What does OPM stand for?
‘Other people’s money.’
OPM. #realestate
As catchy as this phrase is in real estate, can I just say I hate it. 😠
To me, this phrase does, and always has, conveniently removed a CLEAR BOUNDARY that absolutely needs to be there. It’s about respecting the seriousness of the undertaking, and having an intention to respect all parties, and their money.
It’s also about mindset. OPM, especially when presented as a shiny strategy, dilutes the responsibility a developer has towards the project, shifting the emphasis onto what can be achieved without any of their own skin in the game (MAJOR 🚩🚩🚩🚩🚩🚩s)
Obviously in property we are probably [90%..?] of the time working with other people’s money, whether that’s investors’ or the banks and so on. But those contracts and boundaries, and INTENTIONS are there for good reason!
So I’d like to present a new acronym: OPFHEC 🤣
Other Peoples f*ing Hard Earned Cash (granted not as snappy as OPM) 😂
So what does OPM REALLY mean?