We have two residential properties, but not because we’re loaded.
I bought a townhouse after I got divorced, near my parent’s house. I’ve had it for 5 years. The plan was to sell it in a few years, turn a good profit, and buy a new house. That was always the plan. But as we know, that hardly ever goes well.
The market crashed about the time Hubby and I got married, and about 20% of the units in the subdivision went into foreclosure. This dropped values a solid 30%. I couldn’t afford to sell it, and believe me, I tried.
When someone wanted to rent it, we decided to pull it off the market and become landlords. Which, I wouldn't recommend to anyone unless they have to, and ABSOLUTELY don't do it like we are. Distance landlording is horrible.
We have house where Hubby’s job is, and we bought it about six months before we got married. He lived in it while Kiddo finished Kindergarten and she & I lived in the townhouse. 200 miles apart. I also don't recommend doing that if you can help it.
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