I have always thought that we should own our home. When renting I knew I was paying for someone else’s house or trailer, we wanted to be paying on OUR home.
As an investment, Sherry and I bought a very pretty older trailer with a car port and a large storage area with a full basement for the laundry, a few years ago. It was eventually rented to ‘Gary ‘at the trailer’. I say that because when something went wrong, leaks, plumbing, or power problems, he called. His conversation ALWAYS without fail started, “Hello Mr. Darnell, this is Gary at the trailer.”
Gary A-T-T, never missed a rent payment, $375 a month. One day I was at the trailer and I asked Gary if he would like to own it. He said he sure would, but the banks would not loan him a dime.
I told him Sherry and I would finance it and his payments would be $275. Of course he jumped at it. Our lawyer is a sweet lady named Vickie W. She read Gary the riot act (I felt sorry for him). She told him in no uncertain terms, if he did not make the payments I would repossess the trailer.
Gary went about his business and within 3 months he missed a house payment. He was never late for over a year at $375, now for some reason he could not muster the $275.
When a faucet started dripping, it continued. If an outlet ceased to work, he got an extension cord. When the trailer leaked he got a bucket. He could not and would not keep the house up.
Eventually we did repossess the trailer, still having a good relationship with Gary A.T.T. He moved to Florida and in a few months he passed away. I really did like him. We had a long talk after the repossession, he said he didn’t know owning could be so much of a hassle. Repairs and taxes need to be handled by someone else.
So I learned that NOT EVERYONE CAN OWN. It is even a shock to folks who finally pay off the house. Not realizing they have been paying $100-300 in escrow for their taxes while it was financed. Then at the end of the year they get a tax bill for $1200-$2000 and say, “How do I come up with that money?” they had not planned and saved for their taxes. IT HURTS…
Owning does have it’s responsibilities. In the past week I have had to fix water leaks, roof leaks, electrical problems and appliance problems. Funny how they can all come at once. There is also an A/C problem yet to be fixed by a maintenance man, I cannot do A/C.
I enjoy owning, but it is a fact, everyone is not cut out to own.
Some folk are cutout to handle rent, car payments and leases, I cannot.
When times were different!