Comments on: The Power to Walk Away http://www.personalfinanceplaybook.com/2009/05/the-power-to-walk-away/ A Blog About Personal Finance & Investing Wed, 10 Mar 2010 20:02:10 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Rachel http://www.personalfinanceplaybook.com/2009/05/the-power-to-walk-away/comment-page-1/#comment-917 Rachel Fri, 19 Jun 2009 03:13:21 +0000 http://www.personalfinanceplaybook.com/?p=933#comment-917 Overall, I think we found a winner, and maintained our composure while negotiating! Overall, I think we found a winner, and maintained our composure while negotiating!

]]> By: Todd Metheny http://www.personalfinanceplaybook.com/2009/05/the-power-to-walk-away/comment-page-1/#comment-776 Todd Metheny Mon, 25 May 2009 19:25:19 +0000 http://www.personalfinanceplaybook.com/?p=933#comment-776 Hi Steve, Don't be sorry for the long comment at all. I think most blogs are meant to be conversations. I love that you're interacting with the content. I agree completely that no matter what happens, there's always another property. It's something that we need to keep in mind as we shop, of course. No matter what happens, we'll also have these experiences to draw from, for better or worse. Maybe we'll look back regretting certain missed purchases, or be glad that we didn't get one property or another. All we can do is make the best decisions we can based on the information we have at our disposal, of course. As always, thanks for contributing to the conversation, Steve. Hi Steve, Don’t be sorry for the long comment at all. I think most blogs are meant to be conversations. I love that you’re interacting with the content. I agree completely that no matter what happens, there’s always another property. It’s something that we need to keep in mind as we shop, of course.

No matter what happens, we’ll also have these experiences to draw from, for better or worse. Maybe we’ll look back regretting certain missed purchases, or be glad that we didn’t get one property or another. All we can do is make the best decisions we can based on the information we have at our disposal, of course. As always, thanks for contributing to the conversation, Steve.

]]> By: Steve http://www.personalfinanceplaybook.com/2009/05/the-power-to-walk-away/comment-page-1/#comment-775 Steve Mon, 25 May 2009 16:15:17 +0000 http://www.personalfinanceplaybook.com/?p=933#comment-775 I think you have done great so far with "walking away", albeit with some regrets - like the one place that you waited a little bit too long for and was gone. As much as I would like to suggest that you always look forward, you can look back to get some lessons and encouragement from it. One source of encouragement would be to say that very nice property will always show up somehow. If you get this place, the one you previously "lost" will not matter anymore. Similarly, if this doesn't work out, another one will come up... in 6 weeks or 10 weeks or... I know you don't want to wait that long, but if you do, it will show up. Other thoughts, the past three years are not the greatest to measure properties or rental values. If you buy this place, in a couple of years, the property will appreciate in value, and I would like to think that the rental values will also go up, thus whatever the person who has been living there is paying or has been paying, will change - i.e. go up. Obviously, you will have to eat/cover the difference between now and then. What I have learnt so far is that financial decisions should be made with the least amount of emotion in it - most of the time - because at the end of the day, numbers and life, don't lie. The last thing you want is to "resent" your wife because you got into some situation that you cannot get out of for a long time because you wanted to please her. At the same time, you don't want to be so strict on your parameters that she feels she is not being heard. It is not just your money, it is both of you guys' money. I guess I have written enough. Sorry for the long comment. I think you have done great so far with “walking away”, albeit with some regrets – like the one place that you waited a little bit too long for and was gone. As much as I would like to suggest that you always look forward, you can look back to get some lessons and encouragement from it. One source of encouragement would be to say that very nice property will always show up somehow. If you get this place, the one you previously “lost” will not matter anymore. Similarly, if this doesn’t work out, another one will come up… in 6 weeks or 10 weeks or… I know you don’t want to wait that long, but if you do, it will show up.
Other thoughts, the past three years are not the greatest to measure properties or rental values. If you buy this place, in a couple of years, the property will appreciate in value, and I would like to think that the rental values will also go up, thus whatever the person who has been living there is paying or has been paying, will change – i.e. go up. Obviously, you will have to eat/cover the difference between now and then.
What I have learnt so far is that financial decisions should be made with the least amount of emotion in it – most of the time – because at the end of the day, numbers and life, don’t lie. The last thing you want is to “resent” your wife because you got into some situation that you cannot get out of for a long time because you wanted to please her. At the same time, you don’t want to be so strict on your parameters that she feels she is not being heard. It is not just your money, it is both of you guys’ money.
I guess I have written enough. Sorry for the long comment.

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