Thursday, September 25, 2008

Economy - Good News or Bad?

You know, all this talk about the economy, and the trouble that the banks are having. Really, they've brought it on themselves. Now that they've gotten themselves into this mess, we're going to have to save them. That provokes me to no end. Our bank called us a couple days ago to see if we wanted more credit. No, we told them. Isn't that what got us all into this pickle? Too much credit? But I'm starting to rant.

This is our latest acquistion. It's old.Big.

It has three very cool bathrooms. Ignore the green stickers. That just indicates that the place has been winterized, so that water will not freeze in the pipes and explode if the place stood empty and unheated over the winter.

The place has all sorts of built in cupboards and cubbies, and neat things, as old historic homes are wont to have. We even found a secret compartment behind the fireplace.

It was empty. No treasure.


Unlike most repos, someone loved this house a lot. It is very well cared for, but dated. It needs new appliances, and it needs some updating, new wallpaper, kitchen countertops, etc, but all in all, this is a beautiful home, and is two separate rental units. Each apartment has one bedroom and an office/den, as well as the bathrooms, kitchen, living room, and dining room, so they are spacious units.
Tim thinks that the fact that you can buy homes like this for $20,000 is just excellent. I think that the fact that you can buy homes like this for $20,000 is kind of scary.


Mary Paddock said...

That place is just gorgeous. I love old homes. Many Congrats. I'm sure that whoever the place belonged would appreciate knowing that the owners it has now will take as good a care of it as they did.

The tragic story of the mortgage melt-down is personal. Two of my brothers lost their homes last year (in part) because the mortgage companies set them up with high interest loans, huge payments, and grossly over-valued their homes (this meant that even with good credit, when they needed to refinance for lower payments, no one else would touch them with a ten foot pole). One brother should have known better, the other was a twenty-three year old kid. The first was four years into home ownership when he went belly up. The second was just over a year when his factory job went (literally) south.

Redlefty said...

I basically got a double-major in college in International Business and Economics, then went on to get an MBA with much more econ training. So I've been following the news with much interest.

Yet your succinct points summarize the current "crisis" better than most expert articles.

And you and Tim will take the opportunity and turn it into something positive, because you're in a position to do so. Because you've been smart with your resources to this point. I like that in free markets that gets rewarded.

Pencil Writer said...

Deb, I'm with you. Greedy money lenders created the problem that the rest of us are going to have to pay them out of. Where's the responsbility that should be attached to those brilliant folks who created the problem in the first place?

Hey, 'nuff 'bout that. I love this house, too! Have fun fixing it the way you'd envision it.

PaintedPromise said...

$20,000 OMG! i hear you AND Tim...

and no treasure in the secret compartment... darn it!!!!!

Lavinia said...

Did you say 20,000? I mean, DID YOU SAY $20,000? (Lavinia shouting and eyes bugging out....).

Pardon me while I pick my jaw up off the floor!


I would have snapped it up too. That is a fantastic deal. THis is a very nice house. You'll be in very good shape once the market picks up again.


Portia said...

That is a way cool house. You've done a really nice job fixing it up.

Mic says that right now it's a great time to invest in family rental real estate. He said that with mortgages tightening up and reposessions, people will be needing to rent.

Mikey said...

I think it looks gorgeous. Gotta agree though, I think we're all in trouble because of too much lending/credit. That sure is a nice place for $20K!!

jeanie said...

What a gorgeous house - but yes, there is a sour feeling that it is so cheap yet was so loved.

We live in interesting times - thankfully there are people like you and Tim who are able to cough up the 20G and give a home to some people.

Stevyn Colgan said...

$20k!!!! You can't buy a shed for that over here! I own a basic three bedroom semi-detached house with garage and it cost me around $700k. I am sooooooo envious!

Lavinia said...

THere hasn't been a house in Toronto selling for 20K in over thirty years!!!

steve said...

find us one in Arizona and we are coming $20,000 jeez we could sell this place at a loss in the uk and retire.