During this last week of mastermind sessions I was hosting, the topic of decision making came up as a frequent theme – decision making in relation to which property strategy, which deal, what to focus on and similar such decisions.
All of those conversations reminded me of the various deals that Chris and I have analysed and made decisions on whether to proceed or not. One such deal and decision I thought worth sharing was an expensive one to arrive at – it cost us £1500 to arrive at a ‘no deal’ decision, but you know what, we were totally OK about it.
I’ve recorded an overview video to provide some context and rationale to the decision making since Chris and I learned a lot from the exercise and thought others may learn from a quick peek behind the scenes too.
What this video covers:
-quick bit of context to a mixed use development of 27 flats and over 400SQM of retail space
-our estimated figures vs the cost plan figures from a Quantity Surveyor
-a quick look at what’s inside a paid for preliminary cost plan
-why were totally OK with spending £1500 to arrive at the decision to walk away
I’ve mentioned on several occasions that I’m a firm believer of the maxim that your success is 80% mindset and only 20% mechanics. There will be many occasions where missing out on a potential deal to a higher bidder, or having to walk away after weeks of analysis will leave you feeling downhearted. The antidote to that however is being clear on your deal criteria, and of course more deals in the pipeline to look at.
Here’s a link to my previous post on the importance of deal flow if you missed it
What tough property decisions are see-sawing in your head at the moment?