Nixon and I want to be Real Estate Tycoons. I’m not sure why I wrote that in Caps but it seemed important enough. We each own two properties. Nixon rents both of his and at least breaks even, but with the tax breaks probably ends up making some money. I also own two properties… one that I am renting that makes good money and the other one we live in and are currently remodeling. We want to have it ready to put on the market (to sell) by June 1st. In the meantime, I am looking at multi-units to purchase between now and then. I’m hoping I can qualify for a loan since I will have to show that I can afford payments on two homes. I have found two great looking duplexes in our downtown area (where we want to buy). And they are very affordable.
The problem… am I rushing into purchasing something? Should I wait until I’ve sold our current residence before taking on another loan? Or should I jump on the chance of getting a good deal on a property while I can? I am leaning towards the latter. I am putting away an amount in savings each month that could cover the cost of the new mortgage, so I say why not? But I’ve always been like that – I’m cautious – but I jump when I have an instinct.
Update 4/1/10: I put an offer on a duplex. Waiting to hear from the bank if they will accept my offer.