Quote:
Originally Posted by 2020BRZtS
I don't think this can happen for everybody. Chances are when you say you remodeled... you mean you remodeled. For someone like me who sits at a computer all day, the level of expertise needed to tackle a whole house remodel would mean paying retail for labor.
I hope the proceeds from your two sales put you in a place that you are mortgage-free on your newest home.
There was a family who moved into my development in 2006 at the top of the market. They got an 80/20 loan so no equity and two mortgage payments out of the gate. By 2010 they were divorced, underwater, and foreclosed. Their cars were repossessed as well but that's a different topic.
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Far enough point. The first house I did you probably could have gotten most of with basic homeowner level skills. The second was a gut. This one now is a partial gut. I came out of those two being able to pay off all debt and put a big chunk down on this one with some money to remodel it.