In other words, you take full responsibility for what happens not just at the time when the bullet blasts out of the muzzle of the gun, but for the entire flight of that bullet–where it goes, what it impacts, and beyond.
In real estate investing, responsible investors practice this principle. They know full well that they, NOT someone else, is responsible for everything that occurs on/in/around their units. In addition, they are responsible for making sure that they have the financial resources available to fix things that go wrong, replace parts that wear out, and the shear guts to make the tough decisions.
Also in real estate practice, responsible agents practice this principle. It has become quite fashionable for agents to provide counsel to Buyers and Investors on the purchase, rehab, and even leasing of investment properties. All done with very little if ZERO knowledge, deal flow experience, or managing broker oversight. This is called incompetent practice, folks.
If a person does not have the ability to ride the bullet of real estate investing, simply don’t get involved. Holster your pistol and walk away.
Otherwise, you will end up not liking where that bullet lands.
This concludes my soapbox rant for the day. Now I must return to unwinding the absolute collateral damage and mess a couple of individuals made and dropped in our laps today….