One of the worse feelings in the world is knowing we had a chance to take advantage of an opportunity but didn’t. Especially when that opportunity had the potential of helping all parties involved. That’s how I felt this last month. I had the opportunity to buy a house in Las Vegas through a short sale due to an upcoming foreclosure. My co-worker rents the house and she told me before hand that the owner of her house was not making payments on it. Two months I had known this and still failed to come up with a plan to purchase the house.
In buying the house I could have invested in a real estate property that would have been worth more than my purchase price, my co-worker could have continued living there and eventually bought the house from me, the current owner would have avoided foreclosure, and the bank would have one less house to worry about in this devastating real estate market.
In the end someone else came up with a short sale offer and as far as I know they are just waiting on approval from the bank. Even if the bank does not accept the initial offer I’m sure they’ll work out some sort of deal. Regardless of what happens, it’s still a deal I will have to miss because I did not do anything about it while I knew it was there.
Unfortunately that’s not the worst part. As much as it sucks to miss out on a great deal, what’s worse is realizing that I never had a chance to take advantage of that deal. I simply don’t have enough knowledge and know how to do so. I don’t have the funds to purchase a house on a short sale. I don’t even know how the whole short sale process works. It was possible for me to take advantage of the deal, however, I could not do it alone and I was no where close to being prepared to doing so.
After losing this deal I had a little difficulty sleeping because I kept trying to figure out how I could have taken advantage of this opportunity and how I can take advantage of another opportunity that is looming. Failing to do something always gets my head moving. I always tell myself that I will not let any particular situation happen again. However, it’s not so easy. Unless I find the know how and the connections to be able to take advantage of such a situation I will never be able to make a deal like this happen.
Not all is lost though. At the very least I know what I need to do now. I need to learn. There is so much to know about the real estate market and how to invest in real estate that I’m not going to learn it over night. I need to learn all I can and then use what I have learned. Action and education go side by side. Education without action is worthless. Action without eduction is wasteful. Fortunately for me, I’m young and there is a so much knowledge out there to learn and so many deals to look forward to. For right now though, I need to get prepared.
Enjoy the week. Peace.
