"What lies behind us and what lies before us are tiny matters compared to what lies within us."

— Ralph Waldo Emerson

Song To Digest With

Organ Donor by DJ Shadow

In life, we often face unexpected challenges that test our resilience and mindset. How we choose to view these obstacles can significantly impact our recovery and growth. Let me share a personal story from my college days and a recent experience that taught me the true power of perspective, and how this lesson applies to real estate investing.

During my junior year in college, some friends and I went skiing in Pigeon Forge. As a seasoned skier, I was eager to show off. To encourage my friends, who were novices and reluctant to leave the bunny hill, I made a deal: if I completed the double black diamond, they would attempt the next easiest slope. Unfortunately, the run was icy, and I ended up sliding backwards in the double moguls somehow, three pops were heard, tearing my ACL and meniscus. Ignoring the injury and embracing my pride, I skied down the rest of the mountain. Days later, when I realized something was seriously wrong, I finally sought medical attention. I was not in tune with my body then.

Fast forward to my physical therapy sessions after surgery with the incredible Dr. Ireland at the University of Kentucky hospital. My dad and sister supported me while I was recuperating, but I found myself sinking into a state of sadness, growing out a beard, and getting fat. In contrast, another patient with a similar injury approached his recovery with a sunny disposition. He focused on strengthening his core and maintaining a positive outlook, which ultimately led to a more successful rehabilitation and a fricken six pack. He came out stronger than he was before the injury.

Recently, my friend Marc Weisi, a multifamily real estate expert, posted about tearing his Achilles while playing in a soccer league. I shared my story with him, emphasizing the importance of perspective. Reflecting on my own experience, I realized how my negative mindset hindered my recovery, while the other patient's positive attitude propelled him forward. Marc's naturally positive disposition will undoubtedly help him emerge stronger from this setback.

A few years ago, I decided to get back on the horse and went skiing in West Virginia at Snow Shoe. Determined to overcome my past experience, I wore double braces for extra support. To my surprise, it all came back very quickly, and I was able to enjoy skiing once again.

In the world of real estate investing, setbacks are inevitable. Whether it's a deal falling through at the last minute, unexpected repair costs, or market fluctuations, these challenges can be disheartening. However, just like in physical recovery, your mindset can turn these obstacles into opportunities.

Consider these common real estate setbacks:

1. Deal Falling Through: Instead of seeing it as a loss, view it as a learning experience. Analyze what went wrong and how you can prevent it in the future. Each failed deal teaches you something valuable about negotiation, market conditions, or due diligence. The first five deals I tried purchasing all feel through!

2. Unexpected Repair Costs: Use these moments to build better inspection and contingency strategies. Each surprise cost is an opportunity to refine your due diligence process and budget planning, ensuring you're better prepared for future investments.

3. Market Fluctuations: Rather than panic, use market changes to find new opportunities. A downturn might mean better prices for buying, while a boom could mean it's time to sell and maximize profits. Staying flexible and informed allows you to adapt and thrive in any market condition.

A Lesson in Perspective: Our mindset shapes our reality. By choosing to see challenges as opportunities for growth, we can transform setbacks into strengths. Next time life—or the real estate market—throws you a curveball, remember the power of perspective and approach it with a positive attitude. You'll be amazed at how much stronger you can become and the people you can inspire!