Need good thoughts!
11-29-2010, 11:56 AM
#1
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Location: California
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I have been looking for a small house for retirement, which will be in at least 8 years, that I plan to rent out. The payments will be less than $600 per month and it's part of my plan to retire at 55 to have no, or a small, mortgage. Houses in the area rent for at least $1k. I saw this house the first day I started looking but when my agent called the listing agent we found that there was a pending offer already.
Last Wednesday I got an email notification that there was a new house that met my criteria and it's THE house! I called my agent and said to offer on it NOW!!! She submitted the offer but the owners were out of town for the holiday.
The day I started looking I posted on FB that I was sending up good thoughts that I find the perfect little cottage for me. When I saw this house I got goosebumps. It is just the cutest little house that I would love to retire in and there is a downstairs bedroom with hardwood floors that is perfect for a sewing room.
Last Wednesday I got an email notification that there was a new house that met my criteria and it's THE house! I called my agent and said to offer on it NOW!!! She submitted the offer but the owners were out of town for the holiday.
The day I started looking I posted on FB that I was sending up good thoughts that I find the perfect little cottage for me. When I saw this house I got goosebumps. It is just the cutest little house that I would love to retire in and there is a downstairs bedroom with hardwood floors that is perfect for a sewing room.
11-29-2010, 12:15 PM
#6
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Join Date: Jan 2009
Location: California
Posts: 3,502
It's in Stockton near Univesity of the Pacific. Houses in the area rent like hotcakes, or so I'm told. I'm not in it to make money, though I wouldn't turn my nose up at it. Just one of the legs of being able to afford to retire is to not have a big mortgage payment. I figure that giving up some cash now for a good down payment is worth the return of having a monthly payment that is less than what I could rent a small apartment for.
I just refinanced my house and the payments are closer to $2k. If I sell it in 8 years I still need to live somewhere and prices aren't going to stay low forever (I hope not), so locking in a low payment now seems like the best thing to do.
I just refinanced my house and the payments are closer to $2k. If I sell it in 8 years I still need to live somewhere and prices aren't going to stay low forever (I hope not), so locking in a low payment now seems like the best thing to do.
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