Stuff I’ve Learned… so you don’t have to

Since 1985 I’ve pretty much lived and breathed Summit County real estate. And the business has been very good to me. Along the way I’ve learned several things that it’s better to have someone tell you than to experiment until you discover for yourself. Here’s some of them.
Buy and never sell.
OK, maybe not NEVER, but be sure you’ve got a really good reason. Like paying off other mortgages – not a vacation in Acapulco. Corollary: your home is not an ATM.
Never do anything solely for tax purposes.
I rolled 4 or 5 rental properties into a home using a 1031 exchange to “beat” the capital gain. The year after I bought the home, it was worth $100,000 less than I’d paid wiping out all the benefit of the gain I’d avoided. Buy and sell because it makes sense for other reasons, not just to avoid taxes.
Don’t get tied to the outcome.
It’s amazing how much stress you dump when you just do your best and let the chips fall where they may… and how often the outcome is just fine, too. Corollary: What’s the worst that can happen?
Drive your own race and don’t worry about the competition.
It may look like you’re falling behind and they’re getting way ahead, but that’s probably not true. Pay attention to your own plan and when you finally look up you’ll probably discover that your competition has disappeared from the race. This gets a lot easier as time goes by. Most people don’t have the patience, talent or perseverance for the long haul.
There’s four big things you won’t have to discover for yourself.
You’re welcome.

Comments

  1. Dianne Holscher says:

    Even tho I haven’t used you as a realtor (you did look at my BV condo a couple of years ago), I am sad to see you leave the business; but I know you will have fun in the future.

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