Is Great the enemy of Good?

Question

“Good is the Enemy of Great.”

The concept is that too many people and too many organizations “settle” and take short cuts accepting that “good” is good enough and that they don't need to do the really hard work to be great

Jim Colins

I would suggest that he has it backwards in Real Estate.  Good enough is my approach.  I would like to have a lot of good rather than a little great.  I have found the 80/20 rule is true in RE.

Should you wait for the perfect deal, tenant, loan, a home run?  A deal that meets every metric you can imagine?

Or

Take a good deal and move on to the next one?

How far do you go when renovating a house you will never live in?

If I am going to rent it, I am in the 80% business.  This should get me top of market

If I am flipping it, I am in the 85%-90% business.  This should get me close to top of market.  There are a lot of extremes in flipping.  I will paint over the termite holes or I will buy $1k vanity faucets.

I never chase the last dollar.  I have been the agent on a number of deals that owners have been instant on the last dollar and ended up holding the property for another 3 months to clear a few dollars more or end up in the same place.

My business model is simple: Velocity.  I want to turn my money as quickly and often as I can.  Give me base hits all day long.

David Avery · Answer

Agreed, Won a lot of monopoly games with several people owning all four railroads!

And having the two cheap properties with motels .  That's seven spaces on a board of 39, that will give me $200 a hit with 4 other people playing.

If we could partner with people with money and give them a much better return for it. Can you  imagine how many more deals we could do.

Home Depot kitchen cabinets, countertops, sinks, faucets, backsplash, and a slight staging to that house that flows from the entry to the back door.  Bathroom vanities, Shower tile to the ceiling and that nice three piece vanity.  30 Inch one ( because the 36 inch one is twice as  much). With a slight staging.

Outside with green grass cut yesterday, fertilized 4 weeks ago and double cross cut,  six $4 bags of bark and 3 $15 plants that are 18inches high.

Don't need high end, Just clean and smart and flow!

Success comes from your God given talents and do something with them!

Great only attracts 10 percent and Good attracts 90 percent.

I'll take the percentage of 90 percent over the 10 .

Investors are the same, Real Estate agents are the same. any one good goes for the volume not the ten percent!

If investors could flip 4 more deals over 3 years , how  much more $$$ would you make?