We bought distressed multi-family portfolios with 20, 40, and 80+ units in the past. While the deals are mouth-watering compared to market values, the hardships, uncertainties, and overall stress associated with the purchases are intense.
Undetectable leaks and clogs, corroded supply lines behind unobservable dry walls, sabotaged main drains packed with stones and dirt, compromised heating systems serving numerous tenant units, burst water supply lines during winter, compromised electric wiring, city pressure, unending tenant complaints, evictions, vacancies, and lawsuits, are just a few of the many blows that hit you many times on the same day.
How should one deal with such situations?
1) Reinforce self-encouragement. I tell myself, “I have handled such issues in the past. I can do this.”
2) Spiritual belief. The Almighty has provided a solution for every problem. Trust God and seek solutions instead of getting bogged down with the issues.
3) Emotion control. I display my stubbornness by saying, “Bring it on. Nothing can break me. I will stick around till the issue is addressed. Let others (tenants, city, cops) do whatever they want. I will fight alone if they cannot cooperate during these tough times.”
4) Lead from the front. I don’t shy away from stepping into the “nastiness” and help front-line workers as much as possible by running errands and opening my wallet to buy whatever tools or materials they need to find permanent solutions.
5) Cultivate strong ties with mentors, lawyers, city inspectors, industry specialists, vendors, and specialty retailers to ensure they answer your calls during and after hours.
The one-word response is the attitude that displays my character and attracts others to work with me to support my ongoing growth.
Running one’s enterprise full-time is not for the faint of heart. So, if you ever dream of being the man (or woman) on the top of the food chain, be prepared to take these blows. Be fearless! Trust that what you are doing is for the greater good. The world will automatically support you sooner rather than later.