Just made an offer for a new home
As time goes on I'll explain my background in Real Estate investing and what my ultimate goals are. I've done a couple of flips, one residential home and one parcel of land, so I've gotten my feet wet. Over the past two weeks, I've been driving around my local area (within 10 miles of my home) looking for good deals. My wife and I have been aggressively attempting to pay off our current home of 5 years. So far we've been able to reduce our balance from 105K to 65K. I'll explain how we've been able to do this in a later post. I figured now is the time to start scouting the area to get a good handle on prices. I came across a home very similar to the one I have now and it was priced well below the latest appraisal we had done on our home. So I started researching what other homes had sold for and were currently on the market for (I know this isn't very reliable) in the same neighborhood. My guess was the house would appraise for 280K and they were asking 262K. Today I called and found out they just dropped the price to 245K, needless to say, I jumped all over that. We walked through the house with the realtor and everything looked in good repair, the only negatives were a smaller living room than we have now and the carpet smelled (kitties having fun). We submitted an offer for 240K and will see what happens. If this deals goes through, we will rent our current home and move into the new home.