Finally........

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Finally, Finally, finally..............the long awaited closing on the sale of the last rental house was completed today. I feel completely whipped. As if a long race had at last ended. Not sure if we crossed the finish line or I dropped along the wayside. Think and feel like I had to crawl on my belly for the last 100 yards.

This process was started back in September. When your buyer has no credit other than a bad credit report, no money for a down payment just a willingness to take a house that needs a lot of work, lenders are a little hard to come by.

At first we tried to get a hard money lender to do the deal. No problem, just need an appraisal..............only they'll only use one appraiser and he is backed up for months but promises to get to it soon, and then doesn't even when bribed. Then that is completed but then the lender is out of town, and then wrecks his car somewhere in outback Arizona, and almost kills himself and wife, putting them in intensive care for months while the underlings dither and won't do a thing until he can give them the word.

Then you go to other lenders, and finally, serendipitously the buyers run into a visitor to their church which just happens to be a mortgage broker for the past 35 years, you start to think it might just happen. Only took 45 days past the original closing date.

What is the lesson learned here children? Not to fool with real estate at all.
NO! The lesson is to only buy good properties with plenty of equity built in, in good neighborhoods, and only seek renters or buyers who have good jobs and good credit.

That one factor right there eliminates about 70% of the American home buyers. It is startling how many people in this country (including yours truly) have poor credit.

The trick is to know how to overcome those obstacles and a willingness to persevere in pursuit of your goal.

There are only 7 secrets to achieving wealth in this country or any other. After that it's easy.

Sitting in the kudzu grotto and trying to unwind without aid of a nice stiff drink. Teetotaling can be a bitch.