I’ve got a bittersweet newsletter weekly insight for you…I just lost a great opportunity.
It was an amazing deal! This was THE one deal that was going to change my life and my business’s life forever…
…GOOD.
I gained back my time and resources.
But what do I do now?! I spent so much time on this deal, analyzing it, looking at it online, spreadsheets, talking about it, researching highest and best use...all that time wasted!
As the great Jocko Willink (co-author of Extreme Ownership and host of the Jocko Podcast) would say...GOOD!
(Watch the best video on the internet here)
Every opportunity I take means I am denying a potential opportunity elsewhere…
Every time I lose on a deal is an opportunity to analyze what I did wrong and what I can do better…
We learn more from our failures than we do from our successes. It's something many of us hate, and hate to learn. Yet it is the truth.
All of my success today is due to all of my failures yesterday...but that is only because I learned from them. When you fail, or miss an opportunity, you only gain the benefit from those losses if you take the time to sit down and reflect on what could have been done better and what was learned.
What can be adjusted in our process so that we can do better next time? Is there something in our underwriting that prevented us from giving a better structured offer? Can we do this faster? What can we learn from this?
There was a quote that I heard one time, and will butcher for you now: "The only thing more painful than learning from your failures, is not learning from them at all."
Why am I writing about this now?
To be honest, I didn't lose on a real estate deal. I lost on a potential big client for our events company. Some of you may know that I own Fixated Events LLC and we host large conferences.
The last two months we were working with a new client and building out an amazing new conference and expo for later this year... However, this morning I got an email from the client that said they are changing their mind and not going to do the conference at all.
For about a split second, I was frustrated and upset, and then the next second I thought "GOOD."
What opportunity cost was I leaving behind if we took on this additional large conference this year? For me personally, I am in the middle of launching my fund with my company Fixated Capital, and now that I don't have this other conference to worry about, I can put more effort into acquiring better real estate deals.
Additionally, my events company hosts the best conference around called the Limitless Expo. Now, my team can put all their attention on making this year's Limitless Expo even better and more successful.
So what can I learn from this experience? A whole lot actually. Working with this potential client made my team and I aware of so many 'little' things in our events company that we need to improve upon. If we didn't attempt to take on this new client, we would have never been exposed to the holes in our business, and more importantly, being able to now spend the time to fix them.
Our failures make us better, so long as we learn from them.
When you hit a bump in the road while investing in real estate (which is guaranteed to happen), take the time to reflect with your team on how to improve your processes and be in a better position the next time you come across another set back or problem.
That day will come again, as it always does, and I will say GOOD.
Quick announcement…
Before I wrap this week’s newsletter…
I want to share something I have been thinking about with you…And if you’ve read this far into my newsletter, you’re exactly who I want to see if this is something of interest.
Maybe no one would find this valuable, but I figured I’d give it a shot!
Any time I have an in-person group event, I hear how valuable and helpful it was to have me right there in the flesh and connecting with others just like you. People with similar experiences and challenges.
So I was thinking of putting on a 2 day hands on workshop where I guide a small group of experienced investors from chaos to freedom in their business in person.
Basically working through what I teach my 1:1 coaching clients… My Fix & Flip Formula for FREEDOM!
If you think you’d be interested in a workshop like that, sign up here.
That’s all I got for you this week! If you took something away from this newsletter, I’d love to hear about it. DM me on Instagram.
Talk soon,
Tarl Yarber
Ps. If you are going to the REI Summit in Denver next week, I’ll see you there! If you’re a last minute planner and want to swing by, use code Tarl10 for 10% off on reisummit2024.com!