If I was nervous putting an offer in on the house, then hoo’boy am I totally losing my shit now, knowing that my offer of $18,500 was accepted! Oh man. Where do I even start with this post? Oh yeah. That I actually just closed on the house today.
The Financials
Really though, I guess a great place to start would be with the financial details, right? So I purchased the home for a total of $18,621 after everything was said and done. There was also a $513 past-due water bill on the home, too, which I thought I’d have to eat, but thankfully it turns out that’s not the case. Woo!
The House
The house is a 3/2 ranch style home with a pull-down attic and very oddly-shaped bedrooms. There’s also a massive tree in the front yard that, when I look at it, I simply see an insurance liability more than anything else. Regardless, it’s a nice little place that I’m hoping to rent out at a good price after I clean it up, paint, and do a little of this and that.
(I’m going to start a second blog, Neurotic Landlord, where I’ll document my journey in investment real estate and landlording in greater details. This blog I’m going to keep strictly for all-things financial, so I won’t talk too much about the house itself. Instead, I’d rather talk about…
The Plan
The goal is simple: Do the necessary repairs, get it rented out for $550/mo, and use that to pay back the taxes, insurance, and the personal loan that I took out to purchase the home in the amount of $19,000 at 12.99% interest for six months until I’m able to refinance. Right now, I’ll barely be making enough to cover the PITI with about $50 left over to pocket for later, but once I refinance I’ll be looking at $310/mo. (not including repairs and vacancy).
I’ll make another post in the upcoming days that’ll focus more on the financial side of things with a breakdown of the expenses, but right now I’m kinda crunched for time. Gotta go get the utilities turned on and get to work! Work as in my day job, by the way, lol. Work on the house will commence tomorrow!
Until next time!
NP
Neurotic Finance 
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