If you’re working on a potential first deal, there’s something you should keep in mind.
You may be excited, motivated, and pumped up…but don’t allow yourself to become emotionally attached.
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Don't Let Emotional Attachment Wreck Your Deal
If you're emotionally attached, you're going to make mistakes. At some point, your emotions will cloud your clarity and you’ll end up doing something you regret.
It’s a crazy housing market all over the country right now. A lot of people who are so emotional about getting their first home, they will bid crazy prices even if it doesn't make financial sense for them. Everyone wants a home right now and when there's a bidding war, their emotions tell them they have to be highest bidder and get the house.
Emotional attachment creates a false sense of urgency.
The same thing can happen to you if you get emotionally attached to a deal you're looking at. Once you get emotionally attached, it’s difficult to break out of that energy.
You don't want to be in that mindset because it puts you in a position of weakness. It puts you in the position of getting hurt if something goes wrong in your investment.
Humans have emotions, we are emotional creatures. Sometimes our emotions drive us to do things that don't make a lot of sense.
Remember, you want to always be objective with your deals, and you want to make sure that you do not get attached to them in any way whatsoever.
You must be able to walk away If you need to.
You must be able to walk away from a deal that isn't in your best interest. A step back and a bit of detachment can help prevent you from making an emotional decision that, in the long term, will hurt your financial well being.
That’s why we stay objective with our deals, and we believe you should too.