- Wedding: September 2013 - B&B
Funny you should ask because we JUST became homeowners on the 18th!!!!!
It honestly just kind of happened… When I graduated in 2011, I was not able to find a job in my major and I got an ok paying job at the end of that summer. I wasn’t able to save too much, but I could save some.
Meanwhile, my Fiance was still in school, and he worked a lot and had REALLY awesome summer internships. He was able to save quite a nice little chunk of change, close to $10,000. He had been saving that up for at least 3 years.
We got engaged in Feb 2012, no immediate plans to buy a house. But he and I DID start talking about possibly buying an “income” property. He had a friend who had one and it was an excellent investement. We discussed it, hypothetically of course, and I agreed that if the opportunity presented itself I would be willing to be a landlord.
Fast forward to fall of 2012, and the market where we are located currently is INSANE. A decent house in town (3 bedroom, attic finished room, little yard, 2 full bath, not a thing wrong with the house) could be $75k-$80k. Between the FHA loan and his down payment, and the fact that loan rates are wonderful right now, we decided to go for it! Things just fell into place for us. We waited until he graduated and he luckily got a job in his field right away with somewhat decent pay, and I finally landed a job that pays me real money! It was the most grueling stupid process because we ran into a LOT of problems having brand new jobs and not being married, but we did it!
We also bought it, like I said, to be an income property. It’s a single family home turned into 3 apartments: a basement efficiency, a first floor apartment, and a second floor apartment with a finished attic. For the time, we will live in the second story, and the first floor apartment’s rent pays our monthly PITI payment. Principle, interest, taxes, and insurance. If we get a renter for the efficiency, they pretty much cover the bills: water/sewer, gas, most of th electricity, etc. So basically… if all goes to plan… other people are paying for our home AND we have a mostly free place to live! Obviously in the meantime we are saving for our own home in a few years as well as saving some money for any repairs to this one that may come up. But in a few years time we hope the equity (plus our personal savings we are able to save because we’re basically living almost payment-free) will give us the opportunity to buy some land and build our dream home!