Today was a big day! I’ve been waiting 10 years for this day! For the past 10 years, I’ve been upside down on a rental house. The rent didn’t cover the mortgage. That meant I was losing a hundred bucks a month…for 10 YEARS!
Why didn’t I just get out of this house? Why didn’t I sell it? Why didn’t I refinance it? All good questions, but when you own a rental house with your ex-wife, nothing is that simple….
Until last summer, the house was worth far less than we owed on it so selling it meant we’d have to bring $20k or more to the table. The only way to refinance would be if I took over the mortgage myself…that wasn’t very appealing to me. And I’d rather lose a little money each month than go into foreclosure and ruin my A+ credit rating.
So there I was…stuck losing $100 per month for 10 years. Today, I recouped most of that with a nice $10K check handed to me at the closing table.
You may be wondering, “What does this have to do with burying your head in the sand?” Since the house was a rental, it goes without saying we had renters, but the renters didn’t want to move out.
They weren’t too happy when the “for sale” sign went up in the front yard. In fact, they yanked it out of the ground…more than once! They refused showings for two weeks. They called my ex-wife in tears, moaning and sobbing about having to move. They loved the house and had no plans to leave, whether we sold it or not.
Did I mention this was a rental? And their lease was up?! Craziness!!!
In Denver, this is the time to sell. The inventory is low. The interest rates are low. And the number of buyers is high. That’s the perfect storm for a seller. Who knows how long this market will last.
We had one offer before the renter would let anyone in to see the house! The offer we accepted was significantly over asking price! We were losing $200 per month between the two of us. We had no choice. The house had to go!
Instead of accepting reality, this renter chose to bury her head in the sand and pretend like nothing was happening. She wasted two weeks trying to hide from reality, instead of making plans and finding a new place to live.
Change is inevitable. Sometimes the change isn’t something we want or even asked for, but it still happens, none-the-less. Whether in your personal life or in your business, when change happens (or when change NEEDS to happen), it’s natural to be afraid. It’s natural to want things to stay the way they are. It’s natural to want to fight it or avoid it. It’s perfectly natural, but it’s not very productive.
You don’t have to embrace change, but you DO have to accept it. Accept that you’re going to be uncomfortable and that you’re going to have to adapt. Then focus your energy on finding a solution that will help you get through it as quickly as possible.
Burying your head in the sand will do nothing but make your life more difficult and prolong your agony. Confront your fears head-on and show ‘em who’s boss!