October 05, 2009
I have railed against the NIMBY (Not In My BackYard) Syndrome since I started this blog. As a refresher, the NIMBY Syndrome allows otherwise intelligent people to abandon all sense of reality when it comes to the value of properties where they live. I have spoken to people in Flint, Michigan who would swear on their first children that home values have not declined there in the last several years. The same is true for people in Sacramento, California, Fort Myers, Florida, and Las Vegas, Nevada. Actually, it's true everywhere in these 50 United States.
When dealing with these kinds of people, I only have facts, statistics, and first-hand proof that they are wrong. Unfortunately, that's not enough. Instead, they fall into a category I call Time Wasters. In essence, if you insist the world is flat, and I know it's round, there is no point in me trying to change your mind if you're convinced you are right, so why bother arguing about it?
Understandably, most people want to believe they are right. It makes them feel better about their situation. In other words, I want to believe people are inherently good, honest, and forthcoming. That belief makes it easier for me to trust people with whom I may be considering doing business. Since experience is the harshest teacher, I've learned over the years that not everyone is inherently good, honest, and forthcoming, and I've lost money because of that. When my sense of reality was challenged and/or smashed into little bits, I modified my sense of reality accordingly.
I may be preaching to the choir, or I may not be. If you own real estate, or hold a note secured by real estate, I encourage you to educate yourself. Talk to realtors, appraisers, other investors, etc., and find out what they think your property is worth. Scour websites like www.zillow.com and www.cyberhomes.com to see what they have to say about not only your property, but other properties that have sold or been listed in close proximity to yours. There are a myriad of ways to get a reality check without having to write a check.
The NoteWorthy Convention is coming up next month in San Diego, CA. As the Editor of that newsletter, my job is to develop the theme, line up speakers, and find exhibitors, sponsors, and attendees. If real estate is more than just a hobby to you, I encourage you to consider attending - I can guarantee you will learn more than you ever thought possible in such a short amount of time. The dates are Nov 10-12 - more information can be found at www.noteworthyconvention.com. I hope to see you there.
Make it a great week.
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