Friday, September 19, 2008

Fall is here

I am really busy and don't have time to say much, but this is about the longest I've gone without a post since this whole thing began so I wanted to drop by my own blog for a minute.

It's been a pretty crazy week in finance. It remains unclear what will happen in the long run, but it's pretty safe to say that the face of Wall Street is pretty damn battered and will probably never be quite the same. It's amazing that after all the bank failures and crises we've already been through, the end seems far from written.

I'm not here to make predictions of apocalypse. But it is concerning at a personal level, because I'm right in the middle of trying to buy my first investment property. I have a contract on a foreclosed house in Petworth. I won't give specifics because I don't want to jinx anything, but it was a great deal and is in good shape on a good street. But just as I came to a deal with the bank that owns the house, the shit hits the fan in the financial sector. Now, maybe this will have no effect whatsoever on my little transaction. But part of me worries, will I still be able to get financing? What if the loan that was no problem a week ago suddenly is a problem? I've said for years I wanted to invest in real estate for the long haul - not flip houses, but keep my eyes open and buy up good deals that come up once in a while, rent them, and then hold them for at least 10 or 15 years. This is to be my first step and the rent from this house should easily cover the mortgage right away. There are deals galore right now as foreclosures from the last round of bank agony are being sold off. So hopefully the current pain won't affect my ability to pick one up.

Anyway, that's been keeping me pretty busy for the last few weeks, as I've been house shopping, getting ducks in a row, that sort of thing. And enjoying the fall weather to be sure. So wish me luck. I have that stupid butterfly excitement feeling all over again, and this is my third house purchase and it's not even a house I'm planning to live in! But I just love these old houses and this one is cool...

Oh yeah, and have you noticed how awesome the weather has been the last couple days? I love changing seasons, and I especially love fall with the leaves and crisp evenings. I love change. I'm ready for it.


Shannon said...

You're decorating your new house with a row of ducks? Remind me to never rent from you, slumlord.

And welcome back!

Jamie said...

It was either that or pink flamingos, I think I made the right choice. And you should be so lucky to rent from me! How many other landlords would fix your sink, and then share a six pack with you? Okay, don't answer that.

Shannon said...

Just a six-pack, for the two of us? We'd blow through that in 15 minutes.

Jamie said...

Yeah, who am I kidding. Multiply by three, add two bottles of wine, and subtract four hours of sleep.