Dealing with Disappointment
This week, I finally returned to the States after 3 months living abroad in the Dominican Republic! I already wish I was back there! Sun. Beach. The food! After all the work I did to build a life that could be location independent, I am soo excited to share that it was.... a success!
But want to know what wasn't a success? Buying a short term rental while I was down there. 😔
But that is going to be okay!
It's not just me struggling with this. All over the Lady Landlords group, I have been hearing about how tough markets are right now, how low inventory is, and how prices have sky-rocketed.
You are not alone!
What happened for me in DR during my search for a short term rental is just the same. Long story short, we just couldn't find the right deal for us. Prices at least were consistent. They were about the same sales price before COVID as they are now, but the rental income just isn't there. Not now at least, and who knows when that will change. 🤷🏼♀️As much as my life goal is to own a beachfront property, I have to listen to the numbers. And in this case, it's just not the right property for me right now.
But that Disappointment still stings!
So here are a few tips to help you get your mind right while evaluating deal after deal that doesn't work and hearing those dreaded words, "Your offer was not accepted.":
1. Accept it!
Unfortunately, some things just aren't meant to be. If you evaluated the property correctly, went through the process, followed all the right steps, and it still didn't work out, well, at least you can say you did everything in your control. This means the situation was a disappointment, not YOU! But it still wasn't meant to be. Take some time to sit with that feeling and grieve it. That's okay too. It is tough out there!
2. Learn from it!
If you find yourself in this situation time and time again, take a look at your process. Make sure you have everything optimized and systemized.
What is one thing I can learn from this?
How can I adjust my process to avoid this disappointment in the future?
What is one thing I can do differently the next time?
By filling up those gaps in your process, you have a greater chance for a positive outcome next time!
3. Shake it off!
Now that you did Steps 1 and Steps 2, go do something different! Take a few minutes to think OUTSIDE of Real Estate Investing. Look at the other activities and people in your life for a little support here and clear your mind. When you come back to it, you'll be already to go with the right mindset you need to get through our current market!
Happy House Hunting!