Patience is a virtue

This is a saying I was taught from my gorgeous Mam. I never really understood it as a young lad, but I am fully aware these days.

Patience is currently being forced upon me while I wait for money to come through from my existing house and my 4th rental. If I had any hair left, it would be getting ripped from my scalp!

I am dealing with the same mortgage company for both applications and the process has been dragging on since mid-August. The additional borrowing application (taking money out of my family home for my 5th rental) is killing me.

Every week they ask for something else. The last 3 weeks for example they have asked for a reference from my accountant. I calmly respond and send the reference. Then when I speak to them, they say the application is with the underwriters. Fuck the underwriters.

Out of the blue I received a call this week from a lady who works for said mortgage company. Finally, I was speaking to someone who knew what she was talking about. After apologizing, she informed me that the underwriters wanted my latest accounts that had been filed a few weeks earlier. Fuck the underwriters.

Now I have sent the latest accounts, I am confident that I will get the additional borrowing. If I get the money in the next few weeks, I am hoping to get rental no. 5 before Christmas. With everyone’s focus on Santa Claus and generally enjoying the festivities, I am looking to get a good deal from the houses I have been viewing over the last few months.

This delay in releasing the funds has cost me on 2 potential deals. 2 houses were up for auction last week and I would have potentially bought one of them.

One of the houses was up for £75,000 and sold for £73,000. This was up for £95,000 in the summer and I had been keeping a close eye on developments. £73,000 is a good deal and there are similar properties in the same street up for £110,000. Fuck the underwriters.

The other house was up for £35,000 and sold for £32,000. If I had the funds released, I could have bought it outright. After my research, I was confident I could have mortgaged the property for around £45,000. This means I could have bought the house and would have made £13,000 profit straight away leaving me with more than enough money for another rental. Fuck the underwriters.

I know I must put my emotions to the side and that these deals were simply not meant to be. With these delays, I am learning to be very patient.

The good thing during this period is that I have remained calm and relaxed which wasn’t always the case in previous years.

Looking at self-development over the last 12 months, the most important thing for me is to learn to manage my emotions. Although my inner chimp (Chimp Paradox – Steve Peters) is always going to be there, I now know that by learning to manage it, my life will improve in all areas.

I was disappointed last week when I couldn’t get involved in the auction, but shit happens. I didn’t dwell on it and know that when I do get my hands on the money, rental no.5 won’t be too far away. Remember – patience is a virtue.

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