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I can now say I own more than one property! I'm almost a land barron :) Closing was uneventful. Luckily the closing was only delayed a total of 6 days as a result of the last minute issue uncovered at the initial scheduled closing.
Its pretty exciting; I am looking forward to turning this home into a positive cash flow property in a few years. Until then I have lots of projects including relandscaping the property and adding a new bathroom which will both help increase the value of the place as well as its rentability.
I was originally concerned that I was buying right on the edge of a housing market collapse. However, the market is still growing at a healthy pace in Raleigh, NC. We haven't experienced much of any real estate boom and I think that this area is just starting to catch up with most of the country. I see little downside risk at least for the time being as I don't ever plan to sell this property.
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Comments (6)
DATE: 11:26 AM
congrats on getting another home and good luck in making it a positive cash flow!
Posted by Dennis | September 10, 2006 3:17 PM
DATE: 10:51 PM
congrats!
Posted by Chris | September 10, 2006 3:17 PM
DATE: 11:03 PM
Just for your information, stagflation : -http://articles.moneycentral.msn.com/Commentary/Experts/Jubak/Jim_Jubak.aspx?msn=1Anonymous Millionaire.
Posted by Anonymous | September 10, 2006 3:17 PM
DATE: 11:32 PM
Congrats!It defintely can be hectic but once it's all done with, it's defintely worth it.Tomgotalkmoney.com
Posted by Anonymous | September 10, 2006 3:17 PM
DATE: 5:51 PM
can you give any tips for first time home buyers? what are some considerations that you used before buying (location, did you consdier appreciation - if so what did you use to make this assessment)? from the look of things you didn't use a realtor - I am guessing you felt comfortable with the signing all the final paperwork.thanksEric
Posted by Anonymous | September 10, 2006 3:17 PM
When i bought my home I went online to B of A because the gave 1/4-1/2 point discount on my loan. Also, I'm a long time customer with a good track record with them.
When looking for a mortgage, don't go through a broker, go where they go- the bank. That's where the money is. This way you can cut out the middle man and not have to pay a brokers fee.
Posted by Mortgage Loan | May 6, 2007 12:09 PM