In honor of Fathers Day, I wanted to post a real estate story about my dad. There are many to tell, as my dad has been a builder for most of my life, and I have been watching and learning the entire time.
But today I have decided to share with you how my dad made his first real estate investment. Talk about sweat equity! Ha! It's a rather unusual story, but then again, most stories about my dad are.
When I was in preschool, Dad built 4 homes on Vale Road in Oakton. We were in a recession, and the developer couldn't sell them and therefore couldn't pay my dad. That was a problem.
So, the developer offered my dad a house. The cost of one house was approximately what he owed my dad for building the four. Reluctantly, Dad took the offer. He'd never been a homeowner before and we were currently renting a home owned by his sister.
At the time, my dad would have said he got a bad deal. Plus, he was "forced" to live in a house he didn't want. The entire time we lived there he complained "If I'd known I was building this house for myself, I'd have.... (fill in the blank)."
In hindsight, he'd tell you that was a great deal. Who knows when he would have gotten around to purchasing a home....but he's been a homeowner ever since. He sold that one when my parents divorced a few years later and they each took their "half" and bought another. Eventually, developers came and pushed Dad out of his last house and now he owns a gorgeous piece of property on Goose Creek in Leesburg and lives in a home he built for himself... one he intended to live in...and he owns it free and clear.
You see, if you pay down your mortgage and hold onto your house, in the long run, it's one of the best financial investments you can have. The key is long term ownership. That's the best investment lesson I've learned in my life, and watching this ironic story develop is one way I have learned it.... and today I decided to share it with you.
Are you read to buy today? If not, start thinking about it. The earlier in life you begin owning the more you'll appreciate it down the road.
Vicky Chrisner
703-669-3142
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