Paying Off Debt
I just read a post by my fellow blogger Clifford of ChangingMyDirection.com about how he just paid off his school loans and how happy he is about that.
I understand his glee as had I recently paid off a personal credit card that I have been using to rehab the rental properties we bought over two years. Now granted, the amount it cost us the rehab these properties was probably not as much as a school loan or mortgage but we did this with four properties and paid off the balance each time.
From my personal experience, paying off these balances was no less than of a pain-in-the-ass. My reason for doing it this way was to use parts of a chunk of cash we had for the down-payment on the various mortgages and use a credit card for all the small things needed to do the rehab. Well, those small things amounted to about 10K-15K per property.
As I mentioned, not fun at all in the long run to pay off. But now it’s finally done and I think I’ve had enough for a while.
Not to mention I’ve grown kind of bored with the property thing and am on to more interesting things. It’s kind of good because in our area there are just no good deals to be had.
It seems like the real-estate sellers around here are holding on to the idea that they will actually get their asking prices from the market that they would have gotten two years ago.
It’s good to dream.
