OK some of you may have missed it from this thread here, but my wife and I bought a house. This is an excellent investment and we got a nice deal. This house is actually what we will be living in. It's appraised at $255,000 but we are buying it for $185,000. They kept lowering it and finally after a year it dropped $70,000 of the original price. It was an estate sale as the house was inherited by 2 people who were next of kin.
They had no intentions of living in it, but rather selling it off and splitting the revenue. It was costing them to keep the house.
Anyway, they are expediting this so that the closing date falls before the New Year. So Friday we have to go back in and redo the paperwork with the new closing date.
There isn't much we need to do other than update the old knob and tube wiring which is quoted at $5100. Once that is done we are moving in :banana:
The place was built in 1908 and has a butler's pantry. It's a nice fancy old queen victorian style. It's 4,000 square feet, 3 floors, 4 (or 5) bedrooms, 3 working fireplaces, 3 non working fireplaces, 2 full baths and 1/2 bath, and my favorite... wait for it... wait... the LIBRARY :coffee:
Love it.
So we are excited and can't wait to move. We just bought a nice buffet a month or so ago, and two really nice chest of drawers.... These will fit in there perfectly.
But at $185K and 10% down we estimate having it fully paid off in anywhere from 7-9 years depending on how things go and based on us never improving our yearly income. Kind of a worse case scenario thing.
Maybe at some point I will ask for some advice on how to get to our goals. There are a lot of intelligent people here and would like some advice on that. I would want to provide current revenue, what we currently have for assets, and how to get to where we need to be in 12-15 years. By the time I am 50 years old I would like to say I made it. :smxF:
They had no intentions of living in it, but rather selling it off and splitting the revenue. It was costing them to keep the house.
Anyway, they are expediting this so that the closing date falls before the New Year. So Friday we have to go back in and redo the paperwork with the new closing date.
There isn't much we need to do other than update the old knob and tube wiring which is quoted at $5100. Once that is done we are moving in :banana:
The place was built in 1908 and has a butler's pantry. It's a nice fancy old queen victorian style. It's 4,000 square feet, 3 floors, 4 (or 5) bedrooms, 3 working fireplaces, 3 non working fireplaces, 2 full baths and 1/2 bath, and my favorite... wait for it... wait... the LIBRARY :coffee:
Love it.
So we are excited and can't wait to move. We just bought a nice buffet a month or so ago, and two really nice chest of drawers.... These will fit in there perfectly.
But at $185K and 10% down we estimate having it fully paid off in anywhere from 7-9 years depending on how things go and based on us never improving our yearly income. Kind of a worse case scenario thing.
Maybe at some point I will ask for some advice on how to get to our goals. There are a lot of intelligent people here and would like some advice on that. I would want to provide current revenue, what we currently have for assets, and how to get to where we need to be in 12-15 years. By the time I am 50 years old I would like to say I made it. :smxF:
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