We were very saddened to learn of CNET’s [tag-tec]James Kim’s[/tag-tec] death. The talented young editor was lost recently near Grants Pass, Oregon after a family vacation turned tragic. However, heroism still reigns as Kim died trying to save his stranded family from freezing. But there are [tag-ice investing ]lessons [/tag-ice] to be learned and heeded here; some of which can aptly apply to real estate investing.
1. Stay with the plan even when things go wrong
Experts say Kim’s biggest mistake was leaving the car. His wife, Kati, and the two children stayed with the car and were rescued. Kim had wandered as far as eight miles and then ended up within a half mile from the car. That turned out to be unnecessary. His family was found because Kati ingeniously used an umbrella to get the attention of rescuers.
Their plan was the car. When they got lost the car was their only connection with civilization they had left in a hostile environment. It was not the best plan but it was all they had until something better came along. There are times when patience is not only a virtue but it’s the solution. Help was on the way, Kim just didn’t know that.
If your plan is sound, you should stick with it even if an investment gets into serious trouble. I’m not saying you shouldn’t be proactive, but there are times when you can’t see the end because you are too involved with the immediate [tag-cat]problems[/tag-cat].
Just because your [tag-cat]property[/tag-cat] is having a bad month doesn’t mean it will always be that way. Give it time. Work it out. The Kim’s car was shelter even though the car is not perhaps our idea of ideal protection. But it did keep the Kim family alive long enough to be rescued. Sometimes that’s all you can ask from your original plan. And that may be all you will need.
2. Sound the horn to get help
Experts also say this is one of the best ways you can get rescued. Rescuers who can’t see you because of vast wilderness can hear your horn.
There are many investors who don’t want to ask for help. It may be a matter of pride or they simply don’t think anyone can help them. But there is always a solution to any problem. Our study of real estate proves there are really no new problems out there anyway. Chances are strong someone else with a little more experience has already dealt with what you are going through.
Just ask. If you don’t ask, you won’t get.
3. Climb to get a better view of your situation
This advice comes from Oregon State Police Sgt. Jeff Proulx, a wilderness expert.
“Up or down?: It seems that adults who are lost will often descend into canyons and then try to walk down streams to find safety(very dangerous, since you can violate the most important survival rule: stay dry and warm), but lost kids go uphill to ridges to try to see where they are. I was involved in a case in Tuolumne County where most of the teams searched a river canyon to find a lost youngster, but a sheriff, on a lark, climbed to a ridge lookout and found the kid (hungry, but otherwise fine).”
Have we lost that instinct? You’ve got to think higher to succeed. The lost child had a problem. He needed a solution. He climbed up to get it.
Maybe the real problem with real estate is that we don’t always think large and high enough anyway.
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