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|Subject: Re: My Mom's Retirement||Date: 6/2/2004 1:11 AM|
|Author: Oracle10g||Number: 41127 of 76384|
My mom wrote:
Thanks Hak.............let me give you a little more information. I do have a 401K (about 2 years old) and the house has new kitchen, carpet, bathroom, vinyl, paint, electrical, plumbin - but it really does need siding to meet the comps in the area. Most of the area homes (in good to excellent shape) are selling for $ 90-95,000. But currently my house is in need of siding and possibly a new roof. I already have the siding and a new garage door (I didn't pay more than $300.00 for all of it). So far my monitary investment has been only $7,000.00 but the man hours I have invested is of course, much more than that - as most of the work I have done myself.
I do intend to reinvest a portion of the profit into another real estate venture. My mortgage broker has suggested a different approach to real estate investment...........one that would be more cost effective and would allow my money to work for me - rather than investing so many man hours and energy. I plan to meet with him after I receive the appraisal information.
The appraisal is scheduled for Friday and that will be used to determine the exact value of my property. I will let you know the outcome as soon as I find out.
That forum you used seems to be a very useful tool in working out new ideas prior to acting on them. Thank you for sharing with me and thanks for all of the input. It was very helpful - and I will bring more info to you to get your groups perspective, as well. Thanks Mom
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