Author Topic: Taking the plunge!  (Read 1603 times)

ducky19

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Taking the plunge!
« on: March 27, 2014, 06:43:34 PM »
We have been searching for a new home for over two years and finally found the right place.  We're both pretty excited about the new place, but I think we're both equally excited that we are going to keep our current house to rent!  We've been here for about 10 years, so we figured it would be a good house to have as a first rental since we already know all of the maintenance issues.  We've got a couple of good comps in the area and are confident that we can rent it for $1,000/mo which will more than cover our mortgage payment, but to be on the safe side we can make both payments even when it's not rented.  We should be able to have our original house paid for in about 5 years and the second house 5 years after that.  Needless to say we're both pretty stoked!

EscapeVelocity2020

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Re: Taking the plunge!
« Reply #1 on: March 27, 2014, 09:01:39 PM »
Sounds like you have really thought about this, figured it out.  I'm excited for you!  The traditional angle is to buy a duplex and rent out half, so you are one leg up on that judging by your post.  Start to plan your next move, if I can offer any advice.  Other than that, best of luck, you are headed in the right direction and then some!

ducky19

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Re: Taking the plunge!
« Reply #2 on: March 28, 2014, 10:24:07 AM »
Thanks, we both like to try to plan out our next couple of moves as well as a couple of contingencies in case the shit hits the fan...  =)

arebelspy

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Re: Taking the plunge!
« Reply #3 on: March 28, 2014, 10:49:41 AM »
Congrats!  Awesome way to get started.  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

soccerluvof4

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Re: Taking the plunge!
« Reply #4 on: March 28, 2014, 11:21:10 AM »
Awesome! I cant wait to get my first rental soon too! Gotta be a great feeling! and sounds like you were patient. Congrats!