Well, now you know how critical the lay of the land in terms of neighborhood, asset class, and the real estate cycle is to the success of your real estate investment career. But just like in baseball, there's a huge gap between knowing how to hit a home run and hitting a home run. That gap, of course, is technique, practice, and unfortunately, failure. Becoming master of your real estate universe will take all of those, too. It did for me. I've lived in Phoenix for more than twenty years, and I still drive around the market with real estate eyes. Things are always changing, and I need to keep up with those changes. I develop new systems to make me more efficient as I analyze properties and deals. And I'm not ashamed to say on my first deal I lost $15,000 and didn't even end up with the property! It never closed. These kinds of things happen to everyone, and they are what separate the serious investors from the novices.
The same goes for baseball. Every time the Arcadia Rat Pack stepped out on the diamond, they expected to win, but they also knew that losing was a possibility. Of course we did everything in our power to increase the odds of winning, but on those occasions when we didn't come out on top, our team learned what didn't work, what we had to do better next time, and what subtleties we missed. We didn't make the same mistakes twice, and that's the benefit of losing: the lessons.
Yes, knowledge is just part of the story. But action is the most critical part. All the information in this chapter and within this book as a whole is only as good as your willingness to take action on it. So make a pact with yourself to become master of your real estate universe. Step up to the plate. That first swing is yours to take.
Ways to LEArN MorE
CCIM Institute (Certified Commercial Investment Manager) SIOR (Society of Industrial and Office Realtors) CRE (Councilors of Real Estate)
NAIOP (National Association of Industrial and Office Properties) ULI (Urban Land Institute)
LoopNet.com—a great place to learn about your market and research properties InvestorWords.com—excellent online glossary of terms
One of the premier commercial real estate brokers in the United States, Craig Coppola has been awarded the Arizona Office Broker of the Year six times in the past thirteen years by the National Association of Industrial and Office Properties. He has completed more than twenty-five hundred lease and sale transactions over the past twenty-three years, totaling a value in excess of $2.5 billion. As founding principal of Lee & Associates Arizona, Craig has earned the top three designations in the real estate industry: CCIM, CRE, and SIOR. Only thirty-five people worldwide hold all three.
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