The past month or so has gone by in a manic rush for me

[Tobin S.]

First I was going to buy a new car, then I was going to take spanish lessons, then I was going to buy a new house, then I was going to buy a rental property.

I somehow talked myself down from buying the car. My plans to learn Spanish were shot down by a change in my schedule (thank god). When I went out looking for a new place for myself, I noticed some rentals for sale and that got me thinking about getting rich through real estate. I went so far as to apply for loan pre-approval and my request is still pending. I'll know Monday if I get it, but I have already decided not to buy property at this time.

I have a good car that's paid for. As much as I'd like to learn Spanish, I'm not going to kill myself trying to do it. I have a nice little place that's easy on my wallet. I don't need a larger home. I need about $10,000 more in the bank to comfortably buy a rental property.

Regarding buying a home; it's a good time to do that if you think your job is okay. It's still difficult to qualify for a home loan, but not as difficult as an investment property loan like I was looking at. Also, there is a tax credit for first time home buyers right now that I do believe is 10% of the purchase price up to $8000. You can also qualify for the tax break if you have not owned a house in at least three years. Ask your realtor for details.

[EFerrari]

1. Holy cow. It sounds like you made a month's worth of good decisions.

I love my old car. It's not very unsightly, works fine and there no monthly payment attached to our love. :)

[Tobin S.]

2. I guess sometimes it's better to decide not to do anything.

I really don't know what my problem was. Maybe I was just bored. :)

[EFerrari]

3. Boredom is a big instigator!

:hi:

[Suich]

4. Good decision, imo, Tobin!

But then I'm a Suze Orman fan (sometimes)! It sure can't hurt to sit tight for a while.

:)