Well, I don't work in Real Estate, but since working for Dakno Marketing and doing a lot of marketing/writing/creation for Real Estate Agents, I have picked up a good bit of knowledge. That and my hubby and I have been ready real estate books like crazy ever since we started thinking about it.
Yes, we are going to buy and investment property and rent it out. We are hoping to find something that has been foreclosed on, is listed well below tax value, located in an area where we would want to live, and close to our house.
We have been playing with the idea, but had not really done anything with it yet, because as you all know, we have been in Alabama. Not really a great way to do your first rental property, I think.
But last week we stumbled across not one, not two, but 4 different homes that fit our "items". One in particular seems to be a gold mine. It is in great condition, with only some minor maintenance (from what we can tell so far, nothing we can't do ourselves) and major cleaning (which might be why it has sat for so long) needing to be done. It is going for 90,000, (with a mortgage we qualified for that I can handle from my paycheck) but the tax value is 135,000 AND the neighborhood it is in is very cute, clean, well kept, has established shade trees, and has a ton of families. Yea, it is a neighborhood I would raise my family in.
So, today, we are looking at all the homes on our list, and REALLY excited to see that one.
But what does this mean? It means that IF we do jump on the buying process, the kids and I MIGHT be staying here. Because I'll be needing to clean up the home AND find renters. While I keep working and taking care of the kids and Bill is in AL alone.
I'll keep you posted on what happens. And who knows, we have never bought a foreclosure before, so we aren't sure what the time line is-we might not get to take possession of the home for another number of months, even if we did start the paper work today. I suppose we will find out from our awesome Realtor, Jose Serrano.
Adding more into the chaos we already have is just how we roll.