Sometimes you’ve just got to cut your losses.
We’ve had a number of stressors this year.
One of them was dealing with our previous house.
We moved into a new house just 7 houses away. It had a number of things going for it that made my wife really want to buy it (big backyard, open kitchen/living room area), etc.
It was also cheaper & we were able to lower our mortgage payment.
When we bought it, we attempted to sell our previous house but didn’t have any takers.
Tried to Sell, But Rented
We listed it for rent and found a couple that seemed like a good fit.
From the start we had all kinds of problems.
We had lived in the house for 7 years and not had any of them. We had significant problems with the pipes and sunk a bunch of money there.
They were there for a year & then gave us very little notice and moved out right at the end of the year (a rough time to rent).
When that happened, we put the house back on the market and also looked to find renters.
At that point, we didn’t have much luck. It was priced too high as we were a bit upside down and were trying to get out without a significant loss.
We finally found some folks to rent it but had to come up with a refrigerator, washer, dryer and we had to agree to replace a bunch of flooring.
So we did that & it hurt.
They moved in & seemed quite good.
Again though, we had more issues with the house & sunk more money into it.
And then the two roommates had issues with each other and their friends which resulted in them deciding to move out.
We listed the house again & started to go through the process.
Had to drop the price again.
Were hoping to get some money out of it.
Had one deal on deck for a lease to own but there was uncertainty there.
Had a person we knew before who made a cash offer on the house. It was very much lower. We countered at a point which would just cover what we owed & leave us with a little bit. They accepted.
And we’re out!
With the prices in the neighborhood, at some point, we hoped we might make a chunk of money but that didn’t happen.
It is good to just get shut of it though.
Our mortgage was interest only for a certain number of years and that was coming to a close. We weren’t able to get rent at a level to cover all of that so that was an imminent problem.
I’m also worried that housing prices might drop with the debt ceiling issue.
So no big money payday but we’ve dropped one of our major stresses…