Wow, I finally get internet back and start to catch up in threads and bam..... it's like the unexpected twist in a novel I have been enjoying.... Brent, I can't add much to the good advice and comments already expressed. I do hate to see you having to sell the rod as that I know you would have loved the journey to completion. I sold my first two "children" which were a 69 RS Camaro convertible and a 67 corvette convertible to help fund my youngest medical expenses. It was bittersweet as I miss those cars but it was the right decision at the time. I wish you well as these are tough decisions but when you put your family first it always seems to work out better in the end. I had to put off my "dream shop" for a lot of years but now I getting something more than I had hoped and all of my family are better off by making those tough decisions early on.... Good luck and as Bob Heine said.... enjoy the journey!
QUOTE]
Hey Duker! First, glad to see you posting. I hope you and the folks in your life are hanging in there.
I started selling stuff this week and with each sale I march over to the ATM, deposit them $ and put it toward the debt once I get to a computer. Since Tuesday I've sold about $400 worth and I'm working on deal of over 5K worth of stuff. That's barely a dent in the collection in the storage condo.
Luckily, I have all these old Ford parts collected. Because without them it would mean a lot more money out of pocket and a lot more time should the house not get listed.
And that's a consideration, no listing our home, because the current sentiment is that if we sell the house we will be free of debt instantly and we could buy a rental - just as instantly, but then in a year or two we'll be getting into a market that's projected to increase 4-8% in the next year alone.
Second to that, we live in a desirable area. This is the area we'd like to return to. THe more I talk/write about it, the more I see that I'd be trading off my debt now, which isn't anything suffocating/severe, for more debt later and maybe not as large a property and certainly not with a shop.
All this thinking has made me aware of one thing, for certain, we have it pretty good.
This is my first post on GJ... I was planning on mostly lurking but am compelled to add a comment.
Wow, I just spent the last few hours going through this entire thread and I was not expecting that final twist! Good luck Brent, and thanks for sharing your garage with us! I have no doubt you'll be successful in your endeavors.
Cheers,
George
Thanks, George. No matter what we choose, I think as a couple we're now on a much better trajectory.
I appreciate you posting up here. With the way you think/write you should be posting more (my opinion).
Debt free is a goal of ours also. The wife and I have been discussing it lately. I try to live by the experiences not possessions thought, I have stuff that I enjoy, car projects etc. but Im not the latest thing I have to have kinda person, I get alot of **** for that at work.
I drive old cars etc. and save up to buy is my new way of life. God bless and good luck on your journey.
Thanks so much, Hub.
Brent- put your family first is the most important thing you can do. You will have another place and another shop to work on - those are just material things. Being able to support your family and show your kids what a real does will make lasting impression and serve another generation. I wouldn't enjoy the freedoms I have today if I was burdened with debt. I highly recommend Dave
Ramsey Total Money Makeover as a plan to attack the debt and take control of your family's future. Best of luck and God bless.
I'm a believer in Dave Ramsey and his theory on taking care of debt. I've read all his books and listen to him a time or two per week. I've gotten our office into buying employees Total Money Makeover.
I follow some other folks, too, and the thing that keeps coming up for me is that we can make more money, especially me. It's just that we've gotten comfortable, especially me. That said, I've shaken things up and I'm doing some things that I've wanted to do but haven't. I've written (more correctly I have nearly finished) couple children's books (6 actually) and I'm working on getting them illustrated. I've also started another side business that I can work on at night. Even if I can make a couple grand a year from that, it's more than I had without it. While I'm selling stuff I'm not going to jump back into construction but I will take side jobs once everything is gone.
If I can clear the debt in 9-12 months, I could be have enough to put 20% on a rental property in another 12-18 months.
As a graduate of Dave Ramsey's Entreleadership Series, I can tell you there is no better pathway to being debt free than the "total money makeover". You can't out earn your stupidity regardless of how much you make, and I should know.
There's a house on every corner, your family will make the next one a home. 1 step back, leaps forward. Good luck with the life change, I enjoyed your thread!
Thanks, Bowtiguy. I'd like to know more about his EntreLeadership stuff. Not to sidetrack my own thread but did you do the Master Series? If so, I'd love to hear about your experience. PM me if you'd like to keep it private.
Oh, and thanks!
It may be hard now, but in the end once you reach your goals, you will look back and be glad you made this decision. I am also a huge Dave Ramsey fan. Live like no one else, so later you can live like no one else.
I also invest in rentals. If you aren't aware of it, please check out biggerpockets.com. It is an AWESOME community of real estate investors!!! I suggest you check out the podcasts 1st to get an idea of what it is about. You will be hooked!!
I love BiggerPockets. When I was first reading over there it was like reading a foreign language. I spent a good deal of time Googling to make sense. I'll look into the podcasts, too! Thanks for the heads up!!!
HOLY COW. I miss a couple of days and the world turns upside down. That must have been a tough decision. But you have to chase your dreams. And debt free is always a good thing. Good luck.
The world turning upside down is a perfect way to say it. I guess I may have posted prematurely because after the final agent comes over, my wife and I are going to sit down and make some choices. Becoming debt free is the priority. So, no matter what happens that's the goal. How it happens, that's what is still up in the air.
One thing I can say, without a doubt is that the places in our area with set-ups like ours or with a shop-type outbuilding, sell fast. A few people have heard we may be selling and have contacted me for more information about the place. They are seeing what I have seen in the last few weeks, every single place that's in the 400-650k range (no matter the condition - seriously) that has a detached garage or a shop outbuilding has sold with solid, multiple back-up offers.
We just watched a place with a MIL apartment, a nice 30-something by 26 shop everything needing renovation (including the roof of both buildings) sell for 500k - cash!
That's got me thinking, like I said, perhaps we should stay here and enjoy my shop as well as continue to improve our little place, which is on course to be paid off in 7-ish years (with a 3.25 interest rate) and pay off our debt and then start investing in couple multi-family properties because we have it better than I realized. I didn't think that selling and becoming debt free asap would be the more difficult option. But, it may be. We may have a hard time coming back into the area.
I'm not saying anything you guys don't already know, but there's no timing the market. We could sell now and leave 30k on the table vs selling it next spring/summer. Or we could be living with my in-laws for two years and still get priced out of where we want to live and end up jumping back in and have a mortgage that's 4x our current one.
Anyway, that's what's going on. I'm going to paint the garage this weekend because it's on the to-do list. As well, because while I have it, I want to enjoy it.
And, thanks again to all of you. If I could hold a BBQ and fill your bellies with beer (the good cheap kind, my favorite
), I would.
Hehe
And your house too, of course. I just hope you will be able to find a buyer who will even have a decent glimpse of appreciation of the soul you have put into your garage. I guess what I'm saying is that I hope you will have the time to be choosy of who will be the next caretakers of your wonderful creation during this glimpse in time. 
For me selling my paid for home and going back to a manageable mortgage was not something I wanted to do but now after getting the yard done and shop completed I am able to throw more at my mortgage and although we are just getting started I see us being debt free at this rate in about 10 years so our early retirement can still be a reality if we stick to our plan.
