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02:42:39 pm

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

Early on in our real estate investing career, my wife Dave bought a multi-unit house in Niagara Falls, Ontario, Canada. The cash flow was great at the beginning, but slowly it did start to cost us money.

He tried to sell it a few times. But he priced it too much to attract buyers as he wanted to at least get his cash back. After five years associated with pain and suffering, he FINALLYaccepted that this did not matter what he had paid for it, he had to get rid of it. He lost money the moment he sold it but it surely was such a relief it don't feel like money damaged or lost.

The price you paid for your house is really irrelevant on many things except calculating investment gains or losses. When you attend sell your house, the sole thing that matters is what the industry is willing to fund it. It does not matter if it'd cost twice as much to enhance that house. It won't matter if you paid $1 for it or $500, 000 get rid of. All that matters is actually what someone will cash today. When I look at our investments I don't carefully consider what we paid for everybody, I think about perhaps the property fits within our own investing goals today. If dealing, then I keep the idea. If it is no longer consistent with our objectives, then As i begin evaluating options.

Money spent and time invested are up to now. Failing to leave that dead end job, walk away from that bad relationship or not selling this stressful money sucking property just because you have invested a great deal of in it and wish to make it pay off is throwing good funds after bad and good energy after unhealthy.

I really like the advice in a blog post by Litemind of which says:


Positive, we all expect to experience a good return on genital herpes virus treatments invest. It would be insane to not ever. Just make sure somebody on a situation solely since you also made the investment from the outset. You don't make a nasty move any better by dwelling more on it, unless you can effectively make an item changes the expected end result.

It's a great principal forever - but applies to Homes Niagara: Detach yourself through your property - it doesn't matter what you paid for this, or how much money you put into it, what is the idea worth today? Is it moving you closer to, or further away out of your real estate objectives? Those must be your only considerations, not what you've invested for it already.

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

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