I was speaking recently with a client regarding a real estate transaction wherein a number of things had gone wrong, and I was forced to file a lawsuit on his behalf. Fortunately, after the suit was filed, the parties on the other side of the transaction behaved responsibly and professionally, and we were able to resolve the matter.
My client made the comment that this deal was kind of like a
“psycho ex” that wouldn’t go away, but kept on haunting him!
Maybe you have also had these kinds of relationships or deals that just seem like they never go away, continuing to haunt you for weeks, months, or even years after they should have been closed, over and done. I suggest you use these instances as teachable moments.
1. Go back and review everything you wish you would have known going into the deal or relationship that would have kept you from getting involved had you known it in the beginning. Figure out how you can improve your due diligence and screening processes at the beginning of a deal. Another client told me in a phone conversation the other day that every time she goes against her gut instinct, it turns out to be a bad deal.
2. What could you have done sooner to stop the deal from going as wrong as it did? Was there an action you could have taken once you were in the transaction or relationship that could have stopped the problem from getting worse?
3. Seek out others who have been through the same thing, and compare notes so you can develop an “advisory board” of friends, acquaintances and knowledgeable investors who can all benefit from the same experiences and information.
By the way, it might be helpful for everyone in your group of investors to know who the “psycho exes” are!
Until next time,
Jeffery S. Watson
Reposted from Jeff Watson’s Blog.
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