Seven ways to look this bad real-estate and economic market straight in the face and do something very positive.
by Evan Vanderwey on 17/08/10 at 9:12 am
1. Buy a low-cost home and rent it out. Redefine your abilities by reading one or two books like The Millionaire Real Estate Investor by Gary Keller and doing a little bit of research on the michigan.gov site about how to evict an in-default tenant. Being a land lord is not as hard as it sounds.
2. Rent your house to one of the thousands of families who are unable to buy a home, and buy another at rock-bottom prices.
3. Buy the home of someone you know who is struggling and “rent to own” it back to them. This does more good than you can imagine. You can structure the deal in such a way that helps someone in need, and in a way that you can make a few thousand dollars for your trouble.
4. Refinance to a 20-year loan, or even a 15-year loan. If you can’t afford that, then get a lower 30-year loan and keep paying the same payment you’ve been paying. I’ll explain this one in my next post. Some families are erasing 100% of their balance sheet’s real-estate market loss in one refinance!
5. Refinance your home for a lower payment and apply the savings to your debt using Dave Ramsey’s debt snowball plan, and eliminate your other debt once and for all. Decide to be debt free and make it happen.
6. Don’t refinance, sell, or buy anything. Use this tough experience as a wake-up call and starting taking full personal responsibility for your own future. Decide today to no longer look for reasons for your circumstances outside of yourself. You are the reason you are where you are today. No other person can or will make your life better for you.
7. Give sacrificially to someone in need. You have less money. Your home is worth less. Your retirement account is worth less. You may even make less money than you did before. Who cares? Give money away to some one who needs it. Or commit to giving regularly to your church. There is no magic in this – you will not become rich as a result. But it sure is better than complaining.
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