If you’ve been following my blog, you may remember a few posts I’ve written about being financially independent. Well, after talking the talk, I started the process of walking the walk.
Financial independence can have different meanings to different people. It can mean being debt free, it can mean having millions of dollars, or it can mean being able to support yourself through being self-employed or relying on passive income through various investments. The definition for myself is the latter.
After months of reading books, listening to podcasts, and reading articles about real estate, I took the plunge and bought a foreclosed house in February, 2017. “How could I not buy this”, I told myself and everyone around me; because the mortgage payment was less than half of the average car payment.
I joke that Mike and I doing the renovations to this house was very good pre-marital counseling. The timing could not have been any worse (who renovates a house right up to their wedding day)? Apparently we were crazy enough to take on that task.
After we got back from our honeymoon and did some finishing touches we found some tenants.
It’s just crazy to think that we are getting $765/mo. in rent and the payment is only $330. I know we won’t get rich off of this one house but imagine if we had at least 10 with the same numbers!
Now for some before and after pictures:
It was a very very long process to get the deal closed after making an offer. All in all it took about 3 months to close.
Once the renovations started I think we realized that we were taking on a much bigger task than we had initially envisioned. Every weekend was devoted to working on the rental house. We didn’t get to take any trips or really do anything just for us. My life, and every spare thought it seemed, revolved around that house and what we needed the next time we went to lowes or if we would get it done before the wedding. Keep in mind I was also trying to plan a wedding. I don’t even want to be reminded of that time. Haha
Now that it’s done Mike and I both have a huge sense of relief. And now we can actually have time to go on a hike on the weekend!
I’ll probably get another one within the next year but for the next few months I’m just going to try and relax and enjoy this period of peacefulness.