IS THERE A MONKEY ON YOUR BACK?

Some years ago my wife, Barb, was given a stuffed monkey by her office manager.  

She kept the monkey in the car as a daily reminder that while she takes care of her patients, she should not take on someone else’s workload.  

She should not put someone else’s monkey on her back.  She should focus on her monkey.

One of my favorite real estate teachers, Bill Cook, said that our job as investors is to identify the monkey on a seller’s back.  Get the monkey onto the kitchen table, so to speak, as we talk together about their pain point.  

But don’t take it upon your own back.  We want to help sellers out of uncomfortable situations, but not create burdens for ourselves.

There are many sellers in the current market who are in uncomfortable situations.  Some are mom and pop owners who are tired of being landlords and want to turn their equity into funds for retirement.  We know a friend on the other side of the state who found one, built a relationship, and developed a plan to help them get the monkey off their back.  This was a big win for the seller, without putting that monkey on their own back as the buyer.  They both won! 

Others may have a balloon payment coming due on a commercial property that will not cash flow at current market interest rates.  The rapid rise in interest rates starting in 2022 created a cash flow crunch for many investors seeking to refinance.  Some are struggling with occupancy and cash flow.  

These and other real situations create opportunities for win-win solutions.

Many investors also have their own monkeys on their backs.  It might be a job that takes too much time to allow balance with family life and staying in shape.  Or running a business may have taken over their life.  There might not be much time left for finding and managing investments.  Does this sound like anyone you know?

Harland and I have each had monkeys on our backs that we have dealt with.  As partners it is much easier to discuss ideas and potential solutions.  Working as a team helps us to be better investors and create better opportunities for others.

Is there a monkey on your back you would like to discuss with one of us?

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