scine
New Contributor
- Joined
- Jun 23, 2008
- Messages
- 46
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Hey guys!
So after literally YEARS of trying to figure out what to do, I finally bought my first rental. 1,400sq ft., 3 bedroom, 2 bath, built in 2002.
It was a short sale and I put my bid in in late April. I closed just before Halloween. They had it listed for $139k, and I ended up getting it for $110k. I have a management company doing the heavy lifting for 10% of gross rent.
So, after taxes, mortgage, management, etc, the profit should be around $350 a month, and I'm all in for a touch less than $27k.
But alas, it wasn't all fun and games. I had $30k in my bank account, and was in the final stages of closing things up. I was scheduled to sign paperwork in a few days, then my prick of a boss pulls me into his office and demotes me. Long story, not my fault, but took it out on me anyway.
I was facing a crisis: Do I say "F*ck you" and tell them I won't accept the demotion and get fired and live easily off of the 30k and unemployment for the foreseeable future, or do I suck it up, say nothing, and buy the house anyway.
The tipping point for me was when I realized if I did say "F*ck you", it was unclear when I would have another job, when I would get my savings back up, and most importantly, what the housing market would look like when all that lined up.
So, I decided to keep my mouth shut, and buy the house anyway. No guts, no glory I suppose.
Anyway, my dreams of getting out of my profession and actually building something that I don't have to answer to anyone buy myself for is now coming to fruition. And I owe it all to you guys here.
I want to thank everyone on here who kept me focused and gave me encouragement over the years, and now things finally are starting to look up!
Scine
So after literally YEARS of trying to figure out what to do, I finally bought my first rental. 1,400sq ft., 3 bedroom, 2 bath, built in 2002.
It was a short sale and I put my bid in in late April. I closed just before Halloween. They had it listed for $139k, and I ended up getting it for $110k. I have a management company doing the heavy lifting for 10% of gross rent.
So, after taxes, mortgage, management, etc, the profit should be around $350 a month, and I'm all in for a touch less than $27k.
But alas, it wasn't all fun and games. I had $30k in my bank account, and was in the final stages of closing things up. I was scheduled to sign paperwork in a few days, then my prick of a boss pulls me into his office and demotes me. Long story, not my fault, but took it out on me anyway.
I was facing a crisis: Do I say "F*ck you" and tell them I won't accept the demotion and get fired and live easily off of the 30k and unemployment for the foreseeable future, or do I suck it up, say nothing, and buy the house anyway.
The tipping point for me was when I realized if I did say "F*ck you", it was unclear when I would have another job, when I would get my savings back up, and most importantly, what the housing market would look like when all that lined up.
So, I decided to keep my mouth shut, and buy the house anyway. No guts, no glory I suppose.
Anyway, my dreams of getting out of my profession and actually building something that I don't have to answer to anyone buy myself for is now coming to fruition. And I owe it all to you guys here.
I want to thank everyone on here who kept me focused and gave me encouragement over the years, and now things finally are starting to look up!
Scine
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