As long as you can hold out, time heals all bad real estate deals. For example, one of my friends was persuaded to take a free trip to Las Vegas and a wonderful dinner. The only catch was that they had to sit through some real estate presentation. My friend said that they persuaded him to buy two empty lots in California and he paid $25,000 for both lots. Now after the trip, he came home and ran into another RE friend who told him that those two lots you bought are only worth at most $5,000 each. He overpaid by $15K! He was upset but he held the two lots for 5 years. Then some developers came into the area and needed two contiguous lots so they made him an offer of $1,000,000 dollars!
Even though he overpaid, he ended up cashing out. Unfortunately not all of us can hold out that long when we make bad decisions, but if you can, then things like this can happen.
March 26, 2007 at 1:10 pm
I’m 60 – I wonder if time will fix my bad deal?
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