Just this week I had to tend to a repair on a rental home I own. I noticed that someone next door was doing construction, and it looked like the previous owner had left in a hurry. My first reaction was, "crap", (because I'm sure it sold for a low price) "that's going to make a horrible comp". But then, I met the new owner, an investor, who showed me how he was taking a house that was in bad disrepair, and completely improving and renovating it - and thus improving the neighborhood. Once he sells it, it will probably bring the highest sales price on the street. And my house is right next door.
While the politicians go on and on about the blight of foreclosures, I've always held that in the end, the home is usually bought by someone who renovates it, improves it and makes it a much more valuable asset. And even though I've always held that belief, I forgot it, for a brief moment.
Too bad Uncle Sam and the lenders don't "get" this. They shouldn't worry about investors and risk takers making a buck off of the housing downturn. In fact, they should encourage it. The sooner investors fix the run-down, beat-up foreclosures and short sales homes, the sooner we can get through this pain.
But let's not focus so much on what Washington is or isn't doing. Focus instead on what you can do. Remember, you're the captain of your own ship. And you can't just float your way to sunny shores and blue waters. You have to grab the wheel.
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