Tuesday, August 16

Lesson #127 - Investment Properties Are Never An Investment

Before I was ever thinking about getting married, I purchased a townhouse. It was 2005, prices were on the higher side and I needed a place to live. It seemed like a great idea...so I dove right in!

It is now 6 years later and that place has become more of a headache than anything else.

When The Man and I got married we decided that we'd live in his casa since it was bigger and would be better when the time came for us to have kids. The only option was to hold onto the house and wait it out until the market bounced back and we weren't so upside down (the house is worth $230k and it was bought for $305k)...yuck!

We are now renting it out which comes with its own challenges. We were lucky enough to find great renters who are college students at the local university. Now that it is summer, there is only 1 girl there instead of the usual 3 girls...which makes getting things done more difficult since there is only ever 1 being home.

I got an email the other day saying the outlets on the 1st floor were going out when it rains...awesome. Now there is one more thing to pay for that we can't afford. I hope this isn't going to cost a ton of money!

I can't wait until we are able to sell that place and just be rid of it!!

So...how many of YOU have made an extremely LARGE purchase and now have a bit of buyers' remorse?!?!


blueviolet said...

I've always tended to underbuy, but even so, we took a hit on our house last year when we sold it. It hurt really bad, but because we'd been there 11 years, at least we didn't have to come to the table with money just to close.

Anonymous said...

I was in a car wreck and we had to buy a new car. At the same time, The Wife found a new job that paid significantly more than she was making. We bought a mid-size SUV, and two weeks later the job fell through. I love the car, but it's making it tough. Not the same scale as a house, but it sucks just the same.

jeanne @ Inspiring Ideas said...

Oh - there are a LOT of us in the same boat on the house! :-( Thanks for coming by!

(Florida) Girl said...

Well, I still have a bachelorette pad that I am holding on to. Renting too. We have been through plumbing explosions and one eviction. Not so easy but right not better than selling.

WicketsMom said...

We bought our current home before selling our old home and ended up with two. Couldn't sell so did a lease-purchase that was OK for a couple years, until Homeland Security showed up to deport my tenants! (They were here illegally and had provided me with false paperwork.) Was able to sell it about five months later.

The outlet problem may not be that bad, and is similar to something I had happen in my townhouse. Check for an outside plug that may be getting wet and replace it or the waterproof box around it. In my case they were wired in sequence so when it got wet it knocked them all out. I replaced it myself for less than $5.

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