When One House To Reno Isn’t Enough

Every time I type this, or think this, or say this my armpits get sweaty and I question my sanity. You guys – we’ve hard core branched out of our comfort zone and bought ourselves a whole other house, with a whole other mortgage. And for most people that have read this blog for a while you’re probably thinking – you’re moving again?! And for once, the answer is no – we’re not. We’re just becoming landlords.

Sayyyy whaattt?? I know – I know!? It’s crazy. But when one house to renovate just isn’t enough to make your heart happy, y’all, you go out and buy another one. Right? Oh – I’m the only one that does that?? πŸ˜€ So long story short, we bought the cutest little townhouse down in Cary, NC, which is a hop skip and a jump from our abode here in Raleigh. Overall, this joint is cute as a button, updated and ready to move in right now – which is great, because frankly with a two year old and our own renovations always swirling, we were not looking for a tear it out and replace deal.

Cary Townhome

Out of privacy for the people that live here, I’ll not be posting a ton of photos of the new place but will definitely include any updates we do to it here on the blog. In the next few years I’d like to renovate the bathrooms and do a few other things here and there over time. Ultimately, if y’all remember this post, here, where I discussed some of our longer and mid-term financial goals, we’re hoping that this investment will helps us to move toward a future where we can call the shots a bit more and have an income source beyond the 9-5. That’s LONG TERM though folks, so for now, we’re just crossing our fingers that someone signs on the dotted line to pay the mortgage each month.

Now we did not go into this decision lightly – we talked about it and thought about it and sat on it for a few months before we contacted our realtor (who is amazing, if you live in Raleigh or want to live in Raleigh let me know and I’ll hook you up) to help us find a place.

Cary Greenway System
Luckily we live in a county that has an influx of 64 people a day right now by some estimates, so it’s been growing quickly and the demand for rentals is very high as people relocate from out of state of different job opportunities. We’re excited about this locale in particular since it’s very close to downtown Cary and is easily bikable via their greenway system into the heart of their little town which has an increasing number of shops and restaurants and breweries and is really becoming a fun little town! We pretty much bike or bus everywhere in our house, so it was important for us (personally) to buy a property that we felt someone could live a car light lifestyle in. We’re excited to get to know it better over the years of owning this property.

The Pharmacy Bottle Shop

One thing for sure – this is totally new territory for us! Wish us luck you guys – we’re going to need it! Anyone else out there branched out into landlord/rental world? Trying to decide if I’ve totally lost my marbles (leaning toward yes?)

5 thoughts on “When One House To Reno Isn’t Enough

  1. Congratulations! I am so excited for you guys. Being a landlord is a little daunting, but can be such a great long-term income source. We rented out our house and had a horrible experience, lol, but I think that is not the norm. A few things I learned:
    1. We hired a property manager and they ended up being not so hot. Next go around, I would manage the property ourselves or make sure the management company has great reviews.
    2. We left our tenant in charge of yard maintenance and gave them a lawnmower (very small yard), but they never maintained the lawn which led to rodents taking over the crawlspace! I wish we had just paid someone to mow the grass.
    3. The tenants had large dogs and they gouged our hardwoods. I would either not allow tenants to have large animals (or any animals ideally) or make sure flooring is very durable (a laminate or vinyl product would have been better).
    Can’t wait to follow this!

  2. Congrats, Mary! It really is adorable! We’ve been landlords of several condos for many years. Things have worked out really well with just some minor glitches here and there. I can tell you the investments have paid off big time, especially here in Southern CA. We just recently purchased some commercial property with two businesses…one for burgers and one for donuts. Fingers crossed! I think you made an extremely wise decision to do this!

  3. The commercial property is under a “triple net lease” agreement which we’ve done before. Nice way to do it if you can.
    I think you’re on your way with this recent investment. Keep us posted!

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