Wednesday, October 18, 2006

Expect Success

"Winners and losers aren't born, they are the products of how they think." Lou Holtz, former Notre Dame football coach.

This morning, I read an article by a Rich Dad coach who explained some of the greatest achievements are realized because the individual expects to succeed, even in the face of adversity.

Many, many people already know that if you expect to succeed you will, and if you expect to fail, you will. Either way, you are right. What I loved about the coach's article was the connection he made to financial success. You need to approach every deal with the positive expectation that it will work out. I think that by approaching it in this way, you look for the opportunity and see if there's a way to make it work.

Lets take a real life example. A few years ago, we were looking to buy a property that we felt would be a great investment. We ran the numbers, knew how to make it work, and started shopping for a bank to invest in the property. Much to our surprise, we were turned down ... and not just once.

We could have given up and decided to let the property go but we knew it would be a great opportunity so we started looking for other options. We called the agent and asked if the vendor would take back the mortgage with 10% down. To our surprise, he was very interested. For tax reasons, getting smaller increments of the sale price made the sale more palatable.

We not only got the price we wanted for the property, we got the financing terms and we got the property. There were some hairy moments during the purchase but by focussing on the positive, we made it happen.

In another case, we owned a large piece of property, 1/3 of which was unusable and under the protection of a conservation authority. We knew the land had some potential if we could make some changes. Everyone around us told us it couldn't be done but we knew there was a way. We met with the authority, presented a plan, after 6 months of meetings, we got approval. The effort resulted in $150K profit when we sold.

I don't think anyone believes the path is an easy one, but it can be filled with positive possibilities.

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