Do you know the worst advice I ever heard in my entire property investment life?
Never give up.
What a stupid piece of advice that is.
That’s like saying don’t even quit if it’s a terrible property investment.
Absolutely not – GIVE UP. If it’s not working for you and is proving to be a bad investment – give up.
I’m going to bring Ed Sheeran into this – he says you have to write a ton of bad songs before you write a good one. And he’s right!
You’re not going to get it right every time, and you will have bad properties – you can’t have 100% perfect. And it’s ok to walk away from these. It’s alright to exit from that property investment because that’s all it is. It’s an investment. I reckon most, if not all, of the big property investors across the globe have walked away from bad investments.
It’s better to walk away with a small loss than it is a big loss.
So I say, do give up. If it’s not working for you and the numbers are stacking up – walk away.
The advice should be; give up a bad thing, don’t give up a good thing.
Think of this as a purely logical and mathematical situation; take the emotion out of it. It’s not ego, no one is going to criticize you for walking away and protecting your investment as much as you can.
So don’t hold onto a bad thing. Don’t be scared to walk away from a bad property investment and move onto the next.
What’s the point in tying your money up in something that isn’t going to work for you? Exactly, there is no point.
If you’ve had a situation where you should have walked away, but you didn’t, and it caused you to lose a bit more money than you should have done, then please let me know, because I’m really interested to find out what you learned from that, and how you evolved as a property investor and a business person from that.