Wednesday, February 27, 2008

Big News On the Horizon

No we're not having another baby, we're not getting a pet and we're not moving to some far off land. We are moving however!

Without getting into too many of the nitty gritty details... here's my 30 second scoop:

Rob and I are always looking at Real Estate. It's a sick hobby of ours. Some people paint, some people play golf. We look at houses. Well, several weeks ago we found a condo that had been foreclosed on at an irresistible price. It's a fixer-upper, but we could move into it, and keep our current place since it can rent for enough to cover the mortgage. So, we decided to test the waters, put in an offer and put our place for rent on Craigslist.

Our offer was accepted, as of this morning our house has new renters and we're moving in the next month (assuming that all of the financing goes through and the inspection doesn't show any additional surprises).

We feel like this is a great opportunity for us for many reasons, so we're quite excited! We'll get to try our hand at some home repairs, like gutting the bathroom and replacing a chunk of ceiling, and hopefully some carpet too. In theory once we get it fixed up we could rent out that place and move back in here after a year or two. Someone else will be paying our mortgage on our current home (I won't complain!) and we'll be saving several hundred dollars a month in the meantime. Yup, that's the BIG bonus!

It's only a little bit smaller (1220 square feet verses the 1442 we currently have and 3 bedroom 1.5 bath instead of 3 and 2.5). The neighborhood is not as nice, but we've lived in that same neighborhood twice before and have no complaints. We won't have a yard which some might see as a negative but we don't have a problem with. These small sacrifices are worth it to us to pursue a life long dream of owning a rental.

Who knows, maybe this is my first step to being a self-made millionaire by the time I'm 27? Yup, surely this condo is going to increase in value enough over the next year to make me millions. That's what all those infomercials say, right? And that diet pill is going to make me skinny overnight, and that knife they want me to buy is the only knife I'll ever need again, and there's only one of those perfect bracelets in stock so I better act fast!

I'll keep you updated!

2 comments:

Jacob said...

how exciting!!

SaraJane said...

Are you going to fly me there to paint your house? That is our tradition now. Rob goes away for the weekend and we paint and watch the Gilmore girls. Send pictures soon!

P.S. The local library has the Gilmore girls so I get to watch what I didn't get to watch with you.