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My First Closing On a Piece of Property

By Erik Folgate

I actually do not own any “property” so to speak, but I closed on a small condominium yesterday.  This was my first closing, and I was so stressed out that I was 20 minutes late trying to find the attorney’s office. 

The whole process was fairly new to me.  I know a good deal about how the process works with mortgages, taxes, insurance, and all of that good stuff, but it is always a different feeling when they hand over the keys to you and now you actually own something of great value. 

We are now in the process of gutting out the entire unit and replacing the flooring, kitchen cabinetry, refinishing the walls and bathroom fixtures, and pretty much every other cosmetic feature to the place.  These condos were built years ago, and people were paying dirt cheap rent to live in a dump of an apartment.  However, we got a good deal on it and now can jump the value of them up about 25% by remodeling them.  Let me tell you that remodleling is NOT fun.  Ripping up linoleum and busting down walls is hard work. 

I recommend that if you have the opportunity to buy a house or condo for a good deal, go for it.  It is hard work, but you really feel like you are investing in your investment.  Stocks are no fun.  Who wants to read the cash flow statement of some bio-tech company that you’ve never heard of?  Bricks and mortar are hard work to invest in, but the reward is usually always two-fold. 

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • Josiah from PalPad

    Congratulations! That sounds very exciting!

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