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We have a small house here in San Antonio that we purchased to help out a friend a few years ago. We hadn't intended on keeping it and had hoped to sell it in the following years. At the time of purchase, because our income comes from Mexico, we found financing without a problem but at higher interest rate. Not bad but with current conditions it could be better.
Working with several lenders this week the situation doesn't look so hot. Our credit rating is excellent and we meet all the other requirements except one. There are too many foreclosures in the area and it is bringing down the value of the home versus the current loan amount. Sad. Apart from the drought that has destroyed all the yards, the neighborhood looks a bit shabby as homes are vacant and not being taken care of.
Good thing is it is a nice rental and we have no problems getting it rented. In fact, our current tenant is a real jewel and takes very good care of the house and the yard. I know it shouldn't be an issue but it is too far from home to have to worry about. We had hoped to pick up some properties in McAllen, that would make the drive about two hours and easier to cross the border not needing permits to go beyond the 21 mile marker.
Last night we went out with friends for dinner. Eight of us, laughed and had a great time. Dinner was very good and we had a chance to catch up on what everyone was up to. Nothing like a couple of bottles of wine.
Did I mention the heat! Ugh.
Keep mentioning the heat! Here in Campbell River it is 6-8 degrees in the mornings and seldom gets above 17-18 in the afternoons. Almost as bad as Galveston at New Years!
ReplyDeleteNow that was some cold! I'll never forget. Huddle, remember!
ReplyDelete