Sunday, February 20, 2022

Ignorance is not a SIN, but it can sure hurt!

  Car of the day

Ahhhh that Pontiac Safari, (sorry my heart is in the 50s with cars and girls)

On my mind early today:

After retiring from the military I tried several jobs but settled for carpentry. I learned more and knew I could build a house by myself. I did. For practice and experience, I built a small house. 800sqft. I stumbled thru it, and because I did not know Air Conditioning, I wired for window units, popular at the time.

I sold the house and did well, I averaged $10 and hour for all my labor, not bad when I had been working for $4 and hr. So we had a nest egg.

After finding a nice acre lot with a small branch Sherry and I cleared the lot. We had a good time, she worked so hard once that she walked over and laid down in that little branch.

We owed 18k on our home in Charlotte and put it up for sale.

I started our new home. My ignorance had already hurt me and I did not know it. I told Sherry we did not have the money to complete our home, but when we ran out of money we would then go to the bank and borrow what was needed if the Charlotte house had not sold. We would have plenty of equity to cover what was needed by then. WRONG!

I took our clear deed for the land to the Bank with our plans. All was going well until he asked, “When do you plan to start?”

“Oh I have already started, it is dried in and ready for drywall.”

“WHAT? Sir if the lot is already cleared and work started NO BANK will loan you money!  We have to know you do not have material costs that will come in, or other claims of equipment used to clear, etc!  I am very sorry.”

(This one we built, Sherry helped me roof it. We did it all but this time did have central air installed by a friend)

Usually I could borrow from friends, but no one had the $40,000 I needed to complete. So I decided to sell what we had. From the outside it actually looked finished.

I was offering it at COST, $18,000, not labor. NO buyers.

I was telling my family at a get together our problem. MY BIL said, “Jack I have that much in my retirement fund, you cannot lose that beautiful home.”

I used his money and in about 60 days had it completed.  By that time the house in Charlotte sold; we repaid the loan, Dick would take NO interest.

I thought of that as I read MA’s blog about how important family is.  My Sister and BIL saved our bacon.  LOL Yep it is good to have family.


Nite Shipslog

PS: Sooo, family help me get started to be rich. ;-) (NOT)


I'm mostly known as 'MA' said...

I agree, family is so important and are always there for us. Glad you were able to save your house with some help and you can be proud of all the work you did. I always like to think if there is a will, there is a way. My family has helped me out so much over the years, but they say they are paying me back for what I did for them. I don't think of it as something to be paid back, ever. Love is definitely stronger than anything.

yaya said...

I loved this real life story because it shows how a person can work hard, make an error...not realizing it was an error...and yet did all in his power to make it right not expecting a handout, a bail out or just throwing hands up in the air and walking away. God sent an angel in the form of a family member who offered, when you weren't asking, to help you out. Plus you repaid the debt. So often people will just blame God, the government, or family for their trials instead of finding a way to learn from them and move on...usually that move is a move up! Good Job Jack! You and Sherry are inspirational!

Mevely317 said...

I love this story! But, but .... how were y'all to know the bank had that silly prerequisite in place. There's questions people are afraid to ask, and then there's questions no one KNEW needed asking!
What a blessing, your family!

betty said...

Family always seems to come through when needed! And I know you've come through for family when needed Sherry and Jack!


Unknown said...

What a wonderful brother-in-law, not too many people would've done that. He must've loved and trusted you dearly.

Victor S E Moubarak said...

How wonderful that your family helped you so.

God bless you all.

Lisa said...

It’s the mistakes we make that make us proud of the progress we complete.
I think you and Sherry are so smart and love to work. Best if all, you work well together.

From foggy gtown

Dar said...

The most hard working, grateful people like you two, do deserve the best that's available, even when banks don't think so. It was a wonderful thing your BIL and sister did for you. Family is a blessing. We also, always are helping one another as the Lord and our parents taught us.
loven'hugs from up north where we are beginning to see the abundant snowfall we are to get, 10-16 inches, they say. Bill will be busy plowing for days again. My hands fit the h❄ndle on the shovel so guess what I'll be doing...