Property business - creating a monster?

[F355]

Hi,

I'm new so a little background.

I'm 33 and been in business since leaving uni in 2000. I've built up a property portfolio and am about to take on a larger concern which I've been managing for a number of years. An opportunity has come up to buy it outright. I've secured a large mortgage on it and I hope to complete by end of this financial year.

I've always been driven and am very ambitious. However in the back of my mind I keep asking myself am I creating a monster and am I setting myself up for a fall? I have never had a bad deal as it were and most of my business activity has been reasonably successful.

But this latest venture will push the boundaries further and has the potential to earn significant income. But with the excitement comes a reservation about failing!

Can't explain it any better than that. I guess I'm wondering if any other successful business people worry about failure even though it's not an option?!?!

I look forward to some thoughts!

 

[vvaannmmaann]

Just remember this. "Make your money when buying a property"

 

[Normansmith]

It's termed "Buyers Remorse" considering the pros and cons. You know your business and staff better than anyone, if you have a plan, review it, add some milestones and targets, then put it to one side for a few days then revisit. If you are still confident the risk is manageable the go for it !

 

[Moneyman]

Half of all my business failures have come from over expansion. As long as you keep the margins and dont try to fool yourself that all the profits will come from economies of scale then you should be ok. make sure you have the cash flow to cover any downside.