Should I abandon my log cabin building dreams?

02/15/2008 - 22:01

Posts: 105
Joined: 2007-12-05

I lost my job today!

In 1998 I re-located my family to Colorado from Georgia to take my dream job. In 2002 I was laid off from my dream job; but have been doing my dream job as a contractor for the same money but less work until today. My plans were to work making good money as a contractor part time, and then build my cabin during my off weeks. Well now I have 52 off weeks but no income.

Where do I go from here?
The good news is that I have a skill that is hard to find and I am paid well to perform that skill. The bad news is there are not many companies that need that skill. In order to sell my skill I will have to do some very serious pavement pounding.
Asset wise we are in great shape.
Cash Flow wise not enough day to day income to pay the bills just on my wife’s salary

We have mountain land to build on,
We have a house with a mortgage (less than 9 years until payoff on the 1st mortgage 18 years on the second used to buy the mountain property)
We will be selling 10 of my 43 acres in GA to the county for a reservoir. (Very nice chunk of change coming this year)
In 2014 we will have lake front property in Georgia (33+ acres that we own outright)
We have a decent 401k nest egg for retirement.
We have two daughters in college one with 3 years to go one with 2 years to go.
We have a ten year old son.

Should we pay off our house and bills so that we only have to pay taxes, utilities, college etc?
Should we give up my dream of building my own log cabin?
Should I get a full time job for less money than I made being self employed working less than half of the year?
Should we sell our mountain property?

Should I build on my mountain land and then sell our cabin and land for profit/income?
Should I build on part of my future lake front property 1600 miles from home then sell it for profit/income?

I’m not whining there are a lot of people in far worse shape than we are in. I’m not too worried about losing it all I’ll do whatever it takes to make it work. I do not want to be a corporate slave ever again. If they pay my price I’ll work for them on my terms.

I believe things happen for a reason I need to decide my path until we retire in 8-10years.
Living in the mountains off of the land is not happening at least not full time.

The Coors pure rocky mountain stream "North Clear Creek"

Comments

02/15/2008 - 23:32

jayrae01

Posts: 7
Joined: 2008-02-15

I'm not super financial

I'm not super financial savvy, but it sounds like you should go to Dave Ramsey for some guidance. Look his site up: www.daveramsey.com. He's not one of those pipe-dream get-rich-quick people-he's all about common sense and becoming financially free. My wife and I have completely changed the way we think about money, and life alltogether. Do not give up the log home dream...it doesn't have to be a dream as long as you have a plan.

02/19/2008 - 05:45

huffjohndeb

Posts: 105
Joined: 2007-12-05

Thanks jayre01, My plan for now is to not lose my existing home

I'm selling timber so that will keep me afloat until the end of year. I'm trying to start my own business and compete with my former employer a risky but potentally finacially rewarding venture.

The Coors pure rocky mountain stream "North Clear Creek"

02/19/2008 - 12:36

Alex

Posts: 18
Joined: 2008-02-14

hi huffjohndeb Sorry to hear

hi huffjohndeb

Sorry to hear you lost your job, but I always say to my self when something that looks like bad news first, it means that something better for me is comming and it is better this way, even if it was your dream job. You have a good attitude, when some people see failure, usually success is one step further where everybody would turn their back.

Keep smiling at life and she will soon smile back at you, everything is in our attitude.

All the best to you and your familly

Peace

Alex

P.S I had no job for 3 months, hi rent, hi payments, no income, and just got a job, l did 30 hrs in 2 days, hurt my back, could not work for another 2 weks, but I received an early bday present (LHBA membership), it helps heal faster. Life is beautifull and well made.

02/19/2008 - 23:48

Klapton

Posts: 572
Joined: 2007-08-16

I didn't reply right away...

I didn't reply right away because I honestly don't have a solution to your situation. Also, I could never bring myself to tell anyone NOT to pursue their log home dreams. Mine has been delayed recently, and that was disappointing enough. It would be truly depressing for me if I had to actually give it up altogether.

I wish you well in your efforts, and hang in there! It seems to me that your dream will be delayed like mine, but I wouldn't give up!

http://www.LarrysLogCabin.com/
LHBA Class of October, 2007
Status: Waiting to sell current home, planning

02/20/2008 - 13:31

jeffro

Posts: 140
Joined: 2005-10-11

Maybe you could retreat to

Maybe you could retreat to the future lakefront property if it is paid for and you would want to live there, and you could cash out in CO with money in hand.

Jeff
It'll all work out eventually....

02/21/2008 - 00:47

Mark OBrien

Posts: 104
Joined: 2005-01-30

Never Abandon Your Dreams!!!!!!!!

Huffjohndeb, I cannot stress this enough. The last 7 years of my life have been extremely tumultuous. I have lost my parents and my daughter. I have lost a business and gained another. I had backing to build a log home and then it was withdrawn. I've been seriously ill, and came within days of a divorce. I have been to the depths and am back into a place where I still have my dream of freedom through not having a mortgage. I will build my log home. Not this year. Maybe next year. I will not let go of that dream no matter what. You have your health, a loving family and some serious advantages. Yes, this is a setback. Get past it and keep true to what you really want. The shortest distance to a goal is a straight line. Waiver and it takes you longer to get to where you want to be. Just my 2 cents worth. Good luck and God bless!

You will never find anybody who can give you a clear and compelling reason why we observe daylight savings time.

03/11/2008 - 20:20

jrdavis

Posts: 12
Joined: 2005-01-10

Never give up the dream

Huff --
Never give up the dream.
I was in the middle of building a stick built when I took the class from Skip in October of 1999. It took me 2+ years to move into it and I've been dreaming for the past 5 years.
I took the last jobs 401k and rolled it into a SDA (Self Directed Ira Account) with http://www.penscotrust.com and have purchased "investment" property to build the first log home on to then sell. That could be an option for you, but the cash out from the CO property might be a good way to go and move onto the land.
You can buy several 8X40 shipping containers < http://www.fabprefab.com/fabfiles/containerbayhome.htm
Think cutback for now to have the dream home in 1-2 years.
Good Luck and G-d Bless

James.
SW Iowa
Logless, but looking :+}

SW Iowa
Logless, but looking :+}

Should I abandon my log cabin building dreams?

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