Don’t fall in Love

Jul 30th, 201035 Comments

Falling in love with a real estate deal can be the kiss of death. When you work on some of these long hard commercial properties and the deal seems to take forever, you tend to get attached to the building. You work on something so long it tends to become somewhat of an obsession, and the longer you’re involved in it, the harder it is to walk away. I found myself in this situation more than once where I wanted the deal so bad I was thinking of making concessions I maybe should not think of offer- ing. That’s why I suggest you be aware not to fall in love with the real estate deals you are working on.

When I chase residential buildings to purchase, the success rate of closing these deals is very good, but the commercial arena is completely different. I don’t know if it’s me or the deals I am chasing or if its commercial real estate in general, but I have had four deals fall through for every one that went through. It can weigh on you over the years as you write contracts and incur lawyer fees and spend tons of time working on deals that don’t come to fruition. If you find yourself in a situation where the smartest thing for you to do is walk away from the deal, you can feel good about the fact that at least you gained some knowledge while working on the one that didn’t go through. Sometimes you win and some- times you learn is a good way to look at a deal that doesn’t make it to settlement.

About author:

Addicted to Real Estate–Why I Can’t Stop and Why You Should Start, by Phil Falcone, is an honest account of an addiction to real estate. Sometimes addiction is a very good thing. In this book, Phil Falcone, the ultimate real estate addict, will show you how to achieve amazing success as a real estate investor and addict: • Delve into the details of actual deals he negotiated and learn why his methods were so effective • Discover why his residential to commercial real estate strategy will create ultimate wealth • Learn how he used apparent liabilities (OCD, insomnia, and workaholic behavior) to help him achieve his goals • Why he can’t stop investing in real estate, and how you can start controlling your own financial destiny through real estate. Funny, frank and informative, Addicted to Real Estate will inspire any investor to achieve higher levels of drive and success in the rewarding world of real estate. Phil Falcone is a Philadelphia area full-time real estate investor who started in the business at the age of 23, and whose portfolio today includes commercial offices, apartment buildings, and residential homes. As the owner of Falcone Real Estate Holding Corporation, he prides himself on his non-stop real estate focus and determination, his ability to be a great professional speaker, and on his fun, outside-the-box approach to real estate.

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