{"id":85531,"date":"2017-01-24T15:15:41","date_gmt":"2017-01-24T22:15:41","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=85531"},"modified":"2021-03-16T12:19:00","modified_gmt":"2021-03-16T18:19:00","slug":"bounce-back-after-bad-deal","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/bounce-back-after-bad-deal","title":{"rendered":"4 Important Steps to Bounce Back After Losing Money on a Deal"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/UxxkbthTLmI\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\"><span class=\"s1\">There is no need to lose your cool when you\u2019ve had a bad deal and lost money. It\u2019s inevitable when you\u2019re in the real estate business long enough. The important thing to remember is that the real estate business is just like every other business, and when financial loss eventually happens, you need to keep calm, stay smart, and work through it. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">I would like to give you four important points to remember when the bad deal eventually happens to you.<\/span><\/p>\n<p class=\"p1\"><em> <strong>Related:<\/strong> <a href=\"https:\/\/www.biggerpockets.com\/blog\/2016\/07\/22\/10-unforgettable-lessons-loser-rental-property\/\" target=\"_blank\">10 Unforgettable Lessons From My Loser Rental Property<\/a><\/em><\/p>\n<h2 class=\"p1\">4 Important Steps to Bounce Back After Losing Money on a Deal<\/h2>\n<h3 class=\"p1\"><span class=\"s1\">1. Accept that it will eventually happen to you.<\/span><\/h3>\n<p class=\"p1\"><span class=\"s1\"> If you are involved with enough real estate deals, it\u2019s going to happen. Document what happened in detail, liquidate that property, and move on.<br \/>\n<\/span><\/p>\n<h3><span class=\"s1\">2. Don\u2019t dwell on it.<\/span><\/h3>\n<p><span class=\"s1\"> Do NOT allow a single deal to consume your thoughts. It\u2019s easy to succumb to the negativity and playing the blame game <\/span><span class=\"s1\">will just overwhelm you if you allow it to. Cut your losses and focus on making your next project a success.<\/span><\/p>\n<h3>3. Don\u2019t be afraid of making a mistake.<\/h3>\n<p>Fear is an acronym for \u201cfalse emotions appearing real.\u201d If everything we did in business was instantly successful, we would never learn and grow. The most important lessons I have learned in this business has come from the mistakes I\u2019ve made. In my first point, I mentioned documenting what happened. This is absolutely critical, not as a point to dwell on, but rather as an educational tool to use in the future so you won&#8217;t\u00a0repeat the same mistakes.<br \/>\n<em><br \/>\n<strong>Related:<\/strong> <a href=\"https:\/\/www.biggerpockets.com\/blog\/2013\/01\/15\/critical-steps-real-estate-deal-bad\/\" target=\"_blank\">4 Critical Steps When Your Real Estate Deal Goes Bad<\/a><\/em><\/p>\n<h3>4. Remember: Safety comes in numbers.<\/h3>\n<p>Remember that success in the real estate business never comes down to a single deal. It\u2019s all about making more money than you lose. Building a foundation of many successful ventures will always overshadow the deals that have gone sour.<\/p>\n<p class=\"p1\"><span class=\"s1\">So that\u2019s it. It\u2019s going to happen to you eventually. Don\u2019t allow a loss here and there to occupy space in your head. Don\u2019t be insane and repeat your mistakes, and focus on building a foundation (doing many deals) so strong that one crack won\u2019t bring the whole house down.<\/span><\/p>\n<p class=\"p1\"><em>Investors: Which of these tips ring most true to you? What would you add to this list?<\/em><\/p>\n<p class=\"p1\"><strong>Be sure to leave a comment below!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s not a matter of if but when a bad deal will happen to you. Bounce back as quickly and resiliently as possible with these expert tips.<\/p>\n","protected":false},"author":1672,"featured_media":85555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"class_list":["post-85531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-development"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/85531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1672"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=85531"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/85531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/85555"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=85531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=85531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=85531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}