Taking Inventory - Things Done Wrong in 2009

As a new year approaches it's only natural for people to set aside a little time for reflection. Although the stock market is up by nearly 25% for the year, it's small consolation to those trying to rebuild after a 35%-40% decline. Savings have been wiped out.
Unemployment is nearing historic high's and federal savings bonds are nearing negative territory. Meanwhile, big banks and big business have been bailed-out at the expense of tax-payers who continue to wait patiently (and hopelessly) for real relief. So, is there a lesson to be learned from all this economic pain and suffering? Here at the shortsale blog we think so.

Take inventory to see which of these things done wrong in 2009 held you back from blockbuster profits:

1. Fear -Fear is by far one of the biggest threats to entering the short sale arena but if it were easy, everyone would do it. Lessen your fear by becoming informed. Join one of our webinars to learn how average people just like you are using short sale real estate to reap dramatic profits.

2. Waiting for Government Help. Biggggg mistake! It's also a lot more common than you might realize. From homeowners facing foreclosure to employees facing unemployment, millions of Americans are barely able to tread water while waiting for Uncle Sam to save them. Smart short sale investors take their future into their own hands - and profited handsomely for it during 2009. How about you?

3. Holding a Bad Hand. Like the old song says, you need to know when to hold em and know when to fold em. If you are holding a bad hand - whether it is an upside down mortgage or sinking stock investment, it is sometimes more advantageous to simply walk away and start fresh rather than continuing to hold a bad hand.

4. Lack of Interest. If ultra-low interest rates combined with incredible short sale bargains didn't spark at least a bit of interest, someone needs to have their pulse checked. We are talking buying opportunities of a lifetime - the type that build lasting wealth for generations. Act now or forever hold your peace.

5. Failure to Plan. You know what they say - failure to plan is akin to planning to fail. Why reinvent the wheel or try to go it alone when tackling short sales? Get a plan of action then implement it.

6. Let x get away. Admit it-There is at least one property still tickling the back of your brain that you let get away. Maybe because of a lack of finance or know-how, maybe because you had to many other offers on the table. Whatever the reason, the end result was watching money fall through your hands. Put a partnership into place; whether you take a small cut or develop a full-fledged business it's better to have some of the action rather than miss opportunities.

7. Playing with Fire. Sooner or later everyone allows emotion to over-ride common sense especially when real estate is involved. Whether it was a sad story that made you offer too much or an overactive ego that put you into a bidding war, playing with fire will only get you burned. It's one reason having a team or mentor can make such a big difference; everyone needs someone with the sense to pull them away from the flames when emotions threaten to take over. Make it a priority to cultivate relationship with other investors to stay safe in 2010.See you at the top!