‘There is nothing like first-hand evidence.’
-A Study in Scarlet.
Harvey Schachter of the Globe and Mail wrote a great article, “Hunting For Success? Make like Sherlock“. He quoted Matt Heron, who says on his blog Lifeoptimizer.org that if we want to be successful, we can figure out what it takes by imitating Sherlock Holmes. Guess what—Sherlock would’ve made a great real estate investor.
Here’s how I think Mr. Holmes would go at real estate problems.
We all know Mr. Holmes has a great eye for detail. When someone walks into the room, by observation Holmes can tell where you work, what you had for lunch and what your plans are. Successful real estate investors gather up all the details they can about any piece of property and integrate them into their buying, management and selling decisions.
Some mysteries are never solved:
Sometimes you just can’t get the information you need to answer a diligence question. No worries. If it’s an important enough question, you don’t buy the property. You file away the issue for future reference and treat it as a puzzle. Puzzles help with problem solving and creativity.
Partners are indispensable:
This is classic joint venture wisdom. Most of us have enough money to buy two or three properties. You want to buy 50 properties. Don’t worry about lack of funds. Treat the money you spend on those first two or three properties as your tuition and entry fee to the larger world of joint ventures. Get good at one strategy using your own money and joint venture partners will beat a path to your door.
Get rid of tunnel vision:
There is more than one way to solve any problem. Sherlock Holmes used disguises, quiet contemplation and bouncing ideas off Dr. Watson. If your current approach doesn’t work, try something different.
Your reputation precedes you:
Another bit of classic joint venture wisdom. If you are bad at real estate, potential joint venture partners will avoid you. If you are good at real estate, see number three above—joint venture partners will beat a path to your door.
As Holmes said, “it’s elementary, my dear Watson”.
Contact Barry McGuire now.
Alberta real estate needs an Alberta real estate lawyer.