When opportunity knocks

When opportunity knocks, do you open the door? Working with retiring Baby Boomers, I observed how different people react to opportunities. It can be challenging for some to differentiate between good fortune and a hasty decision. If you’re a planner who considers all options before making big moves, taking advantage of a good opportunity can be stressful.

Impetuous or Decisive?

As a REALTOR who specialized in working with this group of buyers – Baby Boomers planning for retirement – I was often in the thick of these struggles. Here’s one example…

Patricia and Eddie (not their real names) were on their first exploratory visit to Coastal Delaware. The objective was to become familiar with the area, see what kind of homes were available within their budget and return if they liked what they saw. As it happened, I took them to a community that was nearing completion in a location I thought they would like. They loved it. Then we learned that the community was sold out, with one exception. The contract on the last home on a perimeter lot had just fallen through. The builder was ready to close their sales office and be done, moving their staff to the next community. If they wanted this house, they had to decide then and there. The price was fantastic since the builder had retained the deposit on the canceled contract.

The question for them – When opportunity knocks, what will they do? I sent them to lunch, recommended one or two glasses of wine, and told them to call me with their decision. Did I encourage them? I did because I knew that community well. My phone rang after lunch, and they said, “let’s do this.” Years later, Patricia and Eddie are still happy with their decision and love their home and community. The equity in their home has grown every year, all because they were able to trust their instinct.

My turn to be decisive

It’s one thing to help others make big decisions; it’s another when it’s your turn. About four years ago, we noticed a building in the heart of the Village of Islamorada. We walked by it often and wondered why it was sitting vacant. Then, one day, we saw a For Sale sign in the window. My husband stopped, pulled out his phone to check the details, and I could tell he was already planning the renovation.

My immediate reaction was – heck no, we can’t do this! We can, Bill said, and our financial advisor agreed that we could. But this is a mixed-use building in the heart of town, not a retirement home. Guess what property is the most difficult to finance – a mixed-use building that has been vacant for 15 years with no income history. We met many people here who all had plans for the property, but none could put it together. My husband had an idea and contacted the bank that held the seller’s mortgage, and voila!

I was still hyperventilating. Different than our other ventures, this building was a huge project. When opportunity knocks, we decided to move ahead. Bill was up to the challenge, and he turned the white elephant into The Oasis.

Our two commercial tenants on the first floor are doing extremely well in this prime location. The apartment upstairs has become our home for now, and the garden is a big bonus. How long will we live here? Who knows, but it was a great investment that will provide a nice retirement return for years to come.

I am glad that I swallowed my fear and got on board. Three years later, and most renovations complete, we’re ready to relax, enjoy our retirement, and travel more.