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A Quick Story About Improving Deal Analysis From Weeks To Minutes

I just finished reading The Power of Habit by Charles Duhigg. It's a fantastic book that I recommend to anyone. And I really do mean anyone. You can be a Fortune 500 CEO or a young 20-something living in your parents' basement and still get tremendous value out of this book.

Don't worry. I'm not writing a book review this week. We're not here for book reviews. The reason I'm jazzed about this book is because an "ah-ha" moment went off after I had a great chat with a real estate developer I respect and admire (paired with finishing this book).

Our chat focused on this developer's business-mainly how he dealt with uncertainty and grew his company over the years. One thing that struck me was how quickly he analyzes deals and decides if they are worth his time or not. Time (or the lack of) is a HUGE problem in our industry because we're constantly faced with mountains of data, no data at all, new deals, old deals, and many other opportunities fighting for our attention.

There's a common understanding on BiggerPockets that one must look at and scrutinize close to 100 potential deals before finding one that works. Given the sheer magnitude of information available (and sometimes lack of information) for potential deals, understanding how to use one's time is always a priority for anyone starting out, looking to take on more projects, or venturing into a new niche.