My wonderful husband is infinitely more financially savvy than I am. Thankfully. We’d be screwed if I was in charge. Not only that, but he’s also rather ambitious…in a good way, not in a hold-your-horses-there-young-buck-and-let’s-introduce-you-to-reality way. He has such great dreams and plans for our future and the future of our family, and he’s not just all talk, he really makes steps towards achieving those goals. I’m glad to be along for that ride, even though my eyes glaze over from time to time when too many numbers and acronyms are involved.
Sorry, enough husband bragging.
On that road to full financial security and freedom, we (meaning Kyle) made the decision to plunge into home ownership. We knew what we were looking for. It’s actually something we talked about the first day we met (you know, the one where we were up half the night talking about the party he was going to be throwing). I told him I had this dream of flipping a few houses in a really high quality way, and on the earnings from those, begin to purchase homes with the intent of making them really nice and renting them out to single moms and nice college kids (emphasis on nice). Well my friends, in a way, that dream is coming true.
First criteria: it had to be a fixer house. Couple reasons, 1) that’s all we could afford, and 2) I have the eye to make it nice on a budget and the ability to stay positive in stressful situations, while Kyle has the mind for profit and the braun to help make my vision come to life. Perfect team!
Second criteria: we needed two bedrooms. We wanted to have a guest room/office space.
Third criteria: ample parking. We love having people over and didn’t want parking to be a deterrent to that happening. Our last place had awful guest parking, it was terrible, and as a result we rarely had people over.
A couple of “it’d be nice”es: a second unit that we could rent out while living there (shooting kinda high with that one, but why not), and a garage
We spent hours searching high and low, north and south, large and small. We spent quite a long time pouring plans into a friends house that was going to be foreclosed on. The place was falling apart, but could have been gorgeous. We put in an offer before it was even on the market, the bank rejected it, then they listed the house for $150K more than our offer. And that was the end of that chapter.
We then put an offer in on a teensy tiny little two bedroom that was one hundred square feet smaller than the condo we were renting at the time. Lost out on that one in a bidding war.
Hoping we could prove that the third time would be the charm, we put an offer in on a two bed one bath 1940 bungalow with no appliances, too many doors, and some serious flooring problems, that had been severely neglected for quite a while. Oh…and a finished basement that’s a separate unit. So we could rent that out and be gaining income while living there. WINNING.
We got it! And in the end, we actually got it for $10,000 less than our original offer, which was pretty sweet. Check out my next post to see what we got ourselves into!