Whew! This house rebuild is starting to tire us out! We’ve officially been working on rebuilding this house for just over a month now, and we’re pretty happy with the progress we’ve made so far (ha, but it sure would be nice to be done!!! …maybe in another month or so).
In the last update (see Rental House Rebuild – Update #2), the plumbing was completed, the furnace was fixed, the deck was power washed, the basement “grow room” was torn down, the bathroom was prepped for painting, and the entire main floor was primed. That was a ton of work, but progress must keep moving forward! Let’s see what we got finished in the last two weeks.
The Rental House Rebuild – Update #3
After writing down a list of all the things we tackled in the last 2 weeks, I’m pretty impressed with what we got done again! . . . → Read More: The Rental House Rebuild – Update #3
Liz and I bought our new investment property almost 3 weeks ago now. While we aren’t necessarily working on it 24/7 (we are actually still trying to have a life at the same time – you know, before all the baby screaming begins), we are still making some pretty solid progress.
In the last update (after Week 1), we had basically tore up all the carpet in the living room, dining room, and bedroom, and then removed the laminate tiles in the kitchen and bathroom. It was the majority of the tear-down that needed to happen on the main floor.
The Rental House Rebuild – Weeks #2 and #3
In weeks #2 and #3, we focused on seven different areas of the house:
painting the bathroom the kitchen the basement grow room plumbing the furnace the deck
It sounds like a lot, but much of it felt more like project . . . → Read More: The Rental House Rebuild – Update #2
It’s a super exciting time for Liz and I. We closed on our rental property on Monday and have been tearing apart the rental ever since. Unfortunately, much of the beginning stages of the demo has left us a bit disappointed….
Day 1 – Tearing Out the Living Room Carpet and Kitchen Laminate Tile
The Living and Dining Room
On the day of the closing, I decided to start tearing into the living and dining room immediately. I knew there were hardwood floors underneath (because I tore up a small corner of the carpet when we first looked at it), but I didn’t know the full condition of the floors and I was excited to see them.
Well, I tore back the first corner and…wommp wommm….not what I was expecting. The entire floor wasn’t hardwood! It had a different, cheaper version of wood in the middle. I had seen this . . . → Read More: Tearing Apart Our Rental – Beginning Stages of DIY
Liz and I are incredibly close to buying our very first investment property (excited!!). It’s a foreclosed home and is in need of some repair, but with only $9,000 (or so) and a little elbow grease, we could have instant equity of about $20,000 in the home once it’s all fixed up! While it would be nice to put a quick $20k in our pockets, this actually isn’t the plan with this house. Ideally, we’d like to find a solid renter that’s willing (and able) to pay $1,000 a month for their stay. Since we’re paying for the property with cash, nearly all of the rent is pure profit.
The Original Plan(s)
Before Liz and I got pregnant like a couple of jackrabbits, the ORIGINAL plan was to:
buy an investment property fix it up rent it out save up buy another investment house have a baby
Then the original . . . → Read More: Another House Opportunity? Really? What Should We Do?
Have you ever thought about getting into the rental game? Personally, I’ve been enamored with the idea since I was 16 years old. And now, 14 years later, it looks like I’ll finally be throwing my hat into the passive income rental ring! YIPPEE! Watch out Monopoly man, you may be getting dethroned! Now where did I put my monocle…?
Leading Up to the Purchase
So how did Liz and I find our investment property? Let me tell you, it wasn’t easy. Prior to this property, we scoured the entire area (for the entire summer) for anything that was for sale under $95,000. We walked through about 10 properties – four of those we simply walked away (for various reasons), and the other six we were outbid on by typically more than $10,000. We wanted to find an absolute deal, not pay retail price for a home.
There was one . . . → Read More: Our House Offer Was Accepted! Let the Rental Games Begin!
Are you in the market to buy a house soon? It’s definitely an exciting time, but it often comes with a TON of questions! Is the house in a good area? What’s a fair price for the property? How much of a down-payment should you make? And, here’s the big question (and the one we’ll be focusing on today): Should you take out a 15-year mortgage or a 30-year mortgage? These questions aren’t always so easy to answer and might even leave you with more questions than you started with! My goal today is to help you decide which mortgage option is right for you.
15-Year Mortgage or a 30-Year Mortgage?
When I was growing up into adulthood and started considering a house purchase, I began by asking the same question – “Should I take out a 15-year mortgage or a 30-year mortgage for my first home loan?” My adult . . . → Read More: 15-Year Mortgage or a 30-Year Mortgage? Pros and Cons of Each
Are you trying to find a deal on real estate? With the housing market so hot these days (see the national housing trend below), it can seem almost impossible to find a deal on real estate, but no matter how hot the market may be, there are still plenty of ways to find yourself a deal.
10 Ways to Find a Deal on Real Estate
Some people walk through a house and everything has to be pristine for them to even consider purchasing it. This is most certainly NOT how to find a deal on real estate. So how can almost anyone find themselves a deal? Check out these 10 methods and you’ll likely save thousands of dollars on your next home purchase.
#1. Find a Quality Realtor
As a buyer, you can hire yourself a realtor and pay absolutely nothing for their . . . → Read More: 10 Ways to Find a Deal on Real Estate
“The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.” — Steve Jobs
Steve Jobs was a brilliant and determined individual. He loved what he did and therefore excelled in his work, seemingly because it was his passion. But, is this profound statement even possible for everyone?
Should You Do What You Love? The Reality of Today
The United States is considered to be the land of opportunity, but within its borders there are 49.1 million Americans that are considered to be food insecure, meaning that they don’t have the funds necessary to buy adequate food for their families. When parents are struggling to provide food for their families, “doing what they love” probably isn’t even a consideration.
Beyond this, think about our college students today. They excitedly go off to college and pursue a field . . . → Read More: Should You Do What You Love? Is It Possible?