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An update to our situation: we're still waiting for tenants in the house mentioned here and here. And in our other house we've just had to evict our previous tenant due to non-payment of rent... Sounds bad eh? I'm not worried... we built in to our plans on the front end consideration for situations like this. That is a major key to success in real estate, being able to foresee all of your expenses and 'gotchas' and account and plan for them. Part of our short term goal is to survive, weathering down times like this is a part of that survival. Our long term goal is more rosy, but you can't get to the long term goal if the short term cuts you off at the knees.
You must have reserves to draw upon to get you through these times and still make your mortgage payments.
Most of all, God is our provider and these are really His houses. There is great freedom (i.e. not losing sleep at night and constant worrying about stuff) when we're able to say: "God, these are your houses, you will fill them (or not fill them) when you want to. You haven't brought us this far to fail and since we've earnestly sought you (for years in our case) on investing in real estate, and used wisdom before making any moves... you will bring us through."
Also, I must say that blogging here has been a nice diversion from time to time to get my mind off of the situation, if you don't manage your mind the waiting can get to you. Lots of what happens in RE is a process... if you can't wait properly, your head will get the best of you.
Image courtesy Pilgrim's Progress
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