e　effective　because　everyone　of　us　is　a　little　chicken。　It　often　takes　great　courage　to　not　let　rumors　and　talk　of　doom　and　gloom　affect　your　doubts　and　fears。

In　1992；　a　friend　named　Richard　came　from　Boston　to　visit　my　wife　and　me　in　Phoenix。　He　was　impressed　with　what　we　had　done　through　stocks　and　real　estate。　The　prices　of　real　estate　in　Phoenix　were　depressed。　We　spent　two　days　with　him　showing　him　what　we　thought　were　excellent　opportunities　for　cash　flow　and　capital　appreciation。

My　wife　and　I　are　not　real　estate　agents。　We　are　strictly　investors。　After　identifying　a　unit　in　a　resort　munity；　we　called　an　agent　who　sold　it　to　him　that　afternoon。　The　price　was　a　mere　42；000　for　a　two…bedroom　townhome。 Similar　units　were　going　for　65；000。　He　had　found　a　bargain。　Excited；　he　bought　it　and　returned　to　Boston。

Two　weeks　later；　the　agent　called　to　say　that　our　friend　had　backed　out。　I　called　immediately　to　find　out　why。　All　he　said　was　that　he　talked　to　his　neighbor；　and　his　neighbor　told　him　it　was　a　bad　deal。　He　was　paying　too　much。

I　asked　Richard　if　his　neighbor　was　an　investor。　Richard　said　〃no。〃　When　I　asked　why　he　listened　to　him；　Richard　got　defensive　and　simply　said　he　wanted　to　keep　looking。

The　real　estate　market　in　Phoenix　turned；　and　by　1994；　that　little　unit　was　renting　for　1；000　a　month…2；500　in　the　peak　winter　months。　The　unit　was　worth　95；000　in　1995。　All　Richard　had　to　put　down　was　5；000　and　he　would　have　had　a　start　at　getting　out　of　the　rat　race。　Today；　he　still　has　done　nothing。　And　the　bargains　in　Phoenix　are　still　here；　you　just　have　to　look　a　lot　harder。

Richard's　backing　out　did　not　surprise　me。 It's　called　〃buyer's　remorse；〃　and　it　affects　all　of　us。　It's　those　doubts　that　get　us。　The　little　1　chicke