Personally I'm going to use a buyers agent to remove emotion and just let them put the numbers down for me to run past my accountant.
How do you keep emotions out of purchasing ?
- Thread starter hugh72
- Start date
I totally agree.
I think you cannot keep emotions out of a property purchase (or a car or a holiday or a share or a ...).
This is a powerful point, worth reiterating.
This is a great question and one I feel compelled to answer
Well first of all I run the numbers on the property and check that everything is to my liking
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Practice
We went through an exercise of making offers we could AFFORD on properties we couldn't .
Learnt a few things . With practice it's easier to walk away .
Surprised at how low some of the counter offers were .
Good exercise in conditioning the agents ie we make one offer and don't come back with counter offers .
Great exercise in sticking to your guns .
Agent ...You're offering what ?! . Sorry that's to low , what are you prepared to offer realistically ?
Us . That's our offer , unless you have been instructed otherwise , you have a legal obligation to pass the offer on ...
If the agent was nice we might add , we realise it's a low offer and it's worth more , but that's all we can afford .
Cliff
We went through an exercise of making offers we could AFFORD on properties we couldn't .
Learnt a few things . With practice it's easier to walk away .
Surprised at how low some of the counter offers were .
Good exercise in conditioning the agents ie we make one offer and don't come back with counter offers .
Great exercise in sticking to your guns .
Agent ...You're offering what ?! . Sorry that's to low , what are you prepared to offer realistically ?
Us . That's our offer , unless you have been instructed otherwise , you have a legal obligation to pass the offer on ...
If the agent was nice we might add , we realise it's a low offer and it's worth more , but that's all we can afford .
Cliff
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Ah - such an easy word to say... but that really is it isn't it?
I have bought sight unseen twice but I don't think I'll do it gain despite it turning out okay
Agree. Any BA may not be ideal. May be the BA is still in his learning stages.
Anyone who has build up a significant portfolio and has held it over multiple cycles and who is willing to act as a mentor is ideal. Basically the person has learnt from his/her mistakes and has no inhibitions in admiting his mistakes and successes.
I expect this could be its own thread, and that there will be as many variations on the answer as there are BA's.
For me it is simple. I spent yrs investing and the part I love most is finding good deals. I always got frustrated by not being able to buy them all. My accountant saw what I was doing and told me to go get him one. I did. Then he started sending friends along. I realised I was enjoying this even more than the job I was doing at the time and got a licence and started charging. The rest is history.
Now I get satisfy the urge to buy lots of good deals, I just don't keep them all.
It is also a real privilege to help someone who doesn't have the time, inclination or nerves to do it all themselves. The thanks you get is quite humbling. Not messing up someone's financial future is another good motivator. Come to think of it, I can think of many reasons to be motivated!
Just had the sub-lowball accepted on the fugly sewerline property I've been considering for months, too.Not my intention to attack what BA do, its like everything there will always be good and bad. I certainly know some BA on SS that are very good at what they do.
MTR
Education plus experience.
Even in business you will have emotions, good, bad and indifferent.
Know Thyself first ...
How would you react to a worst case scenario, biggest, baddest outcome, financially devastating, family and friendships at loggerheads etc etc, this will give you an idea of your own personality, some crumble and end up in a foetal position others thrive.
It's normally never going to be a calamity of events that bring you down, but if your prepared and understand your personal risk profile, then you have as much certainty as your going to get.
Do a SWOT analysis on yourself first.
Learn to trust your decisions, your research based on sound fundamental analysis and experience, your network of resources who you choose to trust and invest your time, money and energy into.
Pick your team as if they are your employees, a simple interview, find out their experience level, find out if they are suited to you and your strategy, do they actually have personal experience in the advice they are giving, what makes them so good that you should be handing over your hard earned money to them, also find trusted testimonials for their services.
If you were buying a house for you and your family to live in would you talk to the potential neighbours, look around the area, check out local facilities to see if it meets the needs of you and your family?
Know your numbers, numbers, numbers, especially your financial capabilities.
Experience will come and so will your ability to pull the trigger based on big data and relevant information.
Do panic and think you have missed all the boats, as a rushed decision can and might cost you tens of thousands because you "HAD TO" do it.
When people comment on certain successful businesses I know about, I sometimes say it took them 20 years to become that overnight success, it's a long term strategy and one you should try to enjoy, enjoyment is an emotion, so is SUCCESS.
I bring passion and emotion into my business and my investing (which is just another business) I make decisions based on sound data and research, I don't have any emotion at the EXECUTION stage.
Hope this helps.
Enjoy!
Know Thyself first ...
How would you react to a worst case scenario, biggest, baddest outcome, financially devastating, family and friendships at loggerheads etc etc, this will give you an idea of your own personality, some crumble and end up in a foetal position others thrive.
It's normally never going to be a calamity of events that bring you down, but if your prepared and understand your personal risk profile, then you have as much certainty as your going to get.
Do a SWOT analysis on yourself first.
Learn to trust your decisions, your research based on sound fundamental analysis and experience, your network of resources who you choose to trust and invest your time, money and energy into.
Pick your team as if they are your employees, a simple interview, find out their experience level, find out if they are suited to you and your strategy, do they actually have personal experience in the advice they are giving, what makes them so good that you should be handing over your hard earned money to them, also find trusted testimonials for their services.
If you were buying a house for you and your family to live in would you talk to the potential neighbours, look around the area, check out local facilities to see if it meets the needs of you and your family?
Know your numbers, numbers, numbers, especially your financial capabilities.
Experience will come and so will your ability to pull the trigger based on big data and relevant information.
Do panic and think you have missed all the boats, as a rushed decision can and might cost you tens of thousands because you "HAD TO" do it.
When people comment on certain successful businesses I know about, I sometimes say it took them 20 years to become that overnight success, it's a long term strategy and one you should try to enjoy, enjoyment is an emotion, so is SUCCESS.
I bring passion and emotion into my business and my investing (which is just another business) I make decisions based on sound data and research, I don't have any emotion at the EXECUTION stage.
Hope this helps.
Enjoy!
