4plex was on fire! - Sept 2024 (#37)

Hey all. Aside from eagerly awaiting the Fed’s decision on interest rates. (boring for most, exciting for your’s truly) Your dude Brent has been thinking a lot about what separates those who succeed in investing, and those who don’t. And to illustrate the principle I’ve got a horrid story for you about my wife’s worst birthday ever.

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Motivation

It is your reaction to adversity, not adversity itself that determines how your story will develop

-Dieter F. Uchtdorf

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Money

In August 2016, on my wife's birthday, I received a FRANTIC call from a tenant that one of our properties was literally ON FIRE!!!

She was not being dramatic, there were literally flames coming from the side of my Fourplex!

It was also my wife’s birthday… and we were just about to leave to her birthday dinner!

The careless ex-husband of a tenant had flicked a cigarette butt on my siding while dropping off his kid and set the place ablaze…

What followed was many, many frantic phone calls… as I lived over an hour and a half from this property.

Long story short another tenant got it extinguished pretty quickly… and I gave him half off his next months rent for his bravery :)

It was a painful, stressful, annoying, and expensive test of my resolve.

The next day I told one of my buddies about what happened and his first reaction was ‘That’s insane dude, I can’t imagine. So… you getting out of Real Estate then?’

So… had I thought about quitting?..

Never had it crossed my mind, through all of this, to quit Real Estate investing.

Nor had it crossed my wife’s to her credit!

What makes the difference between someone who quits their dream and someone that keeps going?

I think it’s the strength of your ‘why.’ Why do you want to invest? What is that thing you visualize on the horizon that pushes you along!?

I’ve had so many people call me excited to get my take on Real Estate investing… I’d say maybe 5% actually invest (that might be generous). And 4% of that 5% will quit within 3 years of their first property.

Why?

Something happens, they lose money somehow, have a terrible situation arise like an eviction, they get distracted by life, or they just can’t take the jeering from the peanut gallery (friends and family saying they’re nuts/dumb).

If you want to succeed in investing in ANY capacity you have to have SUUUCH as strong why. Such a strong REASON for why you invest.

I’ve encountered syringes, basement flooding, unscrupulous lawsuits, emotional support animals, manipulative tenants, many.. many broken toilets, and yes… had a property catch fire.

However, my why is strong enough that those things don’t matter…

My why is my insatiable urge for maximal freedom and security for my family and I. As well as a massive fear of future regret… if I’m being totally honest…

What is your why? And is it STRONG ENOUGH to withstand what may come!? I’d encourage you to solidify this… as it can make all the difference…

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That’s all folks!

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