I bet you think this article is on the new medical marijuana law and you’d be wrong. We will address medical marijuana and your rights as a rental property owner in the near future in another article and at an AZREIA meeting. When I say POT, I mean something different.
POT is my new acronym for Potential, Opportunity and Talent. Does the current market have the potential for success as an individual/independent real estate investor or your investment business? Is the opportunity there? Do you have the talent to succeed? Interesting questions, so let’s take a look at each.
Potential means to achieve the most that you are capable of. Are you reaching your potential as a real estate investor? If not, what is holding you back? Are you giving your investing the attention you should? Are you taking the action you need to take to be successful? Not reaching your potential is one of life’s great tragedies. Nobody wants to look back and say “only if”. Personally, I believe everyone that comes to real estate investing has the potential to succeed. It is only a matter of if they will do what is necessary to be successful.
Opportunity means a chance, especially one that offers some kind of advantage or a combination of favorable circumstances or situations. What is the opportunity in today’s market especially in Phoenix, Tucson and the rest of Arizona? What is the opportunity in residential versus commercial versus industrial? Are they different? Where should you spend your time? Do you want to be opportunistic or stick to your business plan? What is the opportunity in terms of return? Most believe today’s real estate market is full of opportunity. If you look at the velocity in the market, the variety and range of investors participating in the market, and the value proposition most would agree.
Talent means a person or people with an exceptional ability. What is your skill level? Do you need to improve? Is there education you should take? Do you need to add talent to your team? Do you need to replace members of your team to improve the talent and give your investing a higher degree of success? I’ve said it many times that very few have the talent to be a major league baseball pitcher and throw a pitch over 90 MPH and hit the corner of the plate. That’s good because there is very little opportunity to be a major league baseball pitcher. I think most of us agree that talent for sports at the highest levels comes from a God given ability along with determination and dedication to be the best. In real estate investing you can learn what you need, practice it by gaining experience, and develop the talent over time to be ultra successful. Couple your talent with the unique talents of others and you have a winning combination.
Every morning I get up, smoke a little “POT” and ask myself the questions posed above for my real estate investing, AZREIA and ARPOLA. It makes for interesting conversation. I encourage you to smoke a little POT every morning, too.