When you ask yourself questions, are you asking close ended questions or open ended questions? Are you asking yourself, “should I do this or should I not” or are you asking yourself, “what would be the potential positive and negative consequences to doing this?” Framing the question in a different way, can sometimes bring a different outcome.
A lot of the time I realize I get caught up in yes or no questions to myself. This can cause me to count things out right away without giving it good thought. It can also cause me to do things I later regret, because I did not think through the potential consequences. So, if the decision is one which can have an impact on my life or my families life, I will ask myself open ended questions, to try to deduct the right answer.
You do not have to always do this but doing it with bigger decisions is a very good idea! For example, “should I buy a duplex in South Carolina?” Instead of saying yes or no, I can ask myself, “What would happen if I were to buy a duplex in South Carolina?”
- I would have to come up with a down payment, which would use up capital, which I would then not be able to deploy on deals around Eau Claire.
- I would diversify the areas I have rentals and with having a duplex in South Carolina, if I wanted to snow bird, one side would almost cover the mortgage, so I could have a vacation home for little cost per month.
- I already know how to manage real estate, I know what to look for in a property management company, and I know how to vet contractors. So, operations and maintanence of the property would not be an issue.
- If we take a couple trips there to find the neighborhoods we are interested in, we could market direct to seller and try to get better deals then on the market.
- It could take away time from my investments in Eau Claire, so I would have to work harder to make sure I have talent in place to operate while I am away.
- I would have another property, which gives me tax deductions, cash flow, appreciation, and debt pay down.
So, originally when I asked myself, “should I buy a Duplex in South Carolina” I told myself no, not right now, but when I reframe the question to be “what would happen if I buy a duplex in South Carolina?” I realize there are not many downsides to doing it. It may sound like a big endeavor but when I break it down, it would make me get better at my current job, utilize help more, and grow as a leader.
So, when you are asking yourself questions, switch to open ended questions to find the real results on how you feel.
Your life Tutor
-Shaun Tutor
Tutors of Life 