Im still pinching myself We got the House

**Lora88** · 10-28-2009, 03:14 AM

first Thank you everyone for all the good Karma Our bid was accepted on the house we wanted It is in a rural part of NJ so I can now have a large garden and even line dry my clothes ( was not allowed in the development where I used to live)It is a 3bd 2 ba rancher on 1.5 acres up on a hill surrounded by trees This is a dream come true for me No really close neighbors and woods behind the house. It was a foreclosure and of course needs some work but it is not trashed like alot of the ones I have seen. We have to do some things before we move in but the cosmetic stuff can wait Even though this house had no furnace it had 23 bids on it fortunity dh is a heating and a/c man so we were able to bid higher as our cost to install will be nil. Of course we are nervous as all foreclosures are as is. but praying to God that all will be well I will keep you all updated thanks again

**Greebo** · 10-28-2009, 05:47 AM

Congratulations!

**Lora88** · 10-28-2009, 05:57 AM

Originally Posted by Greebo

Congratulations!

Thanks Greebo I am thinking of keeping our current house for a rental as selling at his point doesnt seem like a good idea. Your going to laugh but when I was putting my bid in I actually thought of you and wondered what you would say to bid My dh looked over at me and asked what I was thinking about I said Greebo and he said whats a Greebo? lol anyway Im very happy to be leaving where I am now

**ladytoysdream** · 10-28-2009, 05:58 AM

Originally Posted by Lora88

first Thank you everyone for all the good Karma. It is in a rural part of NJ so I can now have a large garden and even line dry my clothes ( was not allowed in the development where I used to live)It is a 3bd 2 ba rancher on 1.5 acres up on a hill surrounded by trees This is a dream come true for me No really close neighbors and woods behind the house.

Congrats

Kind of sounds like us. We are 3 miles from the closest village. On a hill. 3 bedroom, 2 bath. One level, no basement. On 2 acres. Closest neighbors 1/4 mile one direction, and 1/2 mile the other. Surrounding us is farm fields. Out back is a woods ( not ours ) and a creek goes down the length of the lower lawn. We can put in any size garden we want, and I do line dry. We did buy our doublewide new 19 yrs ago. Redid the shingles, all new windows, siding, added a room, a deck with roof (porch) 3 yrs ago. We just put in a outside wood furnace last year. One of the smartest things we have done. Country living is the best

**Sassyclass** · 10-28-2009, 07:09 AM

Congrats.It sounds perfect. Enjoy turning it into your home.

Cat

**Rebookie** · 10-28-2009, 07:21 AM

Congrats and I hope you have MANY happy years there!

**Trishagirl** · 10-28-2009, 07:34 AM

Contrats Lora enjoy your house for years to come!

**Monner 1** · 10-28-2009, 07:39 AM

Congratulations Lora I am truly happy for you. Enjoy that new house and the nature around it.

Monner

**Daisygirl** · 10-28-2009, 07:48 AM

YAY!! YIPPEE!! WOOHOO!!

So happy for you - congratulations!

**savvy_sniper** · 10-28-2009, 08:47 AM

Congratulations! I hope we will get to see some pix!

**WV_mom_of2** · 10-28-2009, 09:03 AM

CONGRATULATIONS!!! Enjoy your privacy and your clothesline!

**madhen** · 10-28-2009, 09:20 AM

Sounds lovely, Lora88!! Congratulations!

**Greebo** · 10-28-2009, 09:22 AM

Originally Posted by Lora88

Thanks Greebo I am thinking of keeping our current house for a rental as selling at his point doesnt seem like a good idea. Your going to laugh but when I was putting my bid in I actually thought of you and wondered what you would say to bid My dh looked over at me and asked what I was thinking about I said Greebo and he said whats a Greebo? lol anyway Im very happy to be leaving where I am now

I would say that if you haven't researched the local rents, done lots of reading on real estate, and were absolutely sure that you not only wanted to be a landlord but could also rent the property reliably and for a profit, not to buy a new house without selling your old.

Did you make your offer contingent?

And if you do want to turn it into a rental, you have a lot of research to do...

**Lora88** · 10-28-2009, 09:28 AM

Originally Posted by Greebo

I would say that if you haven't researched the local rents, done lots of reading on real estate, and were absolutely sure that you not only wanted to be a landlord but could also rent the property reliably and for a profit, not to buy a new house without selling your old.

Did you make your offer contingent?

And if you do want to turn it into a rental, you have a lot of research to do...

Actually I know I can rent this property for about 1600-1700 a month the house will cost me around 600 for taxes and ho fees there is no mortgage and of course there is always the unforseen. I can easily get a tennet the townhomes here are in great demand. Dh is a contractor so landlord is not really a problem. I have a dear friend who is also my real estate agent she will help me

**Greebo** · 10-28-2009, 09:34 AM

Originally Posted by Lora88

Actually I know I can rent this property for about 1600-1700 a month the house will cost me around 600 for taxes and ho fees there is no mortgage and of course there is always the unforseen. I can easily get a tennet the townhomes here are in great demand. Dh is a contractor so landlord is not really a problem. I have a dear friend who is also my real estate agent she will help me

It's an ideal situation to rent it out then - the cashflow will be incredible.

But do NOT think that the leap from contractor to landlord is a small one. Contractors repair/build properties. Landlords deal with *people*.

I think financially this can be a very good option for you - and now that I review our past discussions, I remember talking to you about being a landlord before - so I am not too worried. I just think you need to spend a lot of time educating yourself.

OR - alternatively - give up a little profit and hire a property management company to do the tenant stuff for you. Nothing at all wrong with owning property and paying someone else to manage it for you and making a tidy profit on it.