January 8, 2009

Update on House #1

It's been a while since I've put an update here on house number one, which, before the real estate housing bubble burst, was supposed to be the beginning of a real estate empire. A lot has changed since then. The house is finished, and it looks great, but there just aren't a lot of buyers out there.

Do I know it's January and there probably aren't a lot of home buyers out there looking right now? Yes, I do. But I was forced to put the house on the market because my wife got a job out of town, so we had to split and put the house up for sale, even though it wasn't the most opportune time (we moved to Seattle, by the way - great city). And, you guessed it, we also had to move all of our stuff out of it. So, not only do we have a house up for sale in January (that has been so for several months) we have a house up for sale in January that is empty. And trust me, it looked a lot better with things in it (people that saw it before we moved commented that it looked like it had been staged).

The one thing I'm not worried about, however, is the home's security. Although we have secure exterior doors, I'm a little worried someone could just break it down and destroy the house. To feel a little we put a security system in, and with the help of the home security installation FAQ I was able to set everything up with no problems. We also have the realtor checking on it every few days, just to make sure no pipes burst or anything like that (the one thing a home security system cannot help with). So, at least while I am in Seattle I'm not worried about the home getting broken into.

So, as far as building wealth, creating wealth, and retiring early goes, we are at a bit of a standstill right now, as is most of the country. But don't lose hope, don't get out of the stock market, and start looking for deals. If you have cash, now is the time to buy in.

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