Real Estate investing is certainly not for everyone.
During these times of uncertainty many investors just simply don’t know where to turn. Prices are plummeting, many markets have lost a ton of value and there are plenty of property owners out there that are now “Underwater” or “Upside Down”.
I hear the advice from the experts who say this is “just another cycle in the market” and “things will be back to normal before long” I know you have all heard this rhetoric for awhile now and I for one beg to differ with this thinking. This is not, I repeat not, just another cycle in the market.
At this point in time we are going through a downturn unlike most of us have seen in our lifetime. Values in some markets have lost on average a whopping 45% and additional isolated areas have suffered much worse. Plain and simple if you made an investment in some of the hardest hit areas a few years back and used financing and put down a sizeable down payment you probably owe more than what your investment is worth. I don’t have to remind all of you that the facts and figures are more dismal than ever.
Foreclosures are insanely high and soon the market will likely see additional untold thousands of REO properties on the market, which will further impact an already distressed real estate market. No, this is not just another downturn; this is devastation plain and simple. I ask you to look at it for what it is and no more only because once you recognize a situation, you can begin to step back and perhaps see the opportunities that exist today.
Yes I did point out that the market has sunk to an all time low and yes the tone was full of pessimism but that is only to recognize that with every situation, no matter how bad, there are lessons to learn and opportunities to rebound and prosper. Don’t get stuck in the muck and mire. Chances are you get up every morning and watch the news, read the business section of the paper or watch the financial news in the morning.
You must realize once and for all that this daily dose of negativity is not healthy for your outlook or attitude. Yes you need to stay on top of information that will help you make better decisions but a daily reminder of how bad things are is just not helpful or productive. Make up your mind today to stop the daily intake of bad news and start to begin the process of seeking OPPORTUNITIES, believe me once you start to actually look for them, they will come your way.
Just think of this example, did you ever buy a new car and felt just amazed at how cool it was, you couldn’t wait to get it out on the road and enjoy it. Then in the following weeks you begin to notice cars that are exactly like yours? Funny thing is you never seemed to notice them before?
Did a whole bunch of people suddenly go out and buy the same car that you thought was fairly unique? Unlikely to say the least, no you notice the cars like yours because you now have an awareness of these types of cars. Life and opportunity kind of work the same way, if you are looking for opportunity it has a funny way of showing up, likewise if you are looking for disappointment and failure it will most likely just show up as well.
No, there is no denying things are bad right now, real bad, but I tell you if you look for new and creative ways to make the best of this market you will find them. If you continue to do things the same old way in a world where things have radically changed you will certainly be left behind.