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Friday, March 8, 2013

The Risks of Taking on Debt

Lessons Learned From the Real Estate "Bust"

I was recently researching the tax records of a property I want to to buy and noticed that the house had been refinanced numerous times only to end in foreclosure. I think it's a good example of how some people use debt to fund their lifestyle and the risks of taking on debt.

taking on too much debt

Because real estate in general was moving up in value a lot of people were looking at the equity in their houses and looking for ways to use it. A lot of this was fueled by the multiple offers that mortgage lenders would make homeowners to try and convince them to refinance.

Friday, March 1, 2013

Rental House Update...We Are Selling!

It seems that because of the low housing inventory here in Atlanta demand for houses has gone through the roof. I bet many other major cities are seeing the same too. To illustrate let me tell you what has been happening with my rental house.

A bit ago I told you about how we evicted the tenant and were getting the house ready for rent again. Well, we did exactly that, got rid of all the trash the tenant left, cleaned the carpets, painted and did a major clean of the house which apparently the tenant was allergic to doing.

Anyway, we put the house on the rental market and the phone has not stopped ringing. My sole method of advertising was the sign in front of the house and Craigslist.