I was 29 and going through that pre-30's holy-shit-what-do-I-have-to-show-for-my-life crisis. My ten year high school reunion earlier that year had left me feeling unsettled, to put it mildly.
Was I successful, professionally speaking? Well, I had my BA, but I wouldn't call working in a cubicle and answering customer service type calls a dream job. Was I married? No! Maintaining a lasting relationship is not a strength of mine either. Did I have any children? If you consider an 85 lb yellow labrador retriever a kid, well, why yes I have the best pup in the world!
I was about to turn 30, and I had to do something meaningful with my life. I had always hoped to buy a home with that special someone, but he was no where in sight. I decided that I would not use my relationship status as an excuse.
So, 4 years ago, I embarked on this great journey of mine. I bought my house just before the real estate bubble blew up and nosedived into a frightening place for all home owners in the U.S. (perhaps all over the world?). The first winter I spent in the house left me with no choice but to heat it with $5 per gallon oil rates. A job transfer did not come through for me, and I went back to waiting tables. The honeymoon glow of becoming a first time home owner was short lived for me.
Guess what though? In spite of all of those scary things called reality, I made it! I am not part of the ugly foreclosure statistic. It has not been easy, but I have made things work. Sometimes the feeling that owning a home is more of a burden than anything else creeps its way into my heart, but most days I am proud of what I have been able to accomplish so far. I have not ducked behind the trench walls of adversity but instead blindly and fearfully marched on.
I have learned a thing or two about making ends meet in this whacked out economy, and I would like to share my stories with others on how I have managed this exhausting feat. Hopefully, these will either encourage someone to take that leap of faith and buy their first home. Perhaps it will give another fellow home owner the hope they need to keep pushing forward and not give up on a difficult financial situation.
I bought my house in August of 06, and now am quite underwater (bought at $135k, similar houses in my neighborhood are going for $40k-$50k now). Since some major life changing events I've been ready to leave the house, and was even thinking about letting it foreclose. However, I recently found out that I'm able to refinance under HARP, so assuming that goes through I will be able to refinance and be able to rent the place out without hemorrhaging money. I plan on buying myself a new home to live in at less than half the price of my current home, and renting this one out.
ReplyDeleteTo be completely honest, I'm still a bit nervous about keeping a home that is so undervalued. Being able to rent this one out will certainly help things, though.
Good luck! I'm interested in seeing how/what you do to keep making it work.
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ReplyDeleteIt has been very difficult, and I have had times where I felt like giving up. I found out a couple of months ago something interesting about the rental market in my area though. Because people in Portland, ME aren't buying or selling real estate (for the most part) rental rates have gone up quite a bit. There is actually a shortage of places for people to rent here.
ReplyDeleteI really do feel like there is a silver lining to every cloud. It just isn't instantly obvious sometimes. I have had many things fall through for me, but then others have worked out. Just keep asking LOTS of questions and exploring all avenues.
If we have made it this far, I think it is a good indicator that we are going to make it! Good luck to you, too!
I didn't buy a house until I was 48. That was 2008. It was by far the worst decision of my life but as long as I can afford the mortgage I can't bring myself to walk away from it. Still, that house is worth less than half what I paid for it, and there are plenty of days that I feel stupid for not cutting my losses.
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