more of it in the long run. Look for good value in your real estate deals and remember that value is not simply measured in price you pay. One way to think about value is all about how many real dollars you can put back in your pocket and for how long. Too often, real estate investors are bombarded with promotional flyers about "cheap" properties and "hot deals" where the only value being offered is a low price. Savvy real estate investors realize that a low price means low revenue for the selling company. Low revenue means an inability to provide high-quality, long-term service. Poor service and low-quality leads to higher costs and lower revenue for the investor in the long run.
Don't confuse low-cost with being a good value. Being smart with your purchases and spending a few more pennies for high-quality and service, leads to more dollars in your pocket over the life of the investment.
Twenty years from now you will be more disappointed by the things that you didn't do than by the things you did do.
Different versions of this adage have been attributed to different people, but this one is an excerpt from a Mark Twain quote. If a gentleman adventurer of Twain's stature still managed to have regrets about missed opportunities, then we would be wise to heed his advice. I don't think it necessarily means to be reckless in our risk taking, but calculated risk is certainly a part of real estate investing. We have to be able to be bold when an opportunity presents itself. The most successful people aren't usually the ones who make no mistakes; they're the ones who let their failures teach them how to be successful.
What advice from fathers -- either your own or someone else's -- have helped you in your life and career? Please share them with your fellow Memphis investment property enthusiasts!