Josh and I have always talked about what happens when we become debt-free. When we start dropping money in our IRA and 401k’s like no one’s business. When we start to live like no one else. #IYKYK We have also talked about this long journey that it has taken to get there. And the bad choices we both made putting us here. During our journey we have talked about diversity in investing and what our plan will be when we get to that step and the point of investing and saving not just paying off and catching up. Well, although we aren’t quite debt-free, we have started to look forward and, with the help of Coldwell Banker The Legacy Group support, we can see a light at the end of the tunnel. Now we can see a future and the possibilities of starting to build our own legacy. In the trenches, it was hard to see any path to saving and investing. We were so caught up in the daily grind and monthly spending- too much month and not enough money that building a legacy wasn’t even in our vocabulary. But. Now. Our conversations have changed. We need a plan to make money while we sleep. Words like residual income and passive income. No more animals that eat while we sleep. So…. as it so happens, we are in a business that can do just that; Real Estate.
So there I was, in the middle of my hour of power when I come across this gem of a property on the MLS. A 5 bedroom 2 bath house on 7.5 acres with a shop. One of the things Josh and I always talk about is the shortage of small-acre properties with a shop. Truly- how can there be a shortage- I mean we live in Wyoming. People like their space!! This leads to a conversation about his ideal shop, but I digress. This magical fixer-upper would be perfect for a couple of investors we have worked with in the past. I’ve got a number in my mind that this puppy potentially could list at if turned around in a decent amount of time. I shoot it over to Josh so he can use his construction background and see if I am on the right track. A few conversations later and a few no’s we move on. No investors are ready. Well, one more conversation between the two of us and BAM…long story short, we have a flip house. We need another project like we need another dog. But we just got our third one, so, hey, sign us up!
We had big plans to get that puppy turned around fast. Flipped and back on the market by June. The kitchen cabinets were 6 weeks out 8 weeks ago. Appliances, by an act of God, have been here for a while so that’s a go. But with no cabinets, they are in a holding pattern. And, let’s not even talk about the projects at our house that have been put on hold. The honey-do list is now the flip house!
One good thing about not being able to get to the flip is that means we are busy. Josh’s construction business has more jobs lined up than he has grey hairs in his beard. (He may be in denial about that so just don’t mention it to him.) A good problem to have, I suppose. He and his business partner don’t advertise- it’s just all word-of-mouth. They have a stellar reputation so the jobs keep coming.
AND, that means this little flip is on hold until we can slow down a little bit. Perhaps some seasonal help in the form of sub-contractors will get us on track. And seasonal help in the form of my parents here for the summer. Whichever. Same thing.
Stay tuned for more (mis)adventures of our Foy Family Flip. #coffeechaoscaptialgains Coming soon. But not too soon.