Monday, October 01, 2007

Got The Bug

I'm feeling the urge to buy another rental property and the blame lies squarely at the feet of Trisha for recently posting about two properties available in Tulsa. The problem is I am looking at a lot of upcoming expenses in the near future - we need a new bed, we're traveling for Thanksgiving, Christmas shopping time is quickly approaching, and next year, we're going on a cruise. The cruise is a birthday present for my 40th birthday, which will also be next year, but we will be paying for the shore excursions, and those add up quickly. Not to mention the costs of buying souvenirs at all the places we visit!

But I want another rental! Santa, are you reading this?


Doug O said...

Yeah, but think of it this way - the money you save and invest today could pay for your entire trip in 5 years!
However, if you waste that money today, it might take 5 years before you can buy a similar investment property...
It's all about patience and prudence in real estate investing!

Trisha#1 said...

Hey, Shaun! I completely understand where you're coming from! I'm trying to find the money to go on vacation ASAP! Trouble is, I don't want any cheap vacation--I always seem to pick out Turtle Island Fiji or Pearl Island Bora Bora. Well, my stepdad now works for a timeshare company and can get us into Harrah's on the strip in Vegas for $30/night. Maybe we'll just do that. :-/ Michael needs a new car soon. So, I just can't justify an expensive getaway!

Steve said...

It all boils down to a personal decision. I'm running into a similar situation with the 4-plex I have under contract. We have cash in savings we planned to use for property taxes next January, but are using (the bulk of) it instead towards the purchase of this property (i.e., inspection, closing costs). I figure with the $400-$500/mo CF will be getting from this property, we'll be able to pay off the property taxes by next spring. After that, it's genuine, positive CF.

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