Becoming a Reality!

August 8, 2012

The condo people contacted me to see if I wanted to renew my lease.

I’ve been playing around with the next step in adulthood…buying investment property…and I just gave myself a real deadline.

I told them to renew my lease for 8 months (at the same price too! Perk of renting property vs. apartments!)

It definitely made everything more real!

I’ve been looking around just to see…but now I’m looking a bit more critically.

I can afford 350k, (hails nah) but am looking for something around 200k to be safer.

Looking to pay about 1000 a month on mortgage (Atlanta is cheap so I want to pay a little more than most people would want to…safe neighborhoods. I’m little.)

Looking for a townhome or REALLY NICE condo. Not a high rise, but a really unique kind of property like refurbished warehouses or one of those planned communities.

If/when I get married, I’d keep the property to rent out to young professionals, so I’d want it to be in or close to trendy areas in Atlanta.

I have my eye on a few things…though I doubt they’ll still be available around the time I want to move in (June/July next year)…

This place really speaks to the Taurus in me. I love how it’s right next to a river and nature areas (national parks even!)…but also isn’t far from the places to BE. It’s also great because they have ON SITE SPA SERVICES! They have free walks with rangers in the nearby parks! They have cooking classes! They have zumba/kickboxing/etc. classes! They have doggy proms! Please, thank you and take my money!

No way will this still be available when I’m ready to move…

One River Place from Chris Stewart on Vimeo.

I’ve seen 64 properties here for sale from 108k to 679k.

Wonder how long they’ll hold out…

Metro Adventures

August 9, 2012 at 10:20 am

Patrice

You are well ahead of the game.

Add on property tax and maintenance fees to the $1000 mortgage and subtract that from the rent to get your rental profit. If profit is low or you are losing money, then the property will have to appreciate at a reasonable rate (which is no guarantee, at least in the current economy, but you can look at the data for the areas that interest you) to be a good investment. Weigh it against other types of investments. (Low risk, fixed income investments, like bonds, have been terrible since even before the recession started, with yields less than inflation rate.)
- August 9, 2012 at 9:00 pm
  
  KaNisa
  
  For that place I am going to confirm if those amenities are included in the monthly 400 buck (!) HOA fee. If so…MIGHT be worth it, if not, drive on…
  
  But I do like the idea of living somewhere with those kinds of activities in walking distance.
  
  I do have other throw away money with my Edward Jones guy. As well as some Bonds and Russel Small Cap Stocks that my company contributes to through ING. I’m 80% vested in October.
  
  I should probably pay more attention to that as that total fund balance is pretty hefty at this point…
  
  401k’s and Roth’s somehow factor in there too..