FIGHT OR FLIGHT?

7 Replies

Hola guys!

I read a post about a week ago about an investor that felt compelled to burst us newbies' bubbles who are coming into this field too wide-eyed and too bushy-tailed... For their own sake. I initially had mixed feelings but then immediately realized that it was for constructive purposes and not to scare us, but to orient us. Like a child discovering something new and exciting for the first time, it is normal to become enamored with the very achievable rewards this particular pillar of wealth can render. It's "a way out" and it's one of the few that seem so doable! There are two truths that accompany that statement and the first, would simply be the word YES.

Yes. It is doable.
Yes. The rewards are infinite.
Yes. It is attractive.
Yes. It is a way out.
Yes. Yes. Yes.

But when things go south, past the sunny Caribbean skies and beautiful South America and settle in in Antarctica, where it's cold and barren... Do you stick around for the fight or conveniently disappear?

The second truth, is that one big hiccup WILL wipe the smirk off your face so fast, it'll feel like you got hit with a bat. (So fun. -_-) Such is a truth I've had to live, second and firsthand, on and off for the last ten years. First while living with my stepfather in a three-family, watching him assume his more unpleasant landlord duties. And then assuming my own shared homeowner duties with my mother.

For those of you in the northeast, you've experienced an unprecedented and almost historical amount of snowfall this year in a span of about 4 weeks, with still plenty of winter left. Momma nature has been playing hardball with us this season and the effects of her wrath that ensue afterwards will be felt until at least late spring! (Particularly once the great melt begins and she makes kiddie pools out of our basements.) Among those effects have been delayed snow removal, particularly pertaining to roofs. You put the news on and roofs are collapsing all over the region as if they were all doing the wave at a Pats a game!

We were fortunate enough to have a roof that wanted to participate in this "wave" and it scared us into tears and empty savings accounts. As first-time homeowners and a family that's worked hard for every single penny, we were devastated. We had called for a simple snow removal quote for the 3.5ft of snow on the roof and ended up getting displaced! We had been hearing muffled bangs for about a week before they got so loud that we decided to take a peak up in the attic. Our roof had sustained 14 severely split rafters out of 22 on the rear end of the house. The only reason we didn't have a full-on collapse, was because we just miraculously didn't. We otherwise had every element for one: record snowfall, our negligence/naiveness, roof on a house built in the 50's not strong enough to sustain weight from so much snowfall in such a short period of time. We were facing the very real possibility of losing our home.
Imagine that...

We were so scared, so overwhelmed, that as soon as we finally had a moment to breath after being rushed and kicked out of our own house, we just cried. We were even more angry that we let the snow get so bad and heartbroken because we truly just didn't know any better. We didn't think it'd be that big of an issue.
Talk about a hiccup, huh?

The happy ending is that we were blessed to have found a different guy crazy enough to remove the snow on the roof to alleviate the pressure. Followed by one last contractor who reinforced all 14 broken rackets to buy us enough time until the insurance company does their end, for they too are swamped with tons of similar and even more severe claims. We're back home now, thanks to the team of happy-to-help knuckleheads we hired! They saved our butts! And our house! And we cried again! But this time of relief. (Please Advise: Puerto Ricans are usually very passionate and very sentimental.)

Let this post serve as yet another story to keep us newbies grounded about what it is we're getting into exactly. The lesson learned here has been seared into our minds the same way a rancher marks his cattle. In real estate, one must always function in a proactive state. It seems like leaning towards a reactive frame of mind lends itself to be more expensive.

Personally, I'm a worrier but instead of letting that debilitate me, it has always spurred me to furiously cover all my bases a thousand times over, even as a child. I don't take personal error very well but I took this scary experience as a test of my determination to not only continue down this winding road, but to be successful doing so. Oddly, I do tend to thrive more in crisis when the stakes are high and the urgency is astronomical and while I'm thankful for that instinct, I don't enjoy it. That kind of stress will catch up to you, which in turn is one of the reasons why I'm such an inherent worrier in the first place.

Adversity has a beautiful way of introducing yourself to yourself. I will indubitably have more hiccups to deal with in the future as my hand reaches for more, but at least I know I'll dig my heels in and fight whenever the time comes.

What about you?
Do you fight or take flight?
Which one best describes you?

Hi @Oyoshy Santos  a fighter here from Carolina-lina-lina PR. Income properties and flips in Florida and PR since 2005. Skin like a Rhino. Ready for the next deal... Welcome to the site. Ponle!

I'm surprised people aren't trying to get heat into their attics to try and melt all that snow off the roof. 

Originally posted by @Brian G. :

Hi @Oyoshy Santos a fighter here from Carolina-lina-lina PR. Income properties and flips in Florida and PR since 2005. Skin like a Rhino. Ready for the next deal... Welcome to the site. Ponle!

Hi Brian G.!! So sorry for the delay!! Thank you for welcoming me! All of this is still fairly new and a tad scary! Happy to hear you've been at it for ten years! I've also thought of investing in FL, but have never considered PR! I'd love to connect more with you!

Good morning!

All your fears and concerns are understandable and expected unitl you've gotten your feet good and wet.  There will always be a bump or two in the road, but not enough to throw you in the ditch.  With each deal you close, the easier it gets.  Can't help you with the snow issue, we don't get much of that down here in Orlando.  I remember my first investment.  All was going well unitl the main water line burst and started flooding the front yard.  Sleepless nights insued as I saw my margins get tighter.  I learned to account for the unexpected for my next deals and leave a cushion for the unknown.  Experience and persistance will see you through.  Stay strong and keep moving forward.  The rewards are well worth it.  Best of Luck!

My first flip was my family home that I grew up in.  Unfortunately hard times and the economy forced my parents into foreclosure. I was 18 years old and fresh out of highschool.... the people who bought it at the court house auction came to our house that rainy afternoon and said "uhhh yeah we own your house now, get out."

We found a way. We made it a win/win...We survived.

ALWAYS FIGHT

Medium anchorJustin Stamper, American Anchor Homes | [email protected] | 4077205999 | http://www.AmericanAnchorHomes.com | Podcast Guest on Show #201

The key to overcome fear is knowledge.  You won't get the fight or flight response unless you get the stress of fear.  This is what I suggest about our fear,  we have fear because we follow an insane truism.  That is a concept that everybody knows is true but is not.  That truism is that you learn from others or your own mistakes.  That is the stupidest thing you have ever heard and you have never thought about it.  If I tell you 1,000 mistakes you know 1,000 ways it won't work but still have no idea how to do it.  That generates fear because you keep hearing about all these failures and still have no clear path.  I suggest you learn from other's successes.  Ask a person doing what you want to do how they do it and do that...do exactly that.  You don't have all those failure reinforcement opportunities and also you have a clear path to follow that means no fear and no fight or flight needed.

"Whatever is out to get you, be out to get it"=Jim Rohn.There is nothing else like it as it lead to leaps in learning

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you