Future Investment Property?
A few weeks ago something very weird and very unlike me happened: I kinda impulse put in an offer on an investment property.
Now, I vaguely remember saying that this is something that I wanted to do, but I had been firmly on the “Why deal with the stress?” side of things for a bit now. I think 2020+ has made me less willing to deal with even more shit in life. So, this was quite a shock to me that it nearly happened.
I was minding my own business at work and decided to look at the pricing of homes in the area. While I was doing this, I learned that there is a new community that was about to start selling in a very popular area. It is almost guaranteed to appreciate in value and would profit at least $500 a month. We also would have time to save up the down payment since it wouldn’t close until next mid next year, give or take.
So, I jumped on it. I reached out to my bosses, since it’s with my company, and put us on the list for it. Yes, there was a list. Apparently, I was not the only one who thought it was a steal. Got home and told Mr. FOGA about it and he was on board. Yes, I did this without Mr. FOGA being aware at the time. This was all in the span of four hours or so and I didn’t want to lose it. Plus, one of the perks of being an employee is I can always remove us from the list with no hard feelings. There’s a list AND it’s a seller’s market. They will be fine if I drop out.
Sadly/Fortunately, we were not able to buy this one. There were four of us and they gave it to the managers who wanted it first. In all fairness, one of them did get there before anyone else. If we want it still, depending on pricing cause it is going up in the meantime, we would have to wait on the next one which would be in a few months (give or take, but probably give).
I say sadly because it was a great deal and it had a great view as well which was a big perk. But also fortunately because now we have time to do this correctly and not just impulse buy a freaking house. I have a coworker who was also told no, so now we help each other look at the options we have in the area. There are actually two to three that would work okay so I get to keep an eye on that now for when we are ready to more comfortably pull the trigger.
All in all, it looks like there may be an investment property in our future. How soon? Who’s to say, but I don’t think it would happen before January next year. Lots to do in the meantime.
How about you guys? Interested in an investment property? Why or why not?
Feature Photo by Dillon Kydd on Unsplash
Congrats! Well, *almost* congrats :). I feel like you probably learned more in those four hours than most people learn in a year. Putting in offers is what separates investors from spectators. I’m proud of you regardless of whether you got a property or not.
Have a great day!
Joel
Thanks! It turned out to be a potential blessing in disguise, but the future investment will really depend on where the pricing is when we are finally allowed/able to pull the trigger.
Thanks for reading!
Haha so I had a good health day about 7-8 years ago, learned some of the ropes of investment properties from a friend who’s been investing in RE for a long while, and within a month of that day, I’d bought a property.
It was a good lesson in doing things outside my financial comfort zone and we made money but we probably would have made as much in the market. Frankly I hated everything about the property management. I sold it last year when we struggled with tenant and neighbor problems and when COVID ended up sending our good tenants out of state and I have never been more grateful to be done with a financial project in my life.
I had a pie in the sky dream of being an ethical landlord who kept rent low in well maintained properties but it cost me way too much in stress when we didn’t have deep reserves. I have friends who are doing this though, and maybe one of the things I can do is work with them later when we’re post pandemic or when I quit my current job.
Wow! Yeah, I am worried that would be me as far as being sick of the property and dealing with renters and whatnot. Still want to try it just to see how we do since Mr. FOGA would be managing more than me. This is a good area, so we should (knock on all the wood) be able to sell it for a profit if it all goes to shit. lol
Working with friends who are doing it sounds like a pretty good idea too. 🙂
Thanks for reading!
I bet you’d be better at it than me. I hated it because I hate dealing with people and the property manager is people. Also once I caught her stealth racism/code, I was done with her.
Absolutely. None of that shit will be tolerated for sure. I think we would manage it for a bit and see how we like it. If we hate it, then we try a property manager. If we hate that, then we sell the damn thing and we learned a valuable lesson about ourselves. lol