Things To Come...

Wednesday, March 23, 2016

We've finally decided what we're going to do about our living situation.  We've decide that we're going to buy a multi-family home and live in one unit while we rent out the other.  My parents, who have been looking to develop additional streams of income before retirement, felt like this was a good investment for them as well so we're essentially going in 50/50.  Josh and I will stay there for a few years and pay rent until we can save up enough to buy another place and then have both rental units bringing in money.

It's all a little scary since it's a big investment with multiple investors and not only will Josh and I become first time home owners, but we'll be becoming first time landlords at the same time. Fortunately, I think we have a pretty good team together to get through the learning curve.

We actually already put two offers on one place but both were rejected... the seller in that case appears to be a little crazy and also wanted to stay living in her unit for $500 a month (about a third of what we could actually get for rent).

Anyway, we've moved on from that property and put an offer on another property today.  This one is a foreclosed property which brings up a whole new host of issues.  It's also an auction/bid style purchase so we basically had to decide what our best offer would be and hope that we are the highest.

The timeframe to accept bids ended today at noon.  I was pretty much wracked with anxiety all afternoon.  Of course since this is a foreclosure we're dealing with a bank, not a person, so they probably aren't as motivated to get back to us with an answer.  I'm HOPING we hear back tomorrow.  I'm not sure I can deal with wondering for another day.  Even if we do get it we still have to make sure it passes all of its inspections so I'm still not going to get my hopes up right now.

Stay tuned!

$60,000 in Debt: Month 22

Monday, March 7, 2016

I'm worth more than $0 today!

This month was a huge (and simultaneously depressing) milestone.  I crossed the $0 threshold of having a negative net worth into a positive net worth.  I was about $800 from hitting it in January, but because of the roller coaster ride the stock market has been on lately, my 401k had barely moved.

But in February, mainly thanks to tax returns, I'm officially worth more than $0! I still have plenty of debt, but I've manage to pay off enough while saving enough that, if I absolutely had to, I could be 100% debt free today.
If I wasn't so focused on building my down payment fund I would have put all of my tax returns towards a loan or two but I will happily take an almost reached goal of $15000 in my house fund.

One more paycheck and I should be able to cover that entirely without having to touch my emergency fund or my "base" fund (I keep a 'base' $2K in my checking account at all times so I never really have to dip into my emergency savings but I try to replenish that every month.)