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Saturday, August 9, 2014

// Finally.

Rusty and I have been trying to buy another house on and off for the last three years. When I was pregnant with Arlo, we desperately wanted to have an investment property that we could rent out and make extra income with by the time he was born. We had a contract on two separate houses - one ended up getting vandalized (and all the copper in the entire house stolen) while under contract. The damage was estimated at $20,000, which was extra money we didn't have. Both houses fell through, and then Arlo was born and we were too wrapped up in him to even think about other houses (understandably, right?). Fast forward to October 2013. Arlo had just turned one and we wanted to see where we stood as far as getting approved for another loan without my day job's income. I had just started The Violet Room and wasn't making quite what I wanted to yet. Still, we wanted to see how far off the mark we were. We were approved, but only if we were to sell the house we were living in. We were disappointed, but it was great motivation to work harder. Two months later, we decided to move to a rent house in the country and then rent out the home we owned. We moved on January 2nd, and had our "old" house rented out (in two days!) with a year lease signed. We were completely ecstatic. Owning a rental property had been our dream for years, and even though we didn't do it the traditional way, we were still pumped.
Last month, we went back to the same bank and re-applied for another mortgage loan. My business had grown and we had a signed years lease on our property. My stomach was in knots waiting for the yes or no, but we finally got official word we'd been approved and could start looking at houses. Phew. The next day, Rusty and I drove by and peeked in windows of 15 houses. We got it narrowed down to a solid 5, and then made appointments to see them the next day.




Arlo gravitates towards toilets. Sigh.


We didn't expect to find "the house" from these five, but we did. I've always had trouble getting emotionally attached to houses and that is exactly what happened this time, too. ;) Oh well! We made an offer on one and they accepted. The owners are still living there for the time being, so we have plenty of time to pack and purge. Starting next month, there will be an insane amount of before/afters coming. I. Am. So. Excited.

3 comments:

  1. Thanks so much for sharing the details on this! We are VERY interested in buying up some rental properties and it's a little overwhelming! Do you have any books or resources you recommend at all?

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    1. Yes! We really love Robert Kiyosaki. We've read all of his books and Rusty has been to one of his seminars. Rich Dad Poor Dad was the first book we read by him and it's a great one.

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    2. Thank you, I'm looking him up right now! We have heard of that book but neither of us has ever read it. =]

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