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Feb072012

02:05:51 pm

It Doesn't Matter What You Paid - What's it Worth Today?

Early on in our real estate investment investing career, my life partner Dave bought a multi-unit property or home in Niagara Falls, Ontario, Nova scotia. The cash flow was great originally, but slowly it begun to cost us money.

He tried to sell it a few times. But he priced it excessive to attract buyers as he wanted to at least get his cash back. After five years regarding pain and suffering, he FINALLYaccepted that it did not matter what he previously paid for it, he had to avoid it. He lost money when he sold it it also was such a relief it failed to feel like money wasted.

The price you taken care of your house is really irrelevant for many of us things except calculating money gains or losses. When you attend sell your house, the sole thing that matters is what the market is willing to fund it. It does not matter if it would cost twice as much to enhance that house. It doesn't matter if you paid $1 because of it or $500, 000 because of it. All that matters is normally what someone will shell out the dough today. When I look for our investments I don't carefully consider what we paid for each of them, I think about if thez property fits within some of our investing goals today. If it lets you do, then I keep the application. If it is no longer based on our objectives, then We begin evaluating options.

Money spent and time invested are in the past. Failing to leave which dead end job, vanish from that bad bond or not selling this stressful money sucking property because you have invested so much in it and prefer to make it pay off is merely throwing good capital after bad or even good energy after negative.

I really like the advice inside of a blog post by Litemind that will says:

 

Confident, we all expect to possess a good return on what we invest. It would be insane to never. Just make sure about to catch on a situation solely because you made the investment at all. You don't make an undesirable move any better by dwelling more upon it, unless you can effectively make something that changes the expected consequence.

It's a great principal forever - but applies to MLS St.Catharines: Detach yourself from your property - it is not important what you paid for it, or how much money you set in it, what is it worth today? Is it moving you closer to, or further away from your real estate objectives? Those ought to be your only considerations, not what you've invested in it already.

It Doesn't Matter What You Paid - What's it Worth Today?

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