2million - My Journey to Financial Freedom

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Friday, June 30, 2006

Finally Closed on My House

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.

7 Comments:

  • congrats on getting another home and good luck in making it a positive cash flow!

    By Anonymous Dennis, at 11:26 AM  

  • congrats!

    By Anonymous Chris, at 10:51 PM  

  • Just for your information, stagflation : -

    http://articles.moneycentral.msn.com/Commentary/Experts/Jubak/Jim_Jubak.aspx?msn=1

    Anonymous Millionaire.

    By Anonymous Anonymous, at 11:03 PM  

  • Congrats!

    It defintely can be hectic but once it's all done with, it's defintely worth it.

    Tom
    gotalkmoney.com

    By Anonymous Anonymous, at 11:32 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.

    thanks

    Eric

    By Anonymous Anonymous, at 5:51 PM  

  • Ya, see title. Sold my soul to Wellsfargo yesterday and I took today off work to move over/clean my old place. I'll try to be online for the raid, but there's a good chance I'll be taking care of other stuff (HOA shit, setting up utilities, finally buying a couch).

    Shoot me a text though if we're like really short on healers.

    By Anonymous George T. Lopez, at 1:33 AM  

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