My Worst Deal Ever…
This picture was taken on the day we signed our worst deal ever. I was sick, emotionally drained and tired and couldn’t even see well but I was desperate to get the place.
I wish I had a mentor who told me:
Do Not Buy When You Are Desperate….
Do Not Buy When You Are Emotional…
Do Not Buy When You Are Uncertain.
And this also extends to everything else in life – pause if you think you are not in the best frame of mind to make the best decision. Delay the process until you are mentally prepared to assess the facts logically.
We needed the property so desperately that we followed the voice of our desperation and not logic – no due diligence, afraid we could lose the deal if we don’t sign ASAP even though we still had some elements of uncertainty about the place.
So we bought it…
Worst purchase ever…
Months later, we discovered we had been deceived – we discovered that the upper floor was not concrete. It was wood – partitioned. And we bought it thinking it was concrete. I was away in another city when a strong wind hit Johannesburg. I got a call from the house reporting the place was shaking. I went into a panic mode. Well, everything came under control without any damage but we then knew that the former owner lied to us – she was an old lady so it was easy to trust her. Today, I no longer trust people just because they are advanced in age or talks about God. I’ve been lied to by more OLDER people than young people. I’ve been deceived by people who talked about God. I’ve been taken advantage of by people from other races – if it was with a Nigerian, we usually wear our thinking cap but we lower our walls once we are dealing with others.
Well, every attempt to hold her accountable failed and we sold that property at a loss.
It was our worst deal ever but we also made mistakes:
1. Trusting a seller because they looked older or has a different accent.
These days, the older you are, the more I’ll fact check your words. Older people can use their age to manipulate young people.
2. Afraid to lose the deal if we failed to sign within a particular time frame – in truth, as a more experienced business man today, I’m no longer afraid of threats of “if we don’t seal the deal by 12 noon, someone else will seal the deal”. I’ll gladly congratulate the other person who will seal the deal after 12 noon and walk away.
3. Entering into a deal desperate and with limited options.
I’ve learnt how to keep my options open. My desperation level is minimal today. For example, I’ve been searching for a house in Abuja – it needs to be big enough to accommodate everything we plan to do in that place. But I’m not desperate. Those I’ve been working with on the property probably think I’m not serious about it. Well, I’m an experienced buyer. Desperate buyers make bad deals. This lesson will stick with me until my grave.
My name is Charles Awuzie and I paid a lot to learn the things I teach freely.
