Yes, you read that right! problem is, I wanted to spend it so bad. Joke is, its not even my money. It is a personal loan given to me from a credit card company on a promotion. I dibble and dabble in property investment. The title sounds bigger than it is. I personally own 2 houses, I don’t live in neither of them, both maintained by property managers. I have been itching to get another property, I see so many deals and wanted to get in now but in a bigger way for bigger return but of course bigger risk. I got approved, due to my stellar credit score(years of toiling) and felt quite excited of all the possibilities. Once I stepped away from the ledge and came to my senses, I sent the money back and avoiding a guaranteed long term headache.
You: K.D., why would you not use that money to do some investing, you know enough, go for it?
Me: Trust me, I should but now is not the time. My cooler head prevailed.
Timing is everything. I had the money, a few properties available but everything was not right.
- Property buying, rehabbing, management takes time. From updating the property to watching contractors and the list goes on and on. Truth is, I have no time left to spare. I work full-time, go to school full-time, volunteer in 3 different organizations, I squeeze in a personal life here and there. I honestly can’t take on another thing.
- The houses that I would have made the biggest bang for my buck, all had timing issues. Short sales and home-path homes: both homes that take a long time purchasing or the latter which would not be available to me because I’m an investor and not planning on making it my primary residence.
- That personal loan interest rate sucks at 8%, with how long property buying takes, I could be racking up interest for months before I make any return on my money.
- Its not even my money, its a loan. I honestly can wait to save up that amount on my own.
- There will be other opportunities. Homes in need of rehabilitation are everywhere in many states. So, whats the rush.
Thank God the new and improved me showed up and avoided the extra stress!
Making money can be fun, but not when you don’t have the time to make it. Making decisions under fire can cause many issues in the long run. Planning, research and preparation are all needed requirements in order to lose the least about of money while investing. I will exercise this opportunity at a later date but not right now! My peace is most important!
Matthew 26:41
