A few weeks ago my husband changed his mind. He went so far as to call a different mortgage broker than we had been dealing with before, to get pre-approved for a multi-family property. I wasn't about to complain about him taking that initiative. His thinking is good in this situation. We can pay the same or less than we do now, and have the ability to gain equity and eventually rent out the whole building and buy a single family dwelling.
We quickly realized that it was very unlikely that we would be able to purchase in our desired town, because the availability of properties is so low. We expanded our search to a city we both wanted to stay out of, but is flooded with property. We set up a few appointments and ended up on our first time out only getting to see two.
The first one looked pretty cute from the photos although it was small.
Ideally, we wouldn't have our neighbor above us since I know I will get annoyed if I can hear them all the time, but we didn't want to be too closed minded. It became clear upon walking into the downstairs apartment that we wouldn't be living there anytime soon. It reeked of cat urine, and it was literally so dark in there that I didn't bother taking pictures. Every window was covered in multiple layers of curtains and there was far too much stuff in there to be normal. I reached up to the ceiling fan in the kitchen because it seemed to be the way to turn the light on, but was greeted with dust and slime on the cord. Not a great start. The upstairs apartment was identical, but clean and normal looking, but still just too small for us. Mind you this house was listed close to two hundred thousand dollars, so I was a little surprised by the grossness factor.
House number two that day was located in our desired town
It was really cute and I could see us living there. The owners unit takes up the second and third floor and they kept it up very well. But this was the yard
Not the best for little ones.
Then, this past weekend we went to see one more.
Looks nice, but it was super awkward. The layout was terrible and the in-law apartment was unrentable, legally and otherwise. The best part about it was the Dogwood tree in the double lot yard. So that one was out too.
The rest of what is on the market either does not fit out needs or is in a terrible area, so we are now waiting. Sitting around waiting for more houses to come up for sale.
The worst part about buying in this specific market is that we could potentially be competing with investors who want to scoop up the very properties that we want to buy and have the money to do it more easily than we do. So there is pressure to be really on top of things too. Good thing that's my forte. I have gotten both the place we current live and the last place by being super persistent and on top of things, so this could work in our favor. I'm up for the challenge, just keeping my fingers crossed that the right place comes along quickly, cause I also happen to be a little impatient!