The big real estate headline in this morning’s AZ Republic was about foreclosures being up in the Valley nearly 600% over the same period last year. On the surface, this seems somewhat tragic, and in many ways it is. We wouldn’t downplay the severity of the problems this presents for homeowners who find themselves in this situation. Yet, as history has proven time and again, one man’s calamity is another’s opportunity. Albert Einstein said “In the middle of difficulty lies opportunity.” Donald Trump said on CNBC recently that the next six months presents the greatest time to buy real estate in many decades. If a person is in a position to buy and hold, now is the time to buy. Denzel Washington is quoted as saying, “I say luck is when an opportunity comes along and you’re prepared for it.” Every wise investor knows you make your money on the front of the deal, not the back. Many who thought they were investors were really gamblers. They were betting on the “come.” When the “come” didn’t come, they did nothing but roll craps.
So while the foreclosure mess is quite tragic for some, it represents an incredible opportunity for the right person with the resources. An old Bulgarian Proverb says, “Seize opportunity by the beard for it is bald behind.” Don’t wait for this opportunity to go bald. Catch it coming at you for once it’s gone, it may never return.