The Only Easy Day was Yesterday

THE ONLY EASY DAY WAS YESTERDAY

High performing Seals can teach us so many great life lessons!  There is a book called No Easy Day, by Mark Owen and Kevin Maurer.  The more we chat with other real estate investors in 2023, the more we find people who are living a reality that feels like “no easy day.”  Then we found a list of expressions that embody the Navy Seal life:  https://www.inc.com/brent-gleeson/7-motivational-navy-seal-sayings-will-kick-your-butt-into-gear.html.

Please understand, we mean no disrespect to Navy Seals, military personnel or veterans.  Clearly their battles and endurance are tested far beyond what any real estate investor might experience.  But noticing the similarities, AND putting things in perspective, can be very helpful for today’s investor.  Click on the link to the article to follow along and compare with us.

1. Every day poses new challenges. For example, last year deals were going in multiple offer situations, while lawyers and underwriters were struggling to keep up with demand and close on time.  This year’s complaint is often about interest rates and attempts to qualify for new/more mortgages.  But the fringe benefit is that there are fewer players competing for properties.
2. Every time we stretch and grow, we are uncomfortable – UNTIL our comfort zone catches up and becomes bigger! Running a 10K can be a big goal for a non-runner.  It might even take a year to accomplish/finish.  But then running 13.1 miles becomes a big challenge—until that is done, and our bodies adapt.  Then a few of us are crazy enough to try a marathon, or an ultra-marathon, or an adventure race … you get the idea.
3. There is nothing wrong with a little caution in business, in life, or as an investor. Being slow and methodical when evaluating opportunites and/or tenants, can prevent a world of frustration for us as rental housing providers.  Sometimes aggressive tactics result in situations like the Coromandel story (BC investors will know the story), or the recent building partial collapse in  Welland, ON (all of those pre-sold units are now facing a significant delay for completion).
4. Having a shared sense of purpose is critical with investor partners, even business partners. And when those Why’s diverge, it is important to recognize the need to change, for everyone involved.
5. “Move, shoot, communicate” is critical for military teams. In real estate investor language, someone on the team needs to be moving and investigating the next deals, or moving with renovations, or moving with tenant placement, ….  Investors or partners need to be able to take the shot, then perform due diligence in a timely manner.  There are some aspects of a real estate investor’s business that can be systematized:  using a specific evaluation tool for EVERY deal (no gut feelings allowed here), bookkeeping, tenant applications, etc…  Those standard procedures make the next move easier!  But then there are the difficult decisions; or conditions that change on a dime.  This is where great communication comes in!  Just a reminder that communication isn’t just talking –the best listeners can sometimes find the most ideal or least bad solutions.
6. Which brings us to the Mike Tyson quote, “everyone has a plan until they get punched in the face.” Some people think that the current economy is like a gut punch:  inflation, plus higher interest rates, plus higher property prices, ….  The ability to take a minute, or take a breath, allows real estate investors to try to respond with rational thought, or calculated risk, or strategic action.
7. “All in, all the time.” Ok, we admit this one can be exhausting! And overwhelming!  Surviving the stress of being “all in” means different solutions for different people.  For real estate investors, maybe we’re all in, but we hire out some of the time-consuming tasks like bookkeeping, or property management.  Another option is partnering with someone who does the bulk of the work onsite, with tenants, and/or finding deals.  And yet another option for investors who are all-in, is to simply join a REIT.

Giving it your all, reaching for excellence, doesn’t mean that every deal will have 100% success.  Even Navy Seals win some and lose some.  But with our Financial Freedom on the line, the battles are a worthy use of our time and energy.  And with every success/failure, our confidence and abilities grow/adapt.

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