If you follow people on social media like Gary Vaynerchuk, Grant Cardone and Tony Robbins, you hear similar themes that apply to life and entrepreneurship–passion, persistence and patience. It occurred to me that these “3 P’s” are also essential to making business and real estate deals happen.
- Passion- Finding a great business or piece of real estate to invest in takes a lot of time. You may look at one hundred deals before you find one that meets your investing criteria. If you don’t have a passion for business or real estate, you certainly won’t invest the time it takes or enjoy the process of finding a great deal. Make sure you have a passion for deal making.
- Patience- A skilled deal-maker always exercises patience…patience in finding a good deal, patience in the negotiation process, and patience in performing due diligence to minimize risk. Don’t overreact or be too quick to jump on something that seems to good to be true.
- Persistence- Don’t take no for an answer. Perhaps a Seller isn’t willing to part with his/her business or commercial property today, but you need to continue to show your interest, stay in touch and follow up. When the time is right, the Seller won’t forget your persistence and professionalism…which may be just the right combination needed for you to eventually land a life-changing deal.
One more piece of advice….”passive-income” is rarely passive. It takes a lot of hard work to build a business that generates monthly cash flow. Follow the “3 P’s” in your deal making and you will take a big step toward reaching your goals.