Purchasing a Rental Property

So our first try at this fell through as I mentioned in a prior post

This time, instead of a single family dwelling, I’ve decided to go with my gut and stop chasing every penny of profit and go with something I feel will be a good long term, no hassle purchase.  It’s a townhouse but in the historic district of a growing city nearby.  Brick, all redone, and looks amazing.  There is a nominal monthly fee, but that covers water, sewer, outdoor maintenance and plowing (We northerners need to take that into account).

I made an offer for only a little under.  They actually had three showings the next monday but offered to cancel if I wanted to pay full price (about 4k more) and at first I said no, I’ll wait, I ended up caving and said that I’ll pay the full amount.  The numbers work, the place works, the location works, etc.  I just needed to be sure that my dream of always wanting one of these places wasn’t getting in the way of me making a good financial decision.  Thankfully I wasn’t.

The inspection is this Sunday and my wife will see the place for the first time.  I’m curious as to how she’ll like the place.

So unless I back out due to some glaring inspection findings, I’ll be an actual land lord.  Exciting and nerve racking at the same time.  Dipping my toes into a little of the unknown.

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