SOLD!! The House Is Ours!

[Joseph Medina]

Hey Guys, 

As you read some of my post I made about a month and a half ago I mentioned that my wife and I were buying a house. Well, we closed and we got the house. 

A little more on the deal

It was an off market deal. we were renting a house from the landlord and he was looking to offload the house as he had moved to Amarillo for work. 

House was built in 1979 so no worries on aluminum wiring, lead paint, or asbestos. We go the house for around 280K and the appraisal was for roughly 340K. The best thing about all of this is that there is a house in the neighborhood that sold about a year ago and a real young investor bought it and is renovating it up ( I follow her in Instagram). To me it is almost too much for the neighborhood, but the neighborhood is a solid B+ neighborhood or A-. (I would say its not a solid A because the houses are roughly 40 years old, but the community is very very well kept and clean. I believe we have 3-4 cops living in this little neighborhood and we have a Elementary school at the entrance, so it limits some unsavory characters.) So, the girls house is going to serve as a leading indicator for me to see how the market values her upgrades, because she is putting a lot of expensive rock and gold colored things in the house. However, our house has no upgrades since the time it was built, and still appraised for 340K.

Sooooo, we have a ton of value add to drive this property up. Me and my wife still have yet to decide on the future of the house. I want to use the house as a bank and use the equity wee have in it to HELOC it out to buy more property, but she is dropping hints on wanting to offload it for a profit. Being the tax conservative guy I am I roll my eyes to this, but we are ultimately a team so, we are still in the talks about it.

super excited about having this train on inch forward!