Accepted Offer

I don’t want to jinx it. But I have an accepted offer on a house. It’s another foreclosure, only about a mile from my first place. It’s in better condition than my first house was. It’s a 3 bed, 1 bath on a nice, fairly private lot. The best part is that it comes with just over an acre of level, cleared land with a year-round stream running along one side of the lot. It’s a kind of place where I wouldn’t mind living myself at some point in the future, with plenty of room for some fruit trees, berry bushes, a hen house and some large gardens.

It really only has two downsides. The first is that about half the house still has old, wooden windows that probably ought to be replaced at some point in the near future since they’re such poor insulators. That will be kind of a pain. Second, it has a septic tank instead of town sewer. That, by itself, isn’t a problem. But there’s a good chance the septic system has been neglected and will need service or even outright replacement which can get very expensive very quickly.

Other than that there’s just the usual rehab stuff: plumbing work, paint here and there, flooring in a couple of rooms, some broken window panes, a good scrub down inside and out, and probably a few dozen other little things I’ll find when I get started on it.

All fixed up it ought to be able to get somewhere between $850-$1,000/month in rent depending on a few things.

The really exciting thing is that 1.) I now own a house I’d be happy to live in if I had to. and 2.) After getting this one rented out my gross passive income will be almost $2k/month which means I can definitely call myself financially independent.

Anyway, back to studying. I have another exam on Monday.

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5 Comments

  1. Posted December 19, 2011 at 1:04 pm | Permalink

    Big congrats! I’m excited for you and for how you’ve achieved financial independence. Yay!

  2. jennypenny
    Posted December 21, 2011 at 8:30 am | Permalink

    Congratulations on the house and being FI! (although you’ve always had the “I” part covered–only the “F” is new :)

  3. Posted December 23, 2011 at 12:41 am | Permalink

    Thanks Henry!

    HA! Thanks jenny, I think you’re right on that ;-)

  4. bigato
    Posted December 23, 2011 at 6:57 am | Permalink

    Wow! I also would be very happy to live in a place like that!!!

  5. Posted January 8, 2012 at 10:10 pm | Permalink

    cool beans. hope you’ll keep posting on how it comes together.

    I’d love to see a cost breakout along with the number of hours you spend on it.