Initial Search
I started looking for a house last year about this same time of year. I figured, since interest rates were so low (they are lower now) and the market was so depressed that it would be an excellent time to get a deal on a nice house. After looking for about a month, I decided that I didn't have the money for a decent down payment and it would probably be cheaper to just rent and pile up savings and buy in a few years. Also, I was looking for a house to raise a family in and decided that it would be silly to purchase a home for a family before having a wife to voice her opinion on what would be good for a family. I figured if I picked what I liked, chances are a future wife would hate the house and then where would I be?! So, the housing search died -- for the moment.
Dream Revitalized
Fast forward to this month and after reading several great books and talking with some wise folks (aka my parents) I have decided to buy a house. But this time, I am looking for something much cheaper and plan to use it as a future investment property. My current plan is to pick up a cheap property, live in it until I pay it off, and then -- hopefully I'm married at this point -- buy the home to raise a family. Once the family home is purchased, I would like to rent out the first house and dive into the landlord profession. It's not really that I have always dreamed to be a landlord or anything, but I'd like to give it a try, and I think I might even enjoy it. Plus, the income from the rental would help to pay off the second house even faster.
Building the Empire
Once I have two paid for homes I'll decide if I want to continue landlording. If so, I will most likely save up and pay cash for a second investment property. At that point in my life I have no intention of taking on any additional debt. But at the moment, I think a little debt may be necessary to jump start the process of building my "evil empire" bwahaha!
If only they had these sort of perks in Boise! |
Realtor Hunt
So, lately I have been talking with lenders about getting preapproved and in search of a good Realtor. Last week I received my preapproval for my loan from a local Idaho credit union. I have interviewed two Realtor's so far and will be talking with a third tomorrow. The first two were excellent and this third one sounds like he's not going to make the decision any easier. I suppose it's nicer to have more options then fewer, but making a decision between three great candidates will be difficult. I plan to make my decision by the end of the week so I can start looking more seriously.
I'm very excited to become a homeowner and will keep you updated on my search!