In 2019, we decided to sell our home. It was not an easy decision. We had lived there for 10 years and this is the home we raised our family in. When we move here in December 2009, our kids were seven and nine years old. This is the home they will always remember.
So Why Did We Sell?
I can’t tell you how many wiffle ball tournaments there were in the backyard.
I also can’t tell you how many times I called my entire family out to the backyard to look at the Big Texas moon shining bright at night!
I’ve been in the interest rate markets since 2002. Interest rates were near all time lows. My son was going to college and my daughter was going to be a Junior in high school. We didn’t need such a big house and all this land paying high property taxes any more with the kids starting to go off to college. The next year was an election year and anything could happen. In addition we had quite a bit of equity in the house that I wanted to access to invest in more cash flowing multifamily properties.
In addition, the economy and the real estate markets have had a long bull run. The talk was that we were near the end of the economic cycle. When the next down turn was coming was anyone’s guess. What I did know from the down turn in the great recession was that when the economy headed South, the real estate market tended to lag the economy. In addition, when real estate prices corrected downward, it was a long time coming before they started back up.
For these reasons we decided to sell.
Possible Storm Coming
I remember the day after discussing the decision with the family, I brought my wife outside and took a picture with her in the backyard. I told her, we can’t see the future but God knows what’s going to happen. Maybe He sees something we don’t and we will look back on this day and be glad we took this action!
Although there were reasons to sell, there were also many reasons not to sell. This was our home. So many memories here. It’s a pain in the neck getting the house ready to sell!
In December 2019, we sold and rented a beautiful one story home.
In February 2020, I focused on buying a 200+ unit multifamily complex about an hour South of Dallas. We did not win the deal and came in as runner up.
The next month, Covid hit. I looked up at the Big man upstairs and thanked Him. Not because I didn’t think the deal was a good one. It was and it is. I know the buyers on that deal and I’m very confident that the deal will perform very well.
I was thankful because I knew it would be a stressful time to be raising funds for a deal. I was also thankful to have pulled out a lot of equity from our home sale because when there are big shifts in the market it typically results in good buying opportunities.
I shifted gears and decided to focus my attention on starting a podcast.
Why do I share this story with you?
We’ve all heard that saying “when one door closes, another opens.” I believe this about life but I also believe you need to be looking for the opportunities, nobody actually knocks at your door. You need to look and then take action!
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