# Entrepreneur of the Week Post Number 5 - The Appraiser Who Finished Me. I keep claiming that the secret to success is not Kish…

# Entrepreneur this weekpost number 5 - the assessor who finished me.I keep saying that the secret of success is not a ...

Post number 5 - The assessor who finished me.

I keep saying that the secret to success is not talent, well maybe 5% talent.
The secret to success, in my opinion, is how much we are willing to fail and endure in the way we set ourselves to reach our goals.
Without suffering and failure you cannot succeed. Check!
Once there is a purpose, time to execute and a way to execute, every detail and every transaction is planned for details. We are already seeing some deals going forward and this is how we plan our behavior, both in terms of schedules and most of all financially.
In my system, failure is every factor in our way that delays schedules and causes us to spend extra unplanned money and thus distances us from our ultimate goal and annual goal (junction on the way).
It can be anything:
1. A deal at a loss
2. A deal you missed and realized it in retrospect just after
3. A deal you realize at the moment is a bonanza and can't close it for all sorts of reasons
4. A deal you didn't make as you expected
5. A deal that is delayed - especially this is true for a buyer from a buyer
6. Get involved in a transaction caused by an unexpected legal intervention
7. Incorrect appraisal to the bank that causes us to spend more money that was not planned to go out and could consequently delay or liquidate the next transaction already planned.
8. And more and more and more…
The following story happens to him there at the end of 2013 year and is the best illustration of the liquidity problem created by my stupidity and arrogance.
On the episode 3 Bonanza deals that I am supposed to be doing at the same time in the Beads neighborhood, one of the most sought after neighborhoods in Ramat Gan. The deals were brewing for them and planned for several months. Everything was budgeted until the last shekel and all the deals were before signing.
After the first transaction was made, it was the turn of the second transaction in the trilogy. Apartment on Assaf Street.
The apartment was renovated and without planning or legal issues, but there were many personal problems and as a result, the daughter, who sold the apartment on behalf of her mother, was very stressed.
The value of the apartment at the time - X.
Price we reached after negotiations - 1,050,000 ₪.
My first rule about appraisers is always, but always, to take a private appraiser who works with the bank with which I take out a mortgage to give me a proper appraisal. This is how the bank's appraiser does not make problems and simply "copies" what my appraiser wrote.
This time, due to the significantly lower price than the market price, I did not take a private appraiser. I was smug. In addition and contrary to my second rule regarding appraisers, I did not even ask him to hand me the appraisals before transferring to the bank.
The appraiser arrived, did the appraisal and sent it to the bank.
A few days later, I realized the magnitude of my mistake.
The appraiser valued the apartment at 900,000. To this day, I have no idea how he did it.
I called him, sent him closing prices on the same street, asked him to talk to realtors but in vain. It was locked on price.
Now I'm in serious trouble. Everything is designed for details and I have no extra 150,000 to bring from home. I was very leveraged at the time, so the bank would not agree with me at all. I had no where to get the money (and I tried).
I was stupid and mostly smug and it killed me at that moment.
Unlike in the past, I couldn't even minimize damage. The bank would not accept further appraisals and do "average" as happened to me in the past.
I tried to "sell" the third deal and get a brokerage fee, but the efforts here didn't go well either. I had to give up the third deal simply because I didn't have time and money to complete it. I realized that if I did, I would commit suicide financially and might find myself in a state of lack of cash, thus endangering my family.
250,000 ₪ profit I built for several months went down the drain.
Needless to say, I didn't feel sorry for myself. I internalized the failure, analyzed it and waited for the next time and it arrived in June 2015 with 4 new apartments from a contractor with every million NIS apartment below its market value.
This time I arrived ...
Successfully ?



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