Have you seen instances where people hustle, work hard over long periods of time and take right decisions like building equity but still end up in unfavorable positions? To ask another way, do we survivor bias when it comes to identifying recipes for success?
yes for sure - for example, 2 equally talented Phoenix apartment developers could have far different results depending on when they started delivering product. There are guardrails available to decrease probability of terrible outcomes, but the market always has its thumb on the scale.
Time, as always, is the ultimate competitive advantage.
and the salve for real estate wounds
Have you seen instances where people hustle, work hard over long periods of time and take right decisions like building equity but still end up in unfavorable positions? To ask another way, do we survivor bias when it comes to identifying recipes for success?
yes for sure - for example, 2 equally talented Phoenix apartment developers could have far different results depending on when they started delivering product. There are guardrails available to decrease probability of terrible outcomes, but the market always has its thumb on the scale.
"Luck favors the prepared mind" - Louis Pasteur
Ever the more reason for doing the work, not for the outcome but simply “for doing the work”