Welcome to my blog, The Dusty Shoe. For both of you that have taken the interest in this first blog, thank you. To satisfy your interest, I will take a moment to explain. A dusty shoe tour is a term used in the real estate industry when a developer or builder wants to give guests a sneak peek at what is under construction before it is finished. A first look under the hood, so to speak. That is similar to what this blog space is about. Most people know something about homes and real estate. However, with most things in life, a little knowledge can be a dangerous thing. Not being in the real estate business, most people don't truly understand what it is about a specific real estate opportunity that either increases, or sometimes decreases its attractiveness. I am not talking about the obvious. Naturally, anyone can look at a foreclosure or short sale in disrepair and see opportunity for the right price, or see an immaculately maintained home and recognize the turnkey value to such a purchase. I am looking to discuss the not so obvious items. As in the Wizard of Oz, I am talking about the man behind the curtain. The elements that are not so visible until usually well after closing, when it is too late to change your mind. I call that the "Wait, what?" momemt.
Real estate is a funny business. Everyone gets sucked in, because everyone sees it all around them. You see homes when you drive to work, when your kids go to school, when you go out to eat and then, most importantly, when you are home, surveying the realm of your own castle. Your home can be a house, condo, apartment, trailer, 5th wheel, or, if you are fighting at home, the back seat of your car. You can't help but feel you are an expert. It is like TV poker. Everyone gets to watch the final table and see all the cards. How can you lose? What you don't see are the hundreds and thousands of other contestants that never made it to the end. The same thing can be said for a real estate purchase.
Now, I understand you may be saying, "Why are you trying to make this so complicated. I am just buying a home. It's not rocket science." You are right. It is not. And, outside of the gratuitous plug that I want you to read my blog, I am not trying to make it so. However, there are certain factors that can help with the purchase. Some of those factors are considered conscientously, others are not. Some, both good and bad, are not recognized until after you move in. Some others are never noticed specifically. People just say "It feels good or It feels bad" without ever really being able to put their finger on the reason.
I have been in the real estate business for over 25 years. Anyone in the business that long has their share of success stories and I have mine. However, one of the best comments I ever heard in real estate came at a corporate retreat about 20 years ago. The president of the company, looking around at the collective audience of the company (it was a big company and a big room) said that we had collectively made almost every mistake that could be made in development over the years, and that it was a good thing. Learning from your mistakes and being willing to risk failure is what allows you to achieve your greatest successes. Kind of like my writing this blog.
Anyway, I will be using this blog to share my lessons learned, both good and bad, to help you understand those items you may have not cared about or not known about to help make you better real estate decision makers. This is not a site to help understand how to invest money in real estate. It is just a site to help you better understand what you are doing and why you are doing it. Remember, real estate is a lot like art. You should buy it because you like it and it makes you feel good. Also, like art, when you decide you don't want it anymore it can either be profitable to unload, or a real bitch. And, like with art, there are usually commissions and fees to be paid.
Until next time,
Keep kicking the dirt!
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