For the past couple of weeks Jobina and I have been working on fixing up, cleaning, and finally showing our revenue property. We bought it 4 years ago when I started seminary and it seemed like it might be a good investment. It was both easier and much more difficult to do then I thought and there were many times where we were frustrated and said things like "Let's just get rid of that thing!" But we hung in there and I am proud of us. Tomorrow we hear if our counter offer (to someone's out of town offer) will be accepted. Here's hoping! These are pretty exciting times. I have to admit that I enjoy all of what's involved in buying and selling properties. It's like a sport that pays you money! Of course I say that now when all we're doing is waiting for someone to buy our property and payday to come.
Seriously though - I recommend everyone who owns a property use some of their equity to get at least one more. It's more stable and less risky then stocks and mutual funds (at least around here) and if you get someone to manage your property there are few headaches involved. If you'd like to know how we did it (and how you can do it too) feel free to contact me. After all, if we can do it anyone can! And I'll let you know what ends up happening tomorrow . . .
Fwd: Grow closer to God and your spouse
5 months ago
5 comments:
Looks like they accepted our counter offer - we just have to wait until Monday to hear about financing. Very cool!
a nice Christmas present. I am presently waiting on one as well in my stock trading account. Bought 9500 shares at 0.19, expectations are the buyout goes through before Christmas, possibly as high as $0.80 or more. Not bad for a 6 month investment!
Once we have more equity in our house, we are definitely looking at revenue/investment properties. To do my stock trading (up around 40% this year, lots in a TFSA) I simply borrowed from one of my low interest credit cards (around 2%).
Many ups and downs though, nothing like the Winnipeg real estate market.
Just curious, Mark, why are you selling? Planning to buy another?
Rick
Terry, that's a pretty amazing profit if it goes up that high, good luck! Maybe you'll have to show me some stuff on stock investing and I can trade it for my experiences in real estate.
Rick: Good question. A few reasons actually. First, although it is a decent property there were a few issues with it that I didn't like and some tricky repairs that eventually would have to be made and we just decided that we didn't want to do them! So instead we thought we'd cash out, spend a bit of the money and invest the rest - probably in another property, some short term investments, or a mix of both. My real estate plan is to buy some houses to flip, some to lease short term, and some (the real gems) to lease long term. How's your real estate investing going?
It's going well. We flipped a house last year and did fairly well with it. I'm still holding on to our 2 rentals. We've done a lot of work to them both and are trying to decide whether to sell them. Maybe we should meet up sometime in the new year to trade ideas and experiences?
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