It is difficult when the median home prices in your area are above 500K. Im not giving up though. I think if I continue to put my energy in right places something has to happen.
I attended a marshal sale last week. It was a good experience. I wasnt quite ready to bid as the opening bid was at 150K. Those marshal auctions require alot of tenacity and access to capital. There is alot of research that one must do before the auction. Often times all this time and energy you spend is in vein because the sale gets cancelled at the last minute. Even after you are the successful bidder the previous owners still have a 6 month redemtion period where they can get the property back. This means you cant do anything with it for 6 months.I would like to note that often times these houses arent in livable condition. I will continue to persue these auctions because even still, the pay off can be tremendous.
Below you will find my networth update. I do this to track my finances. I decided to pay down some of my student loans. As you could see my net worth has gone even more negative. This is for several reasons.
1) I recently got a confirmation that stock picking is not for me. Late last year when the financials were dropping I thought that we had seen a bottom so I purchased shares of bank of America and Blackstone. However, on the tuesday when Bernanke cut the rates by .75 points I panicked. Right before he cut the rates I had sold all of my shares basically at the lowest price possible. That lesson costed my $3000. damn
2) The market down turn has had a negative effect on my portfolio
3) I bought a laptop
4)Paid for a semester of classes.
1 comment:
Hi articledon.
Have you done any real estate deals recently? I'm curious as to what's going on with you, now that the housing market is basically opening up.
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