Thursday, November 6, 2008
Can't Get Rid of My 800 Pound Gorilla
So the saying goes. If you have one of these that is bringing you down financially, you need to get rid of it! My 800 pound gorilla is a vacation home that was supposed to be my ticket to job freedom, but instead has become a money pit. But as Jack Canfield would say, ask myself "What is the opportunity in this?" I suppose I have learned NEVER TO BUY A PROPERY THAT DOES NOT CASH FLOW, but I can't really be held responsible for the mortgage meltdown that has driven prices down and created a nearly impossible lending climate. So I just rented it on a ski lease, and really, the tenent got the better end of the deal. But he will pay all the bills for four straight months, and help out with the mortgage, and I will try to sell it again next spring. And I guess the opportunity in this is that I am now forced to think of really really creative ways to make more money. Having a huge mortgage on a home I don't even live in has forced me to acknowledge that short of foreclosing on it, I just need to make more money. Money making ideas anyone?
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