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Is your primary home also a part of your investment strategy?

June 26, 2011

My girlfriend and I are now engaged. We have also finally found a new primary. Our search lasted over 8 months, but we found what we were looking for. We put 8-10 offers in of which several were not even countered. We attempted to pick up our primary as a true investment property. In the end, we broke the cardinal rule and fell in love with a great property that was move-in ready.  With a 15 year mortgage at less than 4% and at least a 10 year holding period– It’s hard to see how we will get hurt. At 3,500+ square feet it will never make a good rental, but maybe we will see some appreciation in 10 years.

This will have us converting our current place into a rental. This is a few houses down from Property 3 and just a couple of miles away.

We wanted to make our new primary more a part of our investment strategy. We looked at several bank properties and had a short sale fall through, but we just could not make a deal happen. There was one we both liked that needed a total uplift. We needed them to come down another $50k to make it work. They would not have it. It’s still on the market – approaching 400 days as of this post. We are glad they were stubborn – as we would have been living on plastic for at least a year. It needed $60-75k worth of rehab.

So now we have a house to get closed, wedding to plan, moving, renting out the current place, the rest of our year is essentially booked. The plan is no more investment acquisitions this year – just maintain what we have.

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From → Buying

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