How to Lose Your Shirt in Real Estate

3:56 PM Katy 7 Comments

#10.  Don't get a survey of the lot before you buy it. No really -- just look at the old documents on file from the 1960s and roll the dice. It'll work out.

#9. Offer a little more than the property is worth. Because you really want it and the sellers will sit on it. (if it's an estate that was left to a family member, they can screw the attorneys and funeral home and not pay the property taxes or utilities - they'll just let the property sit, until they get what they want out of it.)

#8. Buy something nobody else wants. Because nobody has your vision!

#7. Listen to the Realtor selling the property. Don't get a buyer's agent. You can look out for your own interests. HA.

#6. Listen to the mean old contractor who tells you to "calm down" and asks you how much money you've got to spend. And then when he blows you off for a few weeks, cry and wonder if all men just hate you.

#5. Don't check the property for asbestos before demolition. Again, roll the dice.

#4. Assume that sewer lines built in the 1930s are intact. Better yet -- don't think about this at all.

#3. Take your equity out of your more valuable property and sink it into something that has no current value. But it WILL WHEN YOUR VISION IS COMPLETE!

#2. Tell your kids they can't have new shoes this year because you're building a beach tower. If the building department will allow it.

#1.  Don't think about the fact that if you'd just waited a year or two and saved up first, you could be lounging in a foreclosed beach-front condo already, with no more stress.

(Even if you didn't want one of those condos. Clearly you don't know what's good for you anyway.)

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  1. Oh my, sounds like a few stresses here. Hugs, Marty

  2. Hold strong, keep the dream alive. Keep imagining what Noah's neighbors were saying to him while he was building the ark! They didn't have the vision or faith. Keep up the faith and hold onto your vision!
    Cheering you on!
    dee dee

  3. thanks Dee Dee, I'm just having one of my moments. I'll be fine. I think. ;)
    really - I'm probably the poster child for how NOT to approach real estate, so if this all works out we'll know it was Divine Intervention!

  4. tequila, my friend. that and good project will get you through.

    oh, and that fabulous sense of humor! go, girl!

  5. Bird by bird, girl! We are all rooting for you!

  6. Something with wheels, like one of those micro houses should be out of scope from property regulations. I guess you can park in your own property.

  7. Hang tough and reconsider that you're actually one of the poster a big photo mosaic and my family and I are pictured right there with you. They say misery loves company. I'm not sure about that, but I will easily encourage you to remember that you're not the only one who acted on the side of optimism. Like with us, I think this will be part of a story with a really cool ending.


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