Investing 102

[GregWeld]

Originally Posted by LS1-IROC

Thanks for the pep talk guys...

I know of a few people who were in the same situation as I am, and they cut bait and walked away from their mortgages. I wasn't about to do that because I view it as a commitment.

We bought a 3 bedroom condo in Tempe for our son to live in while at ASU -- figured "why pay rent for 4 years" -- we should be able to get a couple roommates and sell this place for what we paid for it and at least break even...

WRONG -- #1 the girlfriend moved in for the 'summer' between sophomore and junior year - and never left - so NO RENT -- good news is his GPA went up a full point so we figured it was worth it!

He graduates and Adrienne transfers down there to the warmth.... okay now we have another 3 years before we need to sell the dump... WRONG she moves out to a house with AJ (boyfriend).... so I just spent 10 grand on rehab to get it pristine and ready to sell... for ----- Drum roll -----

100K if I'm lucky --- on a 307K purchase price.

We own it outright -- so it's just a loss pure and simple. Oh well.... But even if we had a mortgage -- I'd just be making the payments and sucking up the loss.... because that is the RIGHT THING TO DO. I bought it - I own it - it is what it is.

Anyone need a beautiful 3 bedroom - 2 full garage - condo in Tempe? Just off the 101 on E. Broadway. I'm going to list it with Bob Reams wife Bev who is an agent there. He owns Imagine Injection where I get all my stuff from... a super - better than super - guy.