House Under Contract!

I have finally started my next big step in reaching my $2 million net worth goal. I have reached an agreement with a seller to buy a small 3 bedroom home!

I am very excited at the prospect of finally purchasing my next property in Raleigh, NC. I have been actively searching for over 5 months and this was the 4th home I made an offer on. It was a very challenging environment for me to operate in, reading a great deal in the news about the real estate slowdown, but observing the opposite at least here in the Raleigh area. Properties I was interested in would often go under contract within 24-48 hrs.

You may be asking yourself what the heck I am doing buying a home while in the process of going away for a temporary assignment for the rest of the year? I am not sure I have a great answer, but I have been searching for many months looking for just the right home for me. I weighed my carry costs for the next six months to the costs to continue renting my place in Raleigh (since I am maintaining my tax home and residence in Raleigh) and the need to still buy a place when I return.

While financially it will cost me a couple hundred dollars a month in net carrying costs, I think it could be well worth it given the length of time it took me to find this house and the need to still find a house when my temporary assignment is over.

Over the next couple of weeks I will be juggling a bunch of stuff including finding a place to live in NY, trying to actually purchase this house (I'll give it 50/50 until we can resolve any issues that might come up from the inspection), and preparing everything for my assignment. Stay tuned...

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Comments (13)

DATE: 1:22 PM
Without jinxing things, congrats!

DATE: 3:22 PM
So are you planning on renting out your previous home? So this would make two rentals you own now?

DATE: 8:31 PM
good luck!

DATE: 2:20 AM
$2M,best of luck.I strongly recommend to be very strict with your inspection. Consider hiring two inspectors.If you see anything that cannot easily be remedied, kill the deal.regards,

DATE: 6:54 AM
congrats and good luck,

DATE: 12:14 PM
Good luck with everything!

DATE: 1:46 PM
very cool, congrats!

DATE: 10:18 PM
your blog is interesting; i'd love to be financially free but i'm terrible with budgets and money. maybe one day! i saw on your profile that you are a Hokie:) Go Hokies!!! best of luck with your home purchase.

DATE: 3:40 AM
Good choice I suppose, but can you afford the house and what are you going to do with the other 2 rooms. Have you thought of renting out the 2 rooms to room-mates ?As for me the Asian market and World stock market has made me a lot of money. Its wonderful when the things you predict comes true.Anonymous Millionaire.

DATE: 8:53 AM
Go Hokies!Yes I would like to get a roommate to help cover some of the mortgage while I am gone. If can I get that accomplished this will be a very good investment for me - but nothings definite yet.

DATE: 3:26 PM
Hokies RULE!!!! I'd be there are quite a few that read your blog ;-)

DATE: 7:28 PM
Congrats 2mil. I hope everything goes smoothly.

DATE: 10:59 PM
$2M, please reconsider this.I don't mean to be a pessimist,but the current housing market seemsvery risky right now.Why not wait until all theserisky 0% down ARMs start getting resetand see what the carnage is like?Check out thisthis cost analysis of buying vs. renting.

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A personal finance weblog of my journey to reach my goal of $2 million + the value of my primary residence.
Current Net Worth: $1,938,393


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