(Closed) Just bought an investment property!

posted 7 years ago in Home
Post # 3
Member
887 posts
Busy bee
  • Wedding: March 2010

Somewhat similar– my husband and I got married during spring break of our senior year of college. We bought our first home two months later. In the two years since then, we’ve “flipped” and sold two and just bought a new one. We were lucky that we didn’t need a mortgage for any of them– we used savings to pay cash for all of the houses.

Still, money can be a huge stressor! I think the best thing we did to handle the stress was to budget and stick to it. We were also very honest with our spending and completely combined finances. Our first house stretched us REALLY thin, like eating Ramen Noodles every night and not leaving the house ever thin (and keeping the heat at 58 degrees in the winter lol). But, we accomplished a goal together through lots of planning and budgeting. Now that we’re on our third house, we definitely don’t have money issues anymore, but the budgeting techniques and honesty that we learned from our “poor” time still help us make better decisions!

Just my personal experience, everyone approaches money differently 🙂

Post # 4
Member
7291 posts
Busy Beekeeper
  • Wedding: October 2011

We bought an investment property young, and it has been overwhelmingly good! We have been able to live off of the rent money , which was great during college and now newlywedness 😉

It can be daunting at times like as if something breaks, and also double your tax bills, ins  etc. Its like double the fun! lol

Best of luck! Can’t wait to hear more or see some pics !

 

Post # 5
Member
46641 posts
Honey Beekeeper
  • Wedding: November 1999

Choosing a new build will certainly cut the risk that you will need to do repairs in the near future. You may have to landscape the yard though.

Post # 5
Hostess
18637 posts
Honey Beekeeper
  • Wedding: June 2009

Our first house became a rental property.  It is tough having a rental property that you don’t live near.

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