Wednesday, February 4, 2009

Thinking about buying another investment property

I bought my house at the end of July, right in the middle of the mortgage mess. Am I happy with it? Yes! If you remember, I bought an attached single family home with a basement apartment. I rent out the basement apartment for $700.00 a month and live in the house with my significant other. My mortgage which includes an escrow for taxes and insurance is $1304.00 a month. My SO and I split the other half of the mortgage payment which comes out to $302.00 a person. That is less then what I paid for rent when I had an apartment with roommates! I love my house but I am considering moving at the end of the year or sometime in the next year.

I bought this house as an investment and would like to buy another investment while prices are so low. The best thing for me to do would be to rent out the house as well as the basement apartment. I believe I could get between $1000-1200 for the house plus between $600-700 for the apartment.

I could continue to live in this house and buy a second investment property but I want to take advantage of these very low interest rates and the best way for me to take advantage of them is as a owner occupant buyer. As an owner occupant I can put down 10-15% and still take advantage of the low interest rates.

Right now I am looking for a duplex or triplex in an area of Philadelphia where there are university students ( because I will always have a renter).

Again, I am just looking and keeping abreast on whats happening in the financial world. My plans can change.

until next time think prosperous thoughts


No comments: