No matter what you think will happen, always have the "PLAN B" in your back pocket, ready to go!

Thanks Joe for this insight! It is so important to have a back up plan. Being able to take control and move forth in a different direction if the situation changes. This is a must in this business. Situations almost alway's will arise. Making a plan B or even C for that matter, should always be part of the process. Thinking ahead. Follow through. There is nothing like having a flat tire without a spare one! Plan B. Continued Success..........Lubertha

Thanks for the comments and further insight on "Plan B" options. As they say you can never be over prepared. I like the analogy on the spare tire, that is good. Wishing you all the best and continued success with your real estate investing. Believe and Achieve! - Joe

Seems we all agree here; I learned somewhere early on that the savvy investor is never surprized. . . I like that. It's always been my way of keeping my nerves under control when taking a leap, or a venture(our LLC's name is ITLT VENTURES!! Its The Little Things) but I just feel more confident with Plan b, c in place.
Case in point, on my most recent purchase of a home on contract for deed..I bought it for what the person owed. . the pay off, on a three year balloon note. Well, the deal almost fell apart a few times;
One day before closing he informs me that he doesn't have his share of the money for closing costs. . .what to do????
An advisor/mentor asked me a simple question, would it still be a good deal for you if you have to pay his closing.? Immediate answer, "yes". So that's what I needed to do. .. a back up plan..I paid total closing, and got him to agree to credit me me for it on the back end pay off..
Hope this is helpful to someone. THIS is also why it's important to have $ set aside in a slush fund.
mas leugo
Grady "looking crosstown for another good deal"

Thanks for sharing your insight and your contract for deed story with us. I also like the idea of having that "slush fund" set aside for bringing together a good deal. You can never have enough options and the more creative you are the better. It is so true what Dean has taught, the more we can help solve other people's problems the more opportunity that will be created for us. Thanks again and good luck driving around keeping those eyes open for the next hot deal! Believe and Achieve! - Joe