Personal Development

3 Reason It’s Important to Be Enthusiastic About Your Next Deal

Expertise: Business Management, Commercial Real Estate, Landlording & Rental Properties, Real Estate Deal Analysis & Advice, Mortgages & Creative Financing, Personal Development, Real Estate Investing Basics
126 Articles Written
be-Enthusiastic-About-Your-Next-Deal

I continue to negotiate this 90 unit apartment deal in Richmond, VA.

Want more articles like this?

Create an account today to get BiggerPocket's best blog articles delivered to your inbox

Sign up for free

With every round, I drag my feet to get back to the broker, which is unlike me. I like to be as responsive as possible to keep the momentum going. But for some reason, not with this deal.

I’ve started reflecting on why that might be. I remember a podcast I did with Joe Fairless (a frequent Bigger Pockets forum contributor) and he mentioned that he felt it was important to be enthusiastic about your deals. I haven’t really thought much about this, but the more I do, the more important I think it is.

Here are 3 reasons why it’s important that you LOVE your deal.

1. Enthusiasm Sends Positive Vibes into the Universe

I recall some of my house flips, in particular the ones with endless issues and poor profitability. As I think back, I really never loved the deal to begin with.

Something bothered me about the house. Maybe it was on too busy of a street, it was slightly smaller than the comps, or it had a floor plan I wasn’t thrilled about. Every time I would visit the property or even think about it, I cringed. I got this negative feeling. Other houses I absolutely loved and I was certain things would go smoothly and we would sell for top dollar within 30 days of listing – and we did most of the time.

Related: To be Successful You Have to Be Passionate About Your Goals!

There is something about the vibes you send into the universe. I don’t have a scientific study to prove it, but I’ve experienced this over and over again. If you’re enthusiastic about a deal, you send out positive energy and many times (but not always!) you’re rewarded with a more positive outcome.

2. Enthusiasm is Contagious

If you’re using other people’s money as many of us do to fund house flips or apartment building deals, then you need to convince potential investors to invest with you.

If you can’t talk passionately about a deal you won’t sound very convincing, and people are less likely to invest with you. On the other hand, if you’re enthusiastic about a deal, the more enthusiastic others will be in joining you.

3. Enthusiasm Keeps You Going and Helps Overcome Challenges

It occurred to me that I might be dragging my feet with this Richmond deal because I’m not really enthusiastic about the deal.

Every time I think about countering the seller’s last counter, I shudder, and put it off another day. The main issue is that I can’t really add any value to the deal, and I’m an entrepreneur at heart and I feel compelled to create something of value for me and my investors. I love the challenge, and it’s fun for me. But this deal doesn’t give me that opportunity.

If there’s one thing I learned over the years: you need to do whatever you’re most passionate about. And that includes the deals you’re doing. Only then will you keep going with whatever you’re doing and will you persist despite challenges.

Related: The One Simple Thing Required to Raise Unlimited Money From Private Investors

Conclusion

Based on a decade of real estate investing as well as other business ventures, I think one major new underwriting requirement for me before I'll do a deal is "how much do I love this deal?".

If the answer isn’t “I LOVE THIS DEAL” (or at least “I really like it”) then perhaps I should re-evaluate the deal. This doesn’t mean that every deal I do should be a home run, I’m not saying that, but I am saying that you should be enthusiastic about the deal so that you send positive vibes into the universe, get others (like your investors) excited about joining you, and stay motivated each day you own the investment.

How do you get excited about deals?

Be sure to leave your comments below!

Michael Blank is a leading authority on apartment building investing in the United States. He’s passionate about helping others become financially free in 3-5 years by investing in apartment buildi...
Read more
    Robert Adams
    Replied almost 6 years ago
    People often times underestimate the power of positivity! People want to be around positive people. No one wants to constantly hear drama, chaos, and headache. It reminds me of when my dad used to laugh and say when people would ask him how he is doing, “I am doing great! And if I wasn’t no one wants to hear about it anyways.”
    Michael Blank Rental Property Investor from Northern Virginia, VA
    Replied almost 6 years ago
    So true. What would happen if we actually told people how we really felt?
    Trevaughn McGilbray
    Replied almost 6 years ago
    Napoleon Hill’s book Think and Grow Rich explains in detail how powerful positivity is. Highly recommend reading it!
    Trevaughn McGilbray
    Replied almost 6 years ago
    Napoleon Hill’s book Think and Grow Rich explains in detail how powerful positivity is. Highly recommend reading it!
    Michael Blank Rental Property Investor from Northern Virginia, VA
    Replied almost 6 years ago
    This truly is a great book. It all starts with your mind …
    Alanya Boyer
    Replied almost 6 years ago
    I needed this! I’m working with a seller who has been argumentative and confrontational every step of the way and today when he called, I looked down at my phone, saw his number and cringed. I’ve been stressing all night whether I should pursue the deal or let it die. I don’t love it. I’ve given in and given in on small things and now it’s not even a fabulous deal. Sometimes you just have to walk away. Thanks for writing.
    Michael Blank Rental Property Investor from Northern Virginia, VA
    Replied almost 6 years ago
    Yup, just walk away. Worst that could happen is that they come back to you and you get a deal done ! -;) I just walked away from the Richmond deal. In my case the broker said that the price I came back with is unreasonably low (which it is), but I feel so much better now!
    Mario Mormile Investor/ Real Estate Agent from Burton, Ohio
    Replied over 3 years ago
    Michael- thank you for your honesty and contribution! It is hard to get excited about a deal when the “little” issues (i.e. Scheduling delays, wrong materials, lack of good contractors,etc.) take the wind out of your sails. In my real estate investing journey, I have learned that being around positive, encouraging, disciplined investors/ people has helped me tremendously. This article has given me a boost!