The laws of physics make this an excellent idea, particularly if you know how to defy gravity.
Oh yeah. I’m the person who just yesterday caught my shoe on a blade of grass and slid through the front yard like a baseball player heading for home. But when it comes to the laws of physics and big holes, you work with what you’ve got.
Also true with real estate.
You may be wondering how the fiasco with the appraiser last week turned out. The short answer is, it turned out okay. I’m going to end up selling the house for just under what I bought it for almost 6 years ago– and the buyers and I had to work out some very creative financing deals to even manage that.
Which, by the way, is ten-thousand dollars less than we agreed to sell it for. And by “agreed to sell it for” I mean, the buyers wanted to pay that amount and would have if it wasn’t for the appraiser. Not that I would want to sell the house for an unfairly high price– just the opposite, in fact. The original purchase price didn’t even begin to cover the updates I’d made to the house, but it felt fair to all of us. And ten-thousand less is an unfortunate reality of the real estate market. I’ve vowed to make that money back in the next 2 years with the skills I’ve learned by owning this house, and then I’ll call it even with the real estate gods.
The good news for us is that six years ago my father looked me dead in the eye and threatened to disown me if I signed a thirty-year mortgage. And was all, “but dad I don’t have the money to make double payments!” And yet the man is somehow able to drive fiscal responsibility into my brain by staring blankly at my forehead, so I sucked it up, stopped buying designer jeans, and dumped a lot of money into paying back my mortgage.
If I could offer one bit of advice to everyone out there– none of whom will listen to me because I don’t have the financial-death-stare my father does– it would be to only borrow on a 15 year mortgage, and pay it off in ten or less. It’s going to be hard, and both of us will have to sacrifice, but so help me God, MysteryMan and I will pay off the debt on Memorial before we turn 35.
As for the sale of Garrison, we will still come out of this deal financially stable. We’ll be able to finish Memorial, and the Garrrison house will belong to a wonderful couple who appreciate all the work that’s been done to it. In these economic times, we couldn’t ask for more than that.