10/16/2024
Going to take a second to get super vulnerable here, in the hopes that my situation will help you in some positive way.
My business partner and I have a flip project (3356 Pine Needle CIR in Round Rock, TX) that we’ve invested about $480k into right now. We initially listed it for $574,900 about 4 months ago thinking we’d sell for about $550k, worst case, since the comps were super strong at the time, and our realtor was extra confident it would go for at least that.
Then without much warning the proverbial p**p hit the fan, the market nosedived for various reasons, and the market was flooded with more inventory than we’ve seen in this area since 2008. It’s been a race to the bottom ever since. We’ve only gotten 2 offers this entire time. One for $500k with a litany or requests for seller concessions, which we declined, so they walked and wouldn’t even listen to our counter offer.
Fast forward to 2 days ago, and we got a 2nd offer for only $480k. Ouch… My realtor did a great job getting them up as high as she could to $490k, but they would not budge a penny over that or give up any of the additional concessions they were asking for. So if we accept it, we’re on pace to lose about $20k, if not more.
Honestly, yesterday I was in panick mode and almost accepted the offer, just to stop the bleeding. But instead of just sucking it up as an expensive “seminar on what not to do” when flipping, I took about 6 hours off work today. Just to sit quietly with my thoughts to try and figure out how I could prevent myself from losing all that money.
It’s funny looking back now, but I used to think taking time off to just sit and think was a luxury that only the uber rich could afford, and that it’s overrated. I’d seriously tell myself, “that sh*t’s for the birds man!”
But a light bulb went off today, and I learned very quickly that thinking is truly one of the only $10k/hour tasks that you can do that truly produces a $10k/hour ROI. Don’t believe me? Check this out.
During that time, I figured out 2 highly probable solutions that would actually end up making me and my partner at least $60k+, but likely more, if we accept this same crappy offer that we were about to lose that $20k on.
$60k+ / 6 hours of thinking time = $10k/hour
Now you believe me?! 🤯🤑
Taking time to just sit and think is NOT overrated! You should try it sometime.
Remember, “when life gives you lemons, just take time to think about how you’re going to make the best damned lemonade there ever was - and then execute.”
Cheers to your success! Don’t give up.
P.S. - If at least 5 of you put “ROTT” (stands for Return On Thinking Time) in the comments below, I’ll do another follow up post to this one detailing what the solutions are that I came up with, and how you can do the same.
