Impulsive Investment

Most of the time, I'm not impulsive. I over analyze things to death (fortunately not my own death). That's not to say that I can't be spontaneous, but I'm grounded and analytical and realistic.

Last summer, pre-economic destruction, my mom had mentioned an interest in buying a house on the west side of Michigan. I understand that it was a futuristic thought, in the event that life changes occurred and she had the desire to start new - sans acres of mowing and plowing. I drove by a really cute house on my way home from my son's basketball practice and decided to find it online. Find it I did, as well as many other houses in the area.

With the economy the way it is, houses can be located almost dirt cheap. Not that I live in Detroit or anything, so maybe dirt cheap is a slight exaggeration, but a house on my street is listed at $59,900 that sold in 2005 for $121,000. Amazing.

I found myself in a whirlwind for the next 18 hours straight of the possibilities for this house. It was listed as "super cute, 3 bedroom, 1.5 bath" that needed "paint". I could use it as a rental home, paint it and give it TLC on the weekends and take care of the snow and lawn as it's within walking distance! How great would that be?

I called my girlfriend that does mortgages on the side. She gave me her two cents worth on the ins and outs, pros and cons. I called and scheduled a walk through of the vacant, foreclosed house, for that afternoon.

Then, I saw the house.

Despite the realtor suggesting that I low bid at $30,000 and get a FHA loan and contract out the work, there is no way that as a single mother, I could tackle the work that was required in this house. There was nothing even remotely cute about the inside of the house. The recently updated kitchen would have benefited from being completely gutted. Of course if money and time was no object, it would be an ideal project, but in the housing market and the inability to consider renting it in any near future, no thanks.

So my less than 24 hour impulsive investment was thwarted. While it may clearly have been a great investment, I do understand when things are more than I can handle!