Break Away
Sorry to disappear for a while there…. I decided to take a little tour of Eureka Springs, AR, and go visit family in Branson, MO. Occasionally, everyone needs to get away. Eureka got really boring after a few days, however! But, I wasn’t there so much to DO things as I was to just BE. Michael had to stay behind and hold down the fort, poor guy. I think he benefitted from the solitude, though.
The stress of work, work, work all the time eventually takes you to your boiling point. We all need to check out now and then to make sure we’re on the right track in life! I evaluated, made some important self-discoveries, and decided what roads to take from here. I discovered that I am totally and thoroughly burned out on REI! I probably have been for about the last two years but just haven’t stopped to listen to myself on that issue. I think I kept hoping I’d suddenly feel reinspired. I will someday–I just need to experience normal life for a while.
So, we’re going to do whatever we have to do to dispose of our last several properties besides our residence. We’ll get rid of all personal debt and take a BIG BREATHER for a while. I’m sick of dealing with contractors, tenants, bills, and everything else. So, I need some time to recover. It’s probably just as well–since the market’s not really on its way up yet here, I wouldn’t want to buy now anyway! Actually, I think it’ll be another two or three years before things start looking up in the local real estate market. Since properties aren’t selling easily, it’d be a good time to buy rentals–except that the rental market has experienced a glut as well!
I’m looking forward to investigating other investment types and learning new strategies! And, I also can’t wait to be debt-free. We want to become a cash-only household, where we won’t use credit for anything other than our primary residence mortgage or emergencies. I’d love to re-establish our cash cushions like savings accounts and CD’s. I’d also like to max out our retirement account contributions.
So, what’s stopping us? I’ll tell you!–The real estate we’re holding! Since Contractor 3 has stopped paying, we’ve been paying five mortgages–Houses 2 (our old residence), 4, 8, 13, and 17 (our new residence). AND, we’ve been paying the credit card bills for the 0% interest checks I wrote for the House 17 downpayment and remodel.
I am SO glad I had the time away, out of town and away from my phone, to collect my thoughts on all this. While I was there, I decided to try a technique I like to use sometimes on our issues. I looked at everything and asked, what’s the worst case scenario here? And, how bad would that really be? Then, I played Devil’s Advocate. I’ll share that with you soon.
Tomorrow, I’ll continue my series of posts on property managers. I plan to tell you about our actual experiences with PM 3 and how to find and identify a good property manager. Sorry for my disappearance act!
Trisha's Coffee Fund8 Comments
Comments RSS TrackBack Identifier URI
Leave a comment
Welcome back, Trisha. Glad to see you are posting again.
You sound busy!!
I have started looking for a new direction. Rental returns in the Republic of Panama are quite good, around 9%-12% upkeep and repairs are quite low & new property is tax expemt for 20 years. New construction apartments close to Panam City center can start from around $80,000 & generally offer some capital appreciation by the time of completion if you chose to take that option.
Have a look at http://www.real-estate.com.pa which has some properties listed for sale or rent.
Hi Trisha,
Sorry to hear that real estate is taking you down right now.
I get the sense that you might be getting out of real estate for good. I hope not, because I know you’ll be able become a millionaire if you continue.
This real estate cyle is going to wash away a lot of investors, but keep in mind that you now have the knowledge to make more money based on the misfortunes/mistakes that has already occurred.
You know what works and what doesn’t , place the appropriate real estate strategy for the particular real estate cycle and move forward.
Don’t leave us, your one of my favorite blogs!
Hey Trish,
Sometimes we all need to get away to re-charge the batteries. Hopefully you’re freash and rested, ready to take on the world!
I have followed your blog for a while and recall you saying you were somewhat of a “Daddy’s Girl”. Will Dad have to bail you out since your real estate career hasn’t worked out?
Everyone needs a break to stay fresh. Glad you’re back.
steamboat
Hey, Steph!
C Walton - Well, I hope it works out well for ya. I don’t know much about Panama, but it says something that I’ve already been told about investing there. Do you think that might signal that investors there could be in a frenzy?
Brian - Hey, you! No, I’m not getting out of REI for good. I am, however, looking forward to a resting period–perhaps of a few years or so. I’ve been investing for about five years full of hard issues and studied it for a couple years prior to that. So, I’m tired! I would just like a simpler life for a while. I’m looking forward to seeing movies and gardening again.
Raj - True! It’s very necessary sometimes. Thanks for the well wishes!
Jack - Well, if you’ve really been following my blog for long, I’d like to say one thing to you–GET REAL! You don’t know me better than that?!? I’ve never asked my family members or friends for any money and never will.
Steamboat - Whew! Me, too! Thanks!
Hi Trisha,
Just came across your blog and I really like it! Thanks for sharing your experiences. As someone who has barely gotten their feet with REI and is still thinking through other investments I like hearing about your experiences. I also admire you being an entrepreneur and going out on your own! It is very inspiring.
-kate