I received word earlier this week that our closing date for the property I am purchasing, is set to officially close on September 8th 2015. WOW! I am one percent excited to be moving on to bigger and better things, however I am a bit… Okay I’m more than just a bit nervous, I think that the correct word that I’m seeking out is EXTREMELY nervous. It’s one thing to be paying rent to the landlord, but it’s an entirely different animal to actually become the landlord of a triplex.
A list of things that I will soon be responsible for
Health and Safety of my tenants.
Property taxes every quarter.
Maintaining the property.
Maintaining and attending to the above ground pool that will be coming with the property.
Pitching all of the old and outdated cabinetry, and appliances and bringing in updated pieces.
Replacing a deck.
And finally maintaining the oil furnace’s till they eventually need to be replaced; which will hopefully not be for a few more years.
It’s certainly a long road away from where I’ve been, and still currently am. But the thing is, is that it’s a terrific investment, as long as you know exactly what you’re getting yourself into, because if you bite off more than you can chew you’re completely fucked! And when I set out to look at properties I drew up a list of issues to avoid, the first thing being that I shouldn’t purchase a home for 100,000 only to find out that it would take an additional 100,000 plus to get the property in proper shape. With the property I’m purchasing I was very fortunate to find, that it was in good condition and that it as been well maintained, so that was a major point and it earned many check marks on the list of things I hoped to find while looking for a house.
Although I am nervous I have a lot working in my favor for this house. I’m good with my hands, I love household projects, and because I am a writer I have a very flexible schedule, so I can actually put in the necessary time needed for the house when needed.
Yes this should make for one fantastic adventure.