Just a short time ago there were many people flipping properties here in San Diego. The television show Flipping Out had an episode where Jeff Lewis took a loss on one of his homes he was flipping. The point of that story, to me, was that he wished he would have taken an earlier offer that was much higher. Even a professional in the real estate business can make mistakes and hang on too long. Mistakes will always be made and it's what you do afterward that counts. I think Jeff Lewis cutting his losses and moving on was a great move that many can learn from.
I too have made some great investments in personal property and investment property. I have also made some bad ones. It's part of the game. A football team can win the championship without winning every game. No one wins all the time and knowing that is very important if you are going through short selling your home or if your home has been foreclosed on. Get ready for the next game or home purchase. Work on your credit and start saving for your next home or condo. You'll be ready to buy and lenders will be ready to lend before you know it. Make sure you're in the game.
If a professional like Jeff Lewis can make a mistake and I have made mistakes and thousands of real estate agents have bought homes they either can't afford anymore or are upside down $300,000 in, it shows that even people in the business are not immune to market conditions and no one has a real estate crystal ball. The days of flipping will be back one day and for those who love to flip it will be your market.
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Great post, yes I see that many times where sellers hold out for a better offer...and it never comes,.
Mike, I am from San Diego and did well investing there personally. I moved to Las Vegas in 03 and again, understood that timing is everything. I invested when it was low and sold when it was high. Our market is very much like yours, so I had to ride out the last couple of years, knowing that it was not the time to buy. It is now, however, so that is what I am doing.
Thanks for your insight~
I think Jeff Lewis & his show are a kick. I think he has an incredible eye, & talent for what he does. I would love to hire him when I have a couple hundred thousand laying around. I was actually surprised he would ADMIT to a Loss. He does not seem to be one at least publically to acknowledge a mistake. And generally tends to lay blame elsewhere. If those crystal balls would just work, it would not be called an investment but a "Sure Thing!"
I like Jeff Lewis too. He is a great business man. I would have loved to see this episode, his quick temper and who he was blaming for the loss.
Good to know we are all human. I have seen intelligent people in my area do the same thing.
I LOVE Jeff Lewis! He cracks me up, he and detective Chavez (Zoila) are my favorite flippers in a sea of flipping shows to chose from. I know your post wan not about the show, but a lesson learned! Better to learn from someone else's mistake sometimes!!
Travis,
I know - holding out in a market going up is not so bad but when it's declining it gets bad fast.
Julie,
Awesome! Good luck with your house hunting.
Claudia,
Yeah - I like the show too. The crystal ball oh the crystal ball - where is it.
Lori,
He blamed himself. I think he is a perfectionist but he can admit a mistake. We all mis-jugde things sometimes in business and in our personal lives.
John,
Me too. Moving on and getting back on the horse as soon as possible is the best one can do.
Anna,
If only. It usually takes learning it first hand for me and many others. Life experience.
Mike Lewis