Don’t Go Broke Taking A Profit

This week I spent a lot of time with one of my favorite Freedom Crusaders, a man by the name of Bill Moist.

Bill is a commercial real estate developer from Dallas Texas who I met at a networking event one time in Texas.

We were in line waiting to get into the event and we struck up a conversation that’s led to a friendship that’s lasted many years.

(Bill is the one right next to me in this picture)

I asked Bill how he got into real estate development and he told me about a mentor he’d had years earlier who helped him get into the business.

He then told me one of the biggest lessons he learned from his mentor which was…

‘Don’t go broke taking a profit.’

He said many times, investors will want to hold out for the highest price and get the absolute most money they can on each deal.

Bill’s mentor taught him to always try to make it a good deal for the seller and to leave profits in the project for the next guy or gal.

Bill also told me that over the years, he’s noticed that oftentimes (not always, but often) the first offer is the best offer.

I have another successful real estate investor friend who’s flipped many homes and he has a similar philosophy.

He told me he always wants to be priced at slightly under market value with the best product on the market.

When he does that – his homes sell lightning fast because they are such a good deal for the one buying them.

It’s little insights like this that make what Robert Kiyosaki said so true.

Thanks for the great advice Bill and for myself and other freedom crusaders let’s strive to remember this great wisdom…