In the never ending saga that is building wealth, trying to get rich, and now a day just trying to survive, our first house flipping adventure is over with the sale of house number one. It closes on Friday, and everything appears to be a go. Although we did end up losing a little money ($6,000 or so), it could have been so much worse, and is worse for so many others out there. I think the difference was, we weren't necessarily trying to get in and out to make money on the bubble. We created value and just happened to get a time in the housing market when everything went down. Oh well.
Now that we have sold the house, we are looking for a different place, much smaller, in a different city (Seattle - new job). Before we get a new house, however, I think we are going to rent for a bit. One of the major downfalls of our new living spaces will be a new lack of closet space. Before we had a huge walk in closet with a large amount of space. Now we have nothing but a little dinky 8 by 3 foot closet. So organizing the closet is going to take a little work. I think instead of looking all over the place for a book on space I'm just going to buy some closet organizers and use them to do all of the work for me.
I guess though, if the closet space is my biggest worry, then that isn't too bad. And as far as our next house, I think we are going to continue to look for value that we can add and then sell, but maybe not quite the undertaking we did the last time. I'm thinking appliances, some paint, but not the entire house. Nothing that costs over $5,000. And it will have a ton of closet space, which will be nice.
I'll continue to keep you up to date on all of my financial workings, hopefully in a little more detail than I have been. But in the meantime, remember that the key to financial success, to working toward the "big closet" if you will, is to keep costs low, keep returns high, and keep your nose to the grindstone.
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