Sunday, November 23, 2008

Look out Warren Buffett!

We are officially in the real estate game! We bought our first investment property. This has been our dream since college and a result of planning/sacrifice and a great partner in Josh's mom. We are pretty luck to have her and her ability to see Josh's vision. She is as excited as we are.

We didn't think we would hear so fast about the property we made an offer on, it is bank-owned and the banks are usually the slowest in accepting offers. Plus they started jerking us around on Friday with a weird kind of bidding war. But Josh stuck to his offer and they accepted! It's a pretty scary... I didn't want to get excited about it because it is such a great deal and I didn't want to be disappointed. The risk is high, but it's easier for me to handle because I have never seen Josh so excited. He loves home improvement and is looking forward to getting in there and gutting the place. It needs work. But after the renovations we've done in our own homes we feel ready to tackle it. The inspector comes in this week and I hope there is nothing major. If it goes smoothly we will close in like two weeks. We plan on renting it out. Here are some pics, it looks awful but remember it's all cosmetic!


Upstairs bedroom with laminate wood floors (needs new paint)










One of the baths, that wallpaper is awesome right?










Family room with burnt orange shag carpet!










Kitchen...paint and new appliances.

5 comments:

Jacqui said...

My parents have been doing the rental property thing for longer than I've been alive, so I look at you 'diamond in the rough' and my heat skips a beat with the possibilities. How exciting! A blank canvas! (although that wall paper is really priceless and I bet you could sell the shag carpet on craiglist)

Chadlee said...

Good luck! We renovated our own place and it was a LEARNING experience. BTW, people really do buy carpet on Craigslist, we sold ours on it.

The Yancey Family said...

I am so excited/jealous of you guys! I can see the vision already!

I would totally add a burnt orange toilet cover to go with the bathroom, HOT! Maybe you could fashion one out of the family room carpet!

All joking aside, you guys have great taste and I can't wait to see the "after" pictures!

libbie said...

This is great! But I do think you should keep the wallpaper. It is too pretty to take down! I can't wait to see the results! And Josh, you are awesome! Good work for helping my Erika.

Jacqui said...

Ha. I just reread mine 16 hours later and noticed the typo. Sheesh. It was my HEART that skipped a beat, not my heat. Weirdo