Thursday, August 9, 2007

My House: My Asset and My Biggest Debt

Houses can be wonderful things unless you have too much house. On one hand I am lucky, my house is not just too big; I don't need my house at all. This means that I can rent it and get someone else to pay the mortgage. On the other hand, I would rather not be a landlord and deal with the wear and tear of renters on my house, collecting rent or the possibility of getting sued.

I have been paying my mortgage this summer with the proceeds from the rents from January thru March. August was the last month and now that money is gone. I will have to pay September out of my own pocket. I think I will have a renter at the end of September so Ocotober should be covered.

I am choosing to do short term renters again because I make more money and I get to stay at my house between guest to make use of the washer and dryer. I need some more time to get the washer and dryer hooked up at my other place. Once I get them hooked up and get a more permanent dwelling out on my land (besides my RV) I think I will try to rent out my house long-term. I think it will take 2 years before the real estate market evens out. Then I will try to sell the house again.

I was looking at my paycheck today. I subtracted my $700/month budget and my $790 mortgage payment and I am left with $485. I still don't know how much I will have to pay of my doctor bills so I need to save that money. I think I might owe around $2,000.

I really want to go shopping for clothes again. I consider shopping at the thrift store a donation so I do have some money in my donation fund to use. I just won't allow myself to buy clothes at the department stores. It has been a bit strange not going shopping on a regular basis. I feel like I have been left behind a little bit. I am losing touch with the latest products and who's having a sale. I really don't need to shop though. I don't need the stuff and I shouldn't be using shopping as entertainment. It just costs too much, now and in the long run.

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