Even though time flies, when it comes to real estate, I've been surprised by how long it takes the future to actually arrive. And if you're in a downhill slide, the future can't happen quick enough, believe me. You may find out that your grand vision for the property isn't two years away; it's actually twenty. This has happened to many real estate investors. The town of Fountain Hills, Arizona, was started by a real estate speculator in the 1970s. He built the world's highest fountain, which is powered by jet engines and shoots a huge plume of water 560 feet into the air. His goal was to attract curious people to the new community that at the time was out in the middle of nowhere. People came and marveled at the fountain, but not enough bought real estate. It took decades for the real estate in Fountain Hills to really take off. Today it is a thriving community, but it took almost thirty years for that to happen.
Is your view of the future too far ahead of the curve? My rule is to take my time and be patient. There's no need for excessive urgency at this point in the process. If there's room for one person to make money in an area, then there's room for more. In fact, I've found there are very few properties that are so special that if you miss them, you miss the deal of the century or even the decade. While those properties do exist, their owners know it and they typically overprice the properties anyway, negating the value of the deal. A good example is the Esplanade and Biltmore Fashion Park, both within the same city block in the highly sought after Camelback Corridor in Phoenix. Those properties are the types that are bought by huge institutions who want trophy properties where the look and the location are more critical than the solidity of the real estate and the return. For example, General Electric bought Hayden Ferry Lakeside in a prestigious area of Tempe, Arizona. MetLife bought the Esplanade in Phoenix. These are called core plus properties and are named such because they create a portfolio of foundation projects that entice other investors who are looking for glamorous investments.
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Wealthy people have this so called millionaires personal mindset, a way of thinking that separates the achievers and successful individuals from the rest of the population. Your subconscious is much powerful than the conscious mind. This can either help you fulfill your dreams or hold you from success that you want in your life.