I found what shall soon be my third property. It is a cute little duplex right in the heart of downtown, built in 1907. I saw it and had to have it… even though Nixon and I aren’t in the perfect position to buy it right now. But if you always wait until the moment is perfect (when doing anything in life) you’ll never get around to it.
There were 5 other people making offers on this particular property but turns out I had the best one. I think they liked the fact that I would be occupying the property. I also put down a large amount for earnest money. Our settlement date is May 12th, so for the next month we will be getting the house inspected, getting financing finalized, and all those other little things you need to do when buying a house.
After all is said and done, once we move into the duplex, we will have either no mortgage or a very small one (maybe a couple hundred dollars). This takes into account the money we are making from our other rentals.
We are both so excited about our move downtown and the freedom it will give us. We will not feel tied to our jobs since we don’t need to rely on our paychecks to cover our mortgage. And since it is downtown, we will be selling one of our cars and using public transportation and our bikes to get around.
It truly is a new beginning for us! If you have ever thought about real estate as an investment AND a way to make “passive” income… get off your butt and make it happen! So far, it is working for us and taking us on the road away from cubicle hell. Join us.