Losses And Gains In Real Estate
It’s a tough real estate market nowadays in this horrible economic situation we have found ourselves in. Home prices have plunged throughout the country and are still falling in places. For those who bought when the market was overvalued a few years ago, times are especially tough. Mortgages were given to any Tom, Dick or Harry and they had ridiculous terms which left those mortgage holders in a bad way.
I live in California, where the prices of homes five years ago was way above the assessed value and people routinely had buyers with fat checkbooks knocking down their door to get into homes. Unfortunately, I had just moved to Los Angeles, and I needed a place to live. Going with the conventional wisdom of buying is better than renting, I bought property.
This mindset put my wife and I into a condo that we could not nearly afford. When we applied for the mortgage we were sure we would be denied but when they said yes, we just figured they were smarter than us. Well, the mortgage was an interest only and so we were not building equity. When my wife got pregnant again, she decided to leave her job and full-time salary with it. We were setting and had set ourselves up for trouble. As things got worse and bills piled up, we found ourselves on decrepit furniture with home space heaters to warm us.
As was bound to happen, the housing market and economy collapsed. Our home devalued quickly but our mortgage payments did not. Now, not only could we not afford the home, we couldn’t sell it at a profit and barely sell it at a loss. We went through a bankruptcy to get rid of our debt and decided that to free ourselves up from all financial burdens, we would sell the home through a short sale if we could.
We are currently doing much better renting a home. I hate that we went through what we did but, had we not, we may not have learned some valuable lessons.
I would buy an income property, something that I could put a renter in that would cover my mortgage. I would buy a slight fixer-upper and spruce it up with some cheap home decor accents and maybe a coat of paint. But, most importantly, I would buy something below my price range, taking the renter into consideration and get a mortgage that earned equity and had a good rate either fixed or with a long arm.
This way, I would not have to worry about covering mortgage every month. Plus, my home would have real value and, I could hang on to it long enough to make it a truly valuable resale property, no matter the market conditions.
How to make a Duct tape Checkbook holder
|
|
Filofax Financial Transparent Checkbook Holder Personal Size – FF-133622 $5.50 Item will fit Slimline organizer too. Perfect for keeping your checks and organizer all in one place!… |
|
|
Elegant Cosmetic Handbag Purse-Heavy Duty Canvas w/Flowers Printing,Zipper Pocket & Silver Chain,3.5 D x 8.5 H x 11.5 Wide, Convenient Handle ,Fashion Style,Manufacturer Direct 100% Satisfaction Guaranteed Elegant Canvas Cosmetic Handbag Purse , Silver Handle with Chain Zipper Pocket and Beautiful Flowers Printings. Fashion Style 3.5″ Dx8.5″ H x 11.5″ Wide. Satisfaction Guaranteed… |
|
|
Elegant Lady Cosmetic Purse-Heavy Duty Canvas w/Flowers Printing Convenient Handle & Silver Shoulder Chain.3.5D x 8.5H x 11.5 Wide. 100% Satisfaction Guaranteed Elegant Canvas Cosmetic Handbag Purse , Zipper Pocket with Silver Shoulder Chain, Fashion and Durable Hand Held Purse for Coin,Currency,Cards,Checkbook. 100% Satisfaction Guaranteed… |
|
|
Black and White Executive Book-Style Leather Portfolio Jacket Case Cover for Barnes & Noble Nook Tablet and Nook Color e-Reader (Many Colors and Designs Available) $19.99 Premium synthetic leather portfolio case specifically manufactured for your Nook Color. This compact case cover is perfect for taking your Nook wherever you go. The sleek leather ensures the ultimate fit and protection, without adding bulk or weight. Its four way corner restraint straps hold your tablet in place and a magnetic closing strap keeps the cover firmly closed for maximum screen protecti… |
|
|
Magenta Pink Executive Book-Style Leather Portfolio Jacket Case Cover for Barnes & Noble Nook Tablet and Nook Color e-Reader (Many Colors and Designs Available) $19.99 Premium synthetic leather portfolio case specifically manufactured for your Nook Color. This compact case cover is perfect for taking your Nook wherever you go. The sleek leather ensures the ultimate fit and protection, without adding bulk or weight. Its four way corner restraint straps hold your tablet in place and a magnetic closing strap keeps the cover firmly closed for maximum screen protecti… |
|
|
Brown Zippered PU Leather Christian iPad 2 Case for Church, Bible Study & Meetings $12.99 A zippered iPad 2 Case designed specifically for Christians is here! A brown PU leather premium case with embossed cross on front cover. Gives you the ability to read you iPad bible software and take notes withe the include notepad. Suitable for church, bible studies, meetings, etc. Includes a 50 page, 5″ x 8 Notepad for taking sermon, bible study or meeting notes… |
|
|
Datexx DB-403 3-Memory Checkbook Calculator $15.95 3-Memory Checkbook Calculator. This Solar Powered Checkbook Calculator has a great memory, even if you dont. Snug in its soft black leatherette wallet, this compact calculator has three independent memories that make it simple to track your personal budget, income, expense records… you name it! A built-in long life lithium battery powers and maintains memory files. Also handy for storing checks,… |
|
|
Datexx DB-413 Checkbook Calculator $24.99 Lighten Up! New 3 – Memory Checkbook Tracks Checks, ATM and Credit Card Entries, Plus Calendar and Time Time and calendar features clock, calendar, checkbook organizer all in one unit Monitor 3 accounts and tracks back 20 entries Built-in sales tax checker prevents costly rip-offs Heavy-duty vinyl wallet safely stores credit cards and receipts Slim, light and easy to carry only 6 oz. “I love this … |
|
|
Checkbook Cover Debit Set Disney Mickey Mouse Blue Stars $8.99 Lightweight but sturdy 12 gauge clear plastic vinyl with a design bonded cardstock insert inside of the shell. Checkbook Covers have a duplicate check flap and room for your checkbook register. The Checkbook Cover measures 6 1/4″ x 3 1/4″. Side Tear Checkbook Covers are available upon request. Lightweight but sturdy 12 gauge clear plastic vinyl with a design bonded cardstock insert inside of th… |
|
|
Disney Princess Checkbook Wallet Purse Bag W Cell Phone Holder (purple color) Disney Princess checkbook wallet is a practical and enchanting purse bag designed to put your money where your style is. Size 4″x7″, inside contains 1 transparent slot for picture or id, 9 more slots for club and credit cards. 1 large zipper pocket on 1 side to store changes and cash, and other side pocket includes a checkbook flap for you to store and organize your checkbook. On the exterior it h… |