Last month I wrote about my thoughts on deciding to buy or rent in our new home city. I am pleased to report that we found and purchased a duplex property! I can’t begin to tell you how many properties we looked at during the last several weeks. Our realtor did a great job and above all, was very patient! It was helpful to look at so many places because the differences between every property was significant. Features. Location. Price. We had several things to consider overall. In the end, we decided to delay our single family home purchase for a couple more years — choosing to become landlords instead.
As the name suggests, the property we purchased is a 2-unit multi-family home. The purchase price was $185,000, but after all the inspections, fees, and closing costs, the final outlay was closer to $189,000. I’ll share more financial details in a future post. Back to the property — it’s a two-story, split-level entry construction that was built only 5 years ago. Each side has 1250 sq feet of living space with 3 bedrooms, 2 bathrooms, kitchen, living room, laundry room, 2 car garage, front porch, and a deck. Combining the two sides, there really is a good amount of space to the place. It should appeal very well to young families and old alike. The neighborhood is a small street ending in a cul-de-sac, where all 10-12 buildings are the same. A small neighborhood of duplexes.
We just signed the paperwork this week and are the official owners, but we will not be moving in immediately. That step gets delayed about 5-6 months since both sides of the property are fully rented. I suppose it is good and bad. Good that the place is already earning an income from day #1, but bad that we have to find alternative housing for ourselves in the meantime. As part of the purchase, the existing lease agreements and terms were transferred from the old owners and into our names. We are legally obligated to honor those terms until…
Note From Author
The full “We Bought a Duplex” post has been back-dated to 06/29/2005. But it was originally published to the Financial Independence Champion (FIChampion.com) Blog on 05/27/2016.
Why Back-Date Posts?
I mentioned in my first post how this blog will be a little different than any other ones you may follow. I still plan to talk about personal finance, rental property, travel, and the pursuit of financial independence. But to give all these topics the right context and the full picture, I need to start at the beginning. I need to fill in the details of life from 2005 until now. I want you to see the successes, the struggles, and all the milestones we passed along the way. Therefore most of the “new” content will be back-dated to their appropriate dates in 2005, 2006, and beyond — until we’re caught up!