The Day I Bought a House in Cash and the Economic Lessons of a Facebook Challenge

Every so often, I get inspired to browse a new website, and then I get ideas that sound wild at best to people. That happened when I came upon a website called Auction.com. It featured houses for sell in auctions, and the prices were high but reasonable. At that moment, I decided I was really going to buy a house, and I did. This is about the day I bought a house and the economic lessons of a Facebook challenge.

To take a step back, I’d just published a semi-viral post on Facebook. I wrote, “If rent goes from $750 to $1,250, what good is $15 an hour? We need rent and price control, not a higher minimum wage.” People generally related to that status, and today, we are in that place I so long ago warned about. The frustration expressed in this status is what led me to even remotely think I could buy a house in cash. Also, the comments underneath that Facebook post challenged me to do something about it.

As you’ll notice in the above screenshot, I posted this status a day after Valentine’s Day in 2019. Holiday spending will make you feel that way.

So, on Auction.com, I scrolled for about an hour before I found something I could probably almost nearly win in an auction. The chances were about 10/90 and not in my favor. But I had a chance, and that’s really all I’ve ever needed.

And I entered my bid that immediately got out-bid. And then I entered another bid. And then the lister bid against me, I wiped sweat from my forehead and bid again. And then someone else bid against me, and any confidence I’d had dissipated with the next exhalation.

But I placed what I internally called my last bid. It was my highest price. And I waited. And waited. And stared at the screen. And waited some more. But then the clock ran out. The confirmation came that I had won the bid.

How I felt, I can’t fully describe. The feeling was like earning my own lifetime resort. A sense of humility washed over me, reminding me to be thankful. I was and still am. In hindsight, I see some of the lessons in this.

When I wrote that quasi-viral status, frustration inspired it, but the urge to inform others embodied it. When I read some of the comments saying rent wouldn’t rise to such levels and challenging me to do something about it, I made the move to buy my own house. Had I not jumped from Facebook to a real estate website, I wouldn’t have gotten the house I bought. That brings me to an interesting point.

Many of those who bought houses in cash around the same time I did are not experiencing a rise in rent. Some are doing the renting. They bought houses when it looked like this moment we’re in now would come. This is seeing implications and acting upon them.

That as the case, I learned to trust my analyses. When there are moments of economic turmoil, I know to secure myself. I know that there is always economic turmoil. Some moments just seem a bit more economically catastrophic than others. What matters is how I position myself in the moment.

Another important lesson I learned is not to listen to the negative opinions of others. Between joining the auction and winning, I told some people close to me what I was doing. It confused a number at best, and they thought I was wasting my time. I was but only by talking to them.

To you, move forward. Do what makes sense to no one but yourself for the good. Too many great ideas are crumbled in the mix of (not really) friendly advice. Rely on your determination and action for results. They’ll see the outcome. Your goal is not to convince them in conversation. Your goal is to get what you came for.

This article was written by Jermaine Reed, MFA, the Editor-in-Chief of The Reeders Block. Join the email list to get notifications on new blog posts and books. This article is 100% human-written. And remember, if you see an error, that’s what makes us human.