Professional · Anaheim, CA · Member since 2017 · 1k+ posts · 686 votes
In order to succeed..............someone or others must fail? Agree or disagree?
This is a general question, which pertains to pretty much anything, including real estate. In real estate, there are many properties, but only a handful are really good deals. Thus, one needs to compete in knowledge, price, and competency to obtain this piece of real estate. A matter of supply and demand, in which there is only one winner for a single piece of property. All others who do not have the means, money, finance, or knowledge to become the winning bidder, are the losers.
This is the truth that most do not want to acknowledge or accept. There is only one Super Bowl, World Series, or NBA winner in a given year.
So in reality, if Bigger Pockets is helping everyone on this website with sharing knowledge and experience, then doesn't everyone win? Not really, 90% of the people on Bigger Pockets never take action.
My belief has always been that There are no limits when it comes to success. Keeping that in mind, suggesting that someone must fail in order for another to succeed would be like placing an artificial limit on success.
That sort of limiting belief is common amongst quitters, which is why I refuse to believe it.
Success is not a zero sum game. The beauty of real estate is the ability to create win-win scenarios. As for the people who missed out on the deal, they can either run from it or learn from it. If they learned from it, they still won something.
I use the MONEY as a universal word that everyone in the world understands. If I took your example, and used the word happiness or self fulfillment, then we have 100's of definitions.
That is the point there are hundreds of definitions of success. You seem to be about the only one here who thinks Money = Success
I agree there there are lots of definitions for success. However, there is no point to name them since I cannot think of a better one than money. I would also say the majority would use money if a poll was taken. Anyone who does not agree that money is entitled to their opinion.
Let's take a poll. What single word would you say defines success? If the below is not your choice, then come up with one.
Time to put up or shut up. You don't like my word "money" to define success. I put 10 words on the post. I challenge you or anyone else to come up with 10 words that you think define success.
Here's the funny part. At some point, maybe after about 5 words, you will stall and get stuck.
1. ?
2.?
3.?
Let's see how far you get before you get stuck. Once you get stuck then you will realize money is the best word.
I am not a big fan of these abstract conversations as I live in the real world. But here goes:
-Your premise that is there are "multiple offers on a property, only the high bidder is a winner and the rest are losers" is so unbelievably flawed. I probably "win" 5-10% of all the offers I place. Why? Because I am only going to offer a price that I can succeed with. For instance, I find a property that I feel is with 100k as is. I know it need $20 of work and would be worth $170 ARV. An owner occupant offers $160k as it will become their dream home. Did I lose? No way. I would lose money at that price. Did they lose ? Maybe it the short term. But if they live there for 10 years and they sell for 100k more.... did they lose ? Nope
You other point......in a nutshell is that money is the only was to keep score? Must be a California thing. The easy response is that family, friends and community are a higher priority to some. Additionally, let’s say you have $10 million in California and I have $3 million and zero debt in Texas. Did you win ? Maybe or maybe not ? I can do whatever I want and don’t own a dime to anyone.
Finally, whenever I see these type of I win and you lose based on money, I think about the few tribes in Africa that are fighting to keep society away from them. The have no electricity, internet, clothes and etc etc etc. Why do we as arrogant Americans think we are winning and they are losing? Kinda sad really
The false belief of zero sum wealth is one of the worst ideas ever. That is the idea that led to Die Mauer, Holodomor, Killing Fields, one child policy, etc.
The free market is the only system based on selflessness. In the free market, you only get paid when you provide a service that others value. Stop adding value to your employer, tenants, spouse. Let us know in a couple years how it worked out.
I've been thinking about life and relationships. "Man I don't hang out with my friends enough." So a month ago I called up a friend I haven't seen in a while to hang out. I got a kitchen pass from my wife and took my friend out to pizza. He's a flight instructor and we took out his employers 172 for around an hour and a half.
The flight should have cost around 150, but his employer comps him an hour for proficiency once a month, so I only paid 58, plus buying our food at 40 ish. Thats $98 so far... but I skipped work, so thats 598$.
Guess what? We all won! I didn't need the money, his employer got an employee with a little more night time proficiency, my friend got flight time and a free meal, and I had a good time.
An individual buys a house in 2008 for $300K. After 10 years, they then sell it for $600K. They could sell it for $850K fair market value if they put in about $100K worth of upgrades but they don't have the cash or skills to do so. They end up netting $300K in profit.
A flipper comes in and buys the house, puts down the $100K in and sells for $850K. That flipper profits $150K.
A nice family comes in and gets a nice asset at fair market value.
Everyone wins. Capitalism is proven to be effective once again. QED.
P.S. If you feel like making money is the definition of success, I'd recommend spending more time looking for deals and less time having vague and abstract philosophical discussions with strangers on the internet.
If you buy real estate to live in, raise kids, and shelter, it is still money because it takes money to purchase. The bottom line is no matter how you look at it, it comes down to money. No one likes talking about it, but that is the truth of the matter.
Success is money. Money is success. The two go hand in hand.
Terry
Respectfully Terry, I cringe when I read posts like this. As someone said, "Its a fool's priority to believe that Success is Money and Money is Success." And, I mean no disrespect. I'd encourage you to redefine the meaning of success if you really strive to be successful. Its not about the money. Chasing money for the sake of money is a sure way to become bankrupt in so many other ways. Peace!
Winning in a real estate deal is only just beat out by losing in a RE deal as talking the easy way out. That paint by numbers mindset, will not allow you to see all the many ways that both sides to any deal, can walk away with a win.
Yes if there is 1 house and tons of people putting in offers, which almost always ends with one offer being selected to get the house. While if it is just about winning, game over.
Here is where my game starts, say there were 10 offers on the house, 9 of which still have something they want, and the money to do so. Just them putting in an offer, doesn't mean that house was really what they wanted. Most of the time people don't know themselves what they want. Taking the opportunity to help them find what it is they want, and you just turned one of the "loser" , into a winner.
I think in general this is a limiting belief. I think it depends on how you define success. In a situation where there can be only 1 'winner' (sports game, a specific real estate transaction etc) it is true that 1 person 'had the higher score' when the time ran out.
However the other party/team, even though the may have 'lost', certainly walked away with something they didnt have before. Personally I place a high value on learning, so even though I may have 'lost' I still 'won' (i.e. was successful) in gaining knowledge and experience from playing the game. From that perspective I see it as some one 'won bigger' than the other person but both have gained something of value.
On the other hand if you look at a score board or a signed contract as the single measure of success then I suppose you are right.
Frankly, if I'm a mod, I'm just /closing thread. Terry has his opinion in the matter, which is bred in life experiences that I and none of us had. He came here looking for a discussion, or validation, or some combination I suspect, and found a minimal amount.
That zebra won't change it's stripes, and most of the other zebra's here won't change either. Lets acknowledge it, and move on.
I have no desire, nor do I recommend others, try to define success in 1 word. I define success in 300 words. It is called my vision. It fits on 1 page and I read it at least 1 time every day.
Your correct if there is only one buyer and one seller. Then it is a win - win. This is the exception to my statement, rather than the norm, as most know that on any given property on the MLS in a hot market like San Jose, Seattle, or Las Vegas, there are multiple offers.