Thursday, June 28, 2007

Two Down, Two to Go!

As some of you know, a few years ago my husband got the notion that he was going to be the Palestinian version of Donald Trump. The real estate mogul aspect, not the freaky hair aspect. Thank goodness! Anyways, over the course of a year, he purchased (with help of his brother and parents) 4 pre-construction properties - a townhouse and 3 single families, as well as two condo conversions. Plus we bought a new house to live in as our own home. I'd like to say that I was of the utmost support to Hubby, but unfortunately, I thought he had gone plum crazy. However, rationality came to bear and I realized that he had never once in all of our marriage led us astray and I came to accept our new positions in life as "Landlords" and "For-Sale-By-Owner King and Queen."

Two of the houses sold quite quickly after construction was complete and the condos and the townhouse have been rented out steadily for the most part. The final house was just completed a month or two ago and we are working on selling it now. But we are (insert happy dance here!) due to close on one of the condos sometime within the next week. And tonight we rented out the townhouse to a woman who seems lovely. While I would have rather sold it, it's better than having it sit empty with us stuck with the mortgage payments, right?

So that leaves us with just the other condo and the newest house. The condo has been rented to the same man since before we bought it and he'd probably happily stay as long as we let him. But we do plan on putting it on the market soon. And then there is still the house to sell. We've had some inquiries and a couple who would like to rent it, but we'd much rather sell. So we can have money. That's kind of a crucial part of the whole "let's move to Tennessee and buy a house for cash so we have no mortgage" plan. I think renting out the townhouse may have already put a little crimp in that plan, but we'll see how it all shakes out.

So, I'm off to my non-gold plated bathroom to brush my teeth and then to sleep in my non-luxurious bedroom with my not-1500 zillion thread count sheets. 'Cuz that's what we real estate moguls do, you know.


Charity said...

My husband also likes doing real estate deals. He likes to buy houses on the foreclosure sale, fix them up, and then sell them. He only does about one a year though, which keeps it from being too stressful for us.

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