Not getting emotional

[Africandaisy]

I got knocked back today on my offer for my third IP and the vendor sold it to someone else half an hour later.

I know everyone says that you should not get emotional about investing. I try hard to avoid this - by using cashflow software to focus purely on the numbers, buying in areas outside my home town based solely on research and not inspecting properties in person so I don't get distracted by imagining myself living there.

But the fact is, for me to get to the point of offering to pay hundreds of thousands of dollars for a property, I have to be pretty keen on the deal and really want it to go ahead. And then if my final offer is rejected, I can't help but feel unhappy about missing out. And wondering if I could have got it if I'd just offered a bit more money.

How do others deal with the disappointment of deals that dont go through? Or am I the only sooky la la?

 

[gottabespotless]

I used to let disappointments eat me up inside when I was younger - not just real estate investing disappointments (be it when buying or selling) but general life disappointments, until I started living (and really believing) the motto 'it just wasn't meant to be'. Move on and try not to linger. There's always a 'next?!'

All too often, later-on, a better opportunity presents itself and it becomes obvious, "Wow. THIS must be why I didn't get that *enter previous disappointment here*"

Sometimes it just takes a while to come along...

 

[marg4000]

Clearly you offered what the property was worth to you. You did the right thing by walking away at that point.

The fact that it sold for a higher price should not upset you at all - you should be thinking "fancy someone offering THAT".
Marg

 

[chilliblue]

My friend once equated buying property like finding a girlfriend.

It can take many, many offers before anyone says yes.

 

[BMan]

My friend once equated buying property like finding a girlfriend.

It can take many, many offers before anyone says yes.

haha i was about to say this

for the people going on the lookout fo a one nighter it can take multiple rejections does than mean you should just give up crawl into a hole and never try again?
no
persistence pays off

 

[emptyvessel]

Someone told me once that it is the universes way of telling you that there is a better opportunity out there for you.

The rejection pisses me off every time for about 5 minutes. Sometimes I tell the agent, "well, they paid $XXXX too much". The agent doesn't care, but it makes me feel better about it

In hindsight, I found that the rejections have actually taught me some valuable negotiating lessons. And it seems that a better deal lands on my table shortly afterwards.

Lessons for rejection in any aspect of life I guess. Although being told often doesn't make you feel any better until quite a ways down the track.

Get back on the horse my friend!

 

[Peter Parker]

How do others deal with the disappointment of deals that dont go through? Or am I the only sooky la la?

Have a plan to research, inspect and put an offer on a minimum of one property per week.

And stick to it.

Then you'll know the next property is only a week away.

 

[Africandaisy]

Wow! Thanks for all the wonderfully supportive replies. I will definitely being trying some of those strategies.

 

[nkirlew]

I got knocked back today on my offer for my third IP and the vendor sold it to someone else half an hour later.

We once brought a property in our home patch and the real estate agent and the vendor were out in the garden talking and came back in 2 minutes (or so it seemed) and said yes.
I have always had that niggling feeling that we should have gone in lower. No argy bargy just sign on the line. But after a suitable amount of years it is just a war story ...

 

[our obsession]

I got knocked back today on my offer for my third IP and the vendor sold it to someone else half an hour later.

I know everyone says that you should not get emotional about investing. I try hard to avoid this - by using cashflow software to focus purely on the numbers, buying in areas outside my home town based solely on research and not inspecting properties in person so I don't get distracted by imagining myself living there.

But the fact is, for me to get to the point of offering to pay hundreds of thousands of dollars for a property, I have to be pretty keen on the deal and really want it to go ahead. And then if my final offer is rejected, I can't help but feel unhappy about missing out. And wondering if I could have got it if I'd just offered a bit more money.

How do others deal with the disappointment of deals that dont go through? Or am I the only sooky la la?

There is nothing wrong with emotion(s). We are human. I love investing, I am enthusiastic about it, I enjoy the research, the deal finding, the offers, the buying...all that stuff. It is fun.

Ocassionally an offer is rebuked, such is life, and the seller is well within their own space to do that, I usually give it some thought, reassess my offer, the deal, all that fuzzy logical number stuff, decide if it still has breathing space (figure wise) for me and either walk away to my next deal or have another crack.

I don't usually compromise the figures or my deal preparedness expectation, but am open to negotations, ie settlement time as a compromise. So I'm not real cut and dried on 'stuff'.

I usually have the 'so many deals to choose from' -issue, so I don't go wanting or get disappointed if knocked back, it then becomes, 'out with the old, in with the new.'

It is business, but I choose to be in it, and for me it's fun.

 

[knightm]

Have a plan to research, inspect and put an offer on a minimum of one property per week.

And stick to it.

Then you'll know the next property is only a week away.

spider that is the greatest idea.

 

[BayView]

I remember reading a John Burley book once and he likes to systemise everything.

One of his little systems is: view 100 properties, select 10, offer on 3, get accepted for 1.

Or something like that.

 

[monalisa]

I also follow the analogy of "It just wasn't meant to be".

The perfect property for you is out there, and you will find it.