Setbacks and how to deal with them

[originalMJT]

So I have had a big setback. I have been renovating people’s properties for over 10 years. This year I decided to go in to property developing myself, as in me buying run down properties and doing 80% of the works needed then put them back on the market. Just started adding value to my first property and bang, I have a car accident and end up with a fractured arm and torn rotator cuff, so basically need surgery on my shoulder and its going to be 6 to 9 months recovery.

Has anybody had any similar setbacks? What’s your advice going forward?

 

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[Joejordan95]

Thats not great to hear.

Life loves chucking curveballs like that.

Anything you can till do do without compromising your recovery to much?


Anyway you could draw up plans to add more value to the property to cover the cost of hiring people to do the work for you instead?

Maybe this is a situation where you could split your risk and partner with someone. You've purchased the property, they'll take 50% of the profit if they fix it up for you?

 

[originalMJT]

Thats not great to hear.

Life loves chucking curveballs like that.

Anything you can till do do without compromising your recovery to much?


Anyway you could draw up plans to add more value to the property to cover the cost of hiring people to do the work for you instead?

Maybe this is a situation where you could split your risk and partner with someone. You've purchased the property, they'll take 50% of the profit if they fix it up for you?

I can’t do much apart from sitting down; I can operate a mouse and keyboard with one hand


100% do not want a partner been down that road twice before and it ended badly

Don’t think there is anything that i can do more than planned to add anymore value

I'm left with paying somebody to do the work I was going to do, and take a haircut on the profit or wait it out and hope the price of the property goes up

 

[originalMJT]

Well it’s been a long hard journey and definitely could have done without breaking my arm, but arm is fixed now; well as good as it’s going to be. My first property is about finished and going on the market in two weeks. So going to find out soon how much I’ve made on my first property development. Exciting times. Got my eyes on a few more as soon as this one sells.

 

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[Johnny boy]

So I have had a big setback. I have been renovating people’s properties for over 10 years. This year I decided to go in to property developing myself, as in me buying run down properties and doing 80% of the works needed then put them back on the market. Just started adding value to my first property and bang, I have a car accident and end up with a fractured arm and torn rotator cuff, so basically need surgery on my shoulder and its going to be 6 to 9 months recovery.

Has anybody had any similar setbacks? What’s your advice going forward?

You: “oh no a setback”

Winner: “and then the accident forced me to outsource the work and that’s how I made my company scalable and fast forward a few years and I make 250k profit a year remotely”

With our systems, I could get sick, get lost in a 3rd world country, get a DUI and go to jail, or any number of things and I’d keep making money because my company doesn’t rely only on me to operate.

 

[originalMJT]

You: “oh no a setback”

Winner: “and then the accident forced me to outsource the work and that’s how I made my company scalable and fast forward a few years and I make 250k profit a year remotely”

With our systems, I could get sick, get lost in a 3rd world country, get a DUI and go to jail, or any number of things and I’d keep making money because my company doesn’t rely only on me to operate.

I have a plan set out, all in good time Johny boy all in good time. But the first two years will require me running the company on site myself.