Guest Post by Dr. Robert Malone
The nuts and bolts of a new beginning
At the end of 2007, Jill and I bought a farm in Jasper, Georgia. We did this because of a new job. It was one of the dumber things we ever did. We sold a lovely farm near Point of Rocks Maryland, one that we had spent years rebuilding. We were finally starting to reap the rewards of years of hard, back-breaking work rebuilding old barns, a house and putting up fence. Once there, the company I had gone to work for quite literally lost the government contract (because of executive actions to hide problems) and pulled up stakes from the USA a few months after we relocated. All of the sudden, I was out of a job, and then the housing market crashed. Big time. Our farm lost at least 50% of it value overnight.
We continued on with our consulting business, but the real estate market in rural north Georgia never recovered. Our mortgage was well underwater, and as it was a farm, the interest rate was high. Farm loans are considered commercial loans and interest rates are always higher than residential rates.
Finally in 2013, we managed to get out of the mortgage, but we lost our all the equity and more. We fled Georgia back up to the Virginia area – where most of our clients were located.
Continue reading “Homesteading: Part One”