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Forty Thousand Eight Hundred Ninety Three Dollars.

Forty Thousand Eight Hundred Ninety Three Dollars.

Forty Thousand Eight Hundred Ninety Three Dollars.

The estimated amount that I will end up spending on my home before it sells…not including the $1,150 that I pay for the monthly mortgage, which has not been offset by tenants since September 1st, 2013.

You know what?

It hurts SO GOOD.

If one digs into my archives, he or she will see that I’ve been trying to sell this house for a SUPER long time.

It has been the bane of my financial existence.

I started writing about my attempt to save $30,000 to sell this underwater property on October 16th, 2010.

I was almost there but, my ex-wife and I ended up getting a divorce in April 2011.

So, savings had came to a halt in January 2011 in order to pay for the expenses of the divorce, which included a year of alimony.

I even wrote about this house in Chapter 12 of my book, “How We Prevent Wealth: A Personal Finance Reflection.”

I stated how it was my BIGGEST wealth preventing decision I had made year to date.

Then, I went on to explain what sacrifices I would make to correct this financial mistake.

I rode around in a 1998 Honda Civic until I finally got the chance to refinance this super under water rental property using HARP 2.0. The refinance was a HUGE small win.

It was at that point where I stopped losing $500 a month and started breaking even with the amount of money that my tenants were paying me.

My alimony payments eventually ended at the end of 2011 and I started ramping up my savings again with the selling of this home in mind.

I saved until I made it to about $50,000.

This was when I got comfortable enough to upgrade my Honda Civic to my current 2008 Acura TL, which I paid off after making monthly payments for almost a year, enough until they pissed me off.

My savings came back down about $30,000, which was no problem since it was a good target number to have in the event that my tenants left my property…which is exactly what happened earlier this year.

They left it in a horrible condition. They practically destroyed my rental property.

So, I had to pay a contractor $5,780 to make the repairs.

Based on the comparables, my “discount” real estate broker recommended a listing price of $146,900.

The current balance is $173, 111.

Because I’m using a discount broker, who has been excellent in helping me get this house together, I’ll have to pay him $2,995 when the house sells.

If another real estate broker brings a buyer to the property, I’d have to pay both MY broker and the other broker. The other’s broker’s fee will be 3% of the selling price, which I estimate as $4,407 (I really hope that my broker can find a buyer).

Last, most sellers pay the buyer’s closing costs which I estimate to be around $1, 500.

So, here’s a summary of what I estimate I must bring to the table, in cash:

$26,211 – Current Balance ($173,111) – Estimated Selling Price ($146,900)

$ 2,995 – My broker’s fee

$ 4,407 – Buyer’s broker’s fee

$ 1,500 – Buyer’s closing costs

$40,893 Total required estimated funds

I hope this home sells before the end of this year. This way, it’ll finally be off my financial books, which will allow me to go into the new year with only one debt…my current mortage…and a shit ton of left over income to restore this forty thousand dollar loss.

Does anyone know a good CPA who can help me write this shit off?

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