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Ever since I have been making financial goals, investing in real estate has been high up on my list. I have been thinking about what I want to do with my savings money after I complete my emergency fund. It would seem logical that I would want to save to buy a house, but honestly as long as I can keep my electrical bill under control, my current living situation really isn’t too bad.
A couple of years ago the ex-husband and I bought a house and flipped it. It was a bit risky, but we purchased the home for $25,000 with the thought that if we can’t flip it we will just rent it. The monthly payment was $126, definitely low enough for us to swing even if we didn’t have a renter. Things ended up going very well and very quickly. We sold the house for $39,000 two months after purchasing it.
I am obviously in a different financial situation now, fending for myself. But as soon as I get back on track with my income and savings goals I am going to start saving for an investment property. I live in a fairly small, country town. You can find a decent two bedroom (foreclosed) home in my area for $25,000 – $35,000.
I have almost hit my emergency fund goal and as soon as it is complete I am going to start putting money aside for a down payment on an investment property. Right now I am thinking more in terms of a rental rather than a flip house, but if I can find that perfect property then I won’t rule anything out.
I am excited to get started on this goal. Have you ever considered investment properties? Any thoughts?
We are currently thinking about this. Should we sell our house or just rent it out!?
Tough decision, it will be interesting to see what you do when the time comes. Good luck with the house hunting!
Investing in property isn’t something I can afford right now, but I love the widgets you have going on that show your financial goals. Great idea. And congrats of what you have accomplished thus far 🙂
Thanks so much Eva!
We have thought about this before, as we have friends who are very successful at this. The husband has a seasonal career that allows him to focus on this during Winter months. Something that has held us back from giving it a try is the lack of knowledge to fix and repair, etc. The $$$ add up trying to do it ourselves ha ha.
My friend did give me a tip if you ever get your next investment property (which I’m sure you will meet that goal): 3 things that he swears by: Updated kitchen, Updated bathroom and add/update fireplace!
Great post and look forward to reading about you accomplishing your goals!!!
Thanks for the tips. I got pretty lucky the first time but I have heard from many that kitchens sell houses! Good luck to you if you try it out, it’s pretty exciting 🙂
Wow. 25k is cheap. Why not buy one to live in ? A paid for home would be a great solid base for other investing. Are there many duplex in your area ? ~ C
There aren’t many but that’s a great idea. When I have enough saved to start looking I will look for some properties like that. It would be great to rent one and live in on, then when I decided to move out I would have two rentals. Thanks Christie!