Forget your tenant, think business and remove your emotions from your decisions.

We are still in the process of resolving the issues by pulling permits and re-doing the work but its a lengthy process and will still be a couple more weeks until it is resolved.Finally, I get a lawsuit letter from the tenant’s attorney today claiming emotional distress, hardship, food costs, lodging, etc. to the tune of $30,000 even though they moved into a new home within a couple days of leaving my property.

Also, the foreclosure process is definitely an emotional one, one of which many people are prideful and touchy about.

Rule #1: Money has no emotions, neither should investors.

I tend to believe that “emotion” and “risk-assessment” can’t be quantified in a spread sheet, yet they are very much significant factors in every investment decision. 

When you think you are ready to buy show up with a budget amount in your mind and stick to that and do not get emotional about purchasing something. 

Do not do anything with your emotion but treat it more like a business decision. 

@Alexander FeliceSFR, especially if it is your primary residence are difficult decisions, and thus what I call emotional decisions.

Buying/selling on emotion is for suckers.

It is important to remember that most owners of rundown and distressed properties have emotional ties to their homes.