Money Manifesto Life Update

Every once in a while I like to drop in and give a quick life update to let you know what’s going on in our lives. This year will be a crazy one for my wife and I for many reasons.

We Are Building Our Dream Home

After much back and forth, my wife and I finally decided it was time to build our dream “forever” home. Well, as dream home as you can get at a reasonable price tag for our family finances.

The budget dictated our home wouldn’t be beach front, but we’re pretty close! We’ll be just a mile or two away from the beautiful white sand beaches in Panama City Beach, so we’ll be able to enjoy that fun, free activity even more in the coming years.

We thought our current home would be our long term home, but there were a few things we didn’t consider at the time. Three years ago we never would have guessed I’d be working from home and need an office.

While our current home would continue to work for us for a few more years most likely, we decided it was worth the money to just go ahead and build now.

Selling Our Primary Residence

Of course, with building our dream home comes a ton of other challenges. We currently own our main residence and our rental property. In order to build our new home, we have a contingency in the contract to sell our current home first.

We’ve been scrambling over the last week or so to prepare our house for sale. I’ll have a lot more details in an upcoming post, but I think it’s fair to say that we’ve been crazy busy with the laundry list of tasks we need to complete in order to have our house show the best it can.

Getting Out Of Landlording

On  a completely unrelated note, my wife and I decided earlier this year that we don’t want to be landlords anymore. While our tenants have been amazing and we’ve had no problems to date (knock on wood), I realized that I worry about the rental constantly.

Since we only have one rental property, any time something goes wrong I have to spend time figuring out what to do as I don’t have a team of people I can rely on.

If I had multiple rental properties, I feel I could build a team I’d trust and it wouldn’t be such a headache, but that isn’t in the cards for now.

We’ll be selling our rental property when our current lease with our tenants expires. Actually, after they move out we’ll have a bunch of repairs and cosmetic updates to do in order to get that house ready to go on the market, too.

It’s going to be a busy year for us!

What’s been going on in your life? Share a note in the comments below!

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.

Comments

  1. Small world….we just moved into our dream home after enduring a 9 month roller coaster ride called residential construction. Be prepared for so many ups and downs it will make your head spin! We also got out of the rental properties I acquired from my mother. She liked being a landlord and treated her tenants almost like her kids, to the extent that some took advantage of her. I know having rental properties is the mecca for personal finance types but give me the good old stock market any day. No emotions in buying/selling stocks and bonds.

    • Wow! Congrats on the new home 🙂 I agree with stocks being less emotional than a rental. It will be nice when I don’t have to worry about it anymore. I never worry about stocks.

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