Saturday, April 7, 2012

The right temperament for success?

Thomas Boswell wrote a great piece about the necessary temperament (http://tinyurl.com/cmtozb6) to win at the Masters.  Patience, calm in adversity, letting go of the past, refusing to blame others for your mistakes.  These qualities are what are needed to handle the pressure of a global sporting event.  They don't just apply to a Major golf tournament though.  


In your real estate business, you will encounter adversity.  Tenants will be late with their rent.  Unexpected repairs will arise.  Someone else will beat you out to get the perfect property.  If you let those experiences make your blood boil, not only is it unhealthy for your body but it is unhealthy for your business.  


Take these challenges in stride.  By planning ahead and having ample reserves you will recognize repairs and vacancies as part of the costs of owning a rental property.  You won't be ecstatic about it but you won't let it distract you from where you need to be focusing your mental energy:  the creativity that makes your business more efficient and profitable.  


Take your setbacks as learning experiences and you won't let them slow you down.  They'll just make you stronger. 

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