July 2, 2015

No New Investment Property for Us

I don't know if I'm sad or relieved.  It changes every couple of hours.  I really wanted to purchase the foreclosed condo.  Especially if we could get it for only $50,000 - $55,000.  It would be a great investment.  But we couldn't get the financing figured out.

In order to purchase the Condo we had to put 25% down plus pay closing.  But if we put 25% down then it would bring the loan to under $50,000.  I guess there is a rule among banks that a mortgage loan has to be a minimum of $50,000.  After days of calling people, I've given up.  I could probably try my luck with a credit union.  I called a couple times and didn't get a hold of the person that could answer my questions.  So I've given up.  I guess it's not meant to be.

I'm sad because it would have been a great investment, in good condition at a great price.  I want to have more investment properties but we've never owned a real house.  The only experience we have is with condos.  We love having limited responsibility for the property.  We are responsible for the interior and major appliances but we don't have to ever worry about replacing siding, getting a new roof or anything structural.  Investing in condos just works for us.

I'm happy because this investment wasn't something we were planning on doing at this time. I've been paying extra money each month on my car, the mortgage on our rental unit, and on our new HVAC systems. If we had planned on purchasing a property sooner rather than later, I would have been letting that extra money build up in our savings account to have more of a cushion.  Plus we only have 1 more month of childcare and then we are done!  Little R starts all day kindergarten in August.  We had planned on using that extra money to pay off some debt, build some extra savings, save for a nice trip and save for a down payment for a new investment.  If we had moved forward with this purchase, all of the extra money would be going towards the new property.

1 comment:

  1. Sometimes things just work out for the best and looking at the bright side helps too. 8-)