Sunday, November 15, 2009
Just Call Me Carleton Sheets!
There are a lot of homes in foreclosure in our neighborhood. The other day, OJ raised the possibility of purchasing one of them, one of the ones at a ridiculously low price, fixing it up, and either renting it out OR moving into it ourselves and renting this one out (the deciding factor being, of course, which house we like better and which suits our family's needs more at this time). We haven't really had a chance to discuss it since but this is not the first time this possibility has been raised for discussion in our married life (though I think it might be the first time HE has raised it, which you know means I'm chomping at the bit to MAKE IT HAPPEN, naturally, since it's been a dream of mine for years now!).
I don't know if this is something we are going to decide to explore at this exact moment or not. There is a lot of planning and work that needs to go into a decision like this and it might end up being the wrong time for us. I DO know that both of us are concerned about me being out of work and are looking for ways to bring in extra income once my unemployment runs out. (Yes, I know real estate and rental properties are not a 'guarantee' of income.) I DO know I have always wanted to buy real estate, own rental properties, and fix up houses. I DO know that it's been killing me that home prices are so low right now because I feel it is the perfect time to buy (because I DO believe home prices will rise again), and we haven't been in a position to buy.
It's been a while since I did any home-buying research because it kind of kills me to shop but not buy (this holds true for every kind of shopping, not just houses, heh; this is why I try not to GO shopping unless I have money to buy things). I know the internet is fallible, but I always turn to the internet to start my research because it's the easiest source - it's right in my living room, after all. Sorting through the muck can be difficult though, especially when it comes to something like foreclosures and buying homes. I love reading about people's personal experiences with things, so I'm wondering... do any of you have personal experience with buying foreclosed homes, fixing up homes, and/or being a landlord? Would you like to share your stories with us?
Here's what I'm NOT looking for. Comments like:
"Oh my god, don't do that!"
"you'll regret it!"
"buying a foreclosed home is a TERRIBLE idea!"
"fixing up homes is such a pain in the ass!"
"being a landlord is such a pain in the ass!"
and so on.
It should go without saying that those types of comments are opinions. As with ANY experience in life, YMMV (Your Mileage May Vary). Furthermore, what you deem to be a 'terrible idea' or a 'pain in the ass' might be something I love to do... the glory of life being we all have different opinions and different things we enjoy.
What I AM looking for is actual stories from folks with experience in this area, with pros AND cons they personally experienced. I love people's stories anyway (that's why I'm a Heritage Maker after all), and in this case your stories might help us, now or in the future!
Likewise, even if you have no personal experience in this area, but you have interest in it and you have a great resource to share (whether it's a blog or a great free foreclosure website or a TV show you like to watch), tell me about it! I might know it already, but then again I might not.
Thanks, everyone. Looking forward to this journey, whenever it happens for us.
photo by Gary Friedman of www.FriedmanArchives.com