ok, i dont know if i would technically classify my husband and myself as REI’s… sort of REI’s by mistake. It seems a series of bad purchases, are sort of forcing us into investors/flippers and landlords. Our first home purchase was in 2004, a condo, which we were miserable in due to a bad neihbor mainly… we sold it for a decent profit, and move in w/ the inlaws. House #2, a fixer upper, which we bought, and renovated, and learned allot of crap - A LOT of crap about houses, old wiring, yadda yadda… then we decided to rent that one and stay w/ the inlaws… So, we then find another condo, which was perfect, a townhouse style (no bad neighbors to contend with), and only needed some fixing up (kitchen, bath, carpets…) which by now, my husband could easily handle. So, earlier this year, we bought that, fixed it over 1-2 mo’s, and have lived there for 2 months or so. We have been reasonably happy however once we fixed it up, it was worth considerably more, and we also could fetch a good rent for it, w/o a whole ton of o/o pocket expenses. So, just the past few days, i have been contending w/ someone who wants to rent our condo, badly, and pay allot of $$ (3,000/mo). I feel crazy not to take the deal. So, my hubby went to talk to his dad. In order to purchase again, and hopefully something decent this time, that we should ask him to re-fi his house (basically owns free and clear) and we will cover all expenses, and payments etc. (we have done this before w/ an existing Heloc, we could now convert to a better rate, and get some cash for next deal). The other catch for them, we need a place to go for 3 months or so, while waiting to find/buy our next place. My parents also offered to let us use a guest house upstate… hoever , I want to note- we have been while living w/ the inlaws who are extremely gracious to my husband and I (they also have a large house and room to spare).
My DH wants to move back one last time- once and for all- w/ his parents, then make a final and ultimate purchase in the place we intended to buy in Ct. Sooo, we obviously take allot of heat from family, called nomads, gypsys etc. Its really not funny, b/c we dont necessarily welcome the madness, it just seems to work out this way, financially. I should note that this is sort of a culmination of late night tired thoughts, and i apologize if this is a frantic sounding bunch of random thoughts at this hour. BUt, we have a guy potentially coming tomorrow w/ a large payment and a lease agreemet to sighn. We are worried, we will have to either move back w/ inlaws, or upstate or both. We again will essentially be homeless. BUT, we are offered these options - we know this is absolutely the last time we could consider using help before were looked at very strangely (were both nearing 30). So, what do we do? Its really unusual, my DH is from a small family, who really understands real estate, and were in the BIZ which of course presents us w/ all kinds of deals… we do both RE and mortgages, so it can get tempting, and well- put us in sitations similar to the one were in.
We want to just move onward, in the right town, settle and have a family- b/c we definately will burn out at this rate.
Anyhow, enough- i am sure i missed some points here- and will be glad to fill in where need be.
And, i know your thinking, if you have to live w/ inlaws, or borrow from them, you cant afford it. … but, the funny thing is- we can actually afford it, but the banks see that we own two other pptys, only taking such amount of rent into consideration, etc. And the first two pptys will be covered by rent, left to (hopefully) appreciate, one were breaking even on and have gained already a good amount of appreiciation, one were making a good profit on each month. We dont want to sell either… bad market, and we want to wait- its just not time yet to liquidate. So, on to ppty #3. Thats what we think we should do. But, we are wondering if were seeing clearly or not… thas why im here.
Thank you!!