Discussion in 'Economics' started by justrading, Jul 18, 2012.
Reminds me of some friends who owned a bowling center and wanted to sell & retire.
Turned down an offer of $2.3 Million, with $1.8 Million down and an owner carry of $500K. The wife "wanted it all up front", didn't want to bother with a note... The deal fell through. (I counseled them to take the deal, noting the likely worst case scenario is that they get the property back with $2.3 Million in pocket. Actually, that would have been the BEST case scenario.)
3 years later they sold for $1.1 Million. Sad day for the entire family.
Sometimes when you "go for too much", you end up with bupkis.
True in trading as well.
How about Silverdome stadium in Detroit ? Cost taxpayers 55 million to buid, sold 35 years later for 600,000, a year after 20 million sale falls through.
I think alot of people have to learn this lesson the hard way. Myself included. Although the same thing happened to me, I didnt lose out on nearly as much. I had a deal to get $310k, but I passed because I wanted at least $320k and 6 months later, I ended up taking $293k. (actually $290k because I had to kick in another $3k to make the deal close). So my greed cost me $20k
Separate names with a comma.