2million - My Journey to Financial Freedom

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Monday, May 22, 2006

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...

13 Comments:

  • Without jinxing things, congrats!

    By Blogger AlltheWrong, at 1:22 PM  

  • So are you planning on renting out your previous home? So this would make two rentals you own now?

    By Blogger pyroracing85, at 3:22 PM  

  • good luck!

    By Anonymous fridayfinance, at 8:31 PM  

  • $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,
    makingourway
    www.makingourwayblog.com

    By Blogger makingourway, at 2:20 AM  

  • congrats and good luck,

    By Blogger Aditya Kumar SIngh, at 6:54 AM  

  • Good luck with everything!

    By Anonymous Flexo, at 12:14 PM  

  • very cool, congrats!

    By Anonymous Anonymous, at 1:46 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.

    By Blogger annette, at 10:18 PM  

  • 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.

    By Anonymous Anonymous, at 3:40 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.

    By Blogger 2million, at 8:53 AM  

  • Hokies RULE!!!! I'd be there are quite a few that read your blog ;-)

    By Anonymous Anonymous, at 3:26 PM  

  • Congrats 2mil. I hope everything goes smoothly.

    By Blogger freedumb, at 7:28 PM  

  • $2M, please reconsider this.

    I don't mean to be a pessimist,
    but the current housing market seems
    very risky right now.

    Why not wait until all these
    risky 0% down ARMs start getting reset
    and see what the carnage is like?

    Check out this
    this cost analysis of buying vs. renting.

    By Anonymous Anonymous, at 10:59 PM  

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