Thursday, January 28, 2016

Finding "The One"

So last we left, we were trying to find a condo to buy and fix up as a place to stay when we redo our house.

Back in December, we had been stalking looking online for a while and had kind of given into the fact that we probably wouldn't find a place until mid-february since we had a lot of travel planned, but I always like to keep a look out, just in case.
Low and behold, on a random day cruising the Redfin app, this little beauty came up as newly listed

Yea.  Pretty right?... ... ... Urban luxury at its finest, ha!... and this was the ONLY PICTURE of the property!

However, a couple of things really stood out...
1. The location
      - Only about 10 minutes from our house, in a great neighborhood with tons of new restaurants, retail, and grocery within walking distance.

2. & 3. The two things I've highlighted in yellow

     - Price: $89,900... we can do that!  Our budget was under $115k so this sounded awesome!
     - "Condo in need of rehab but has lot of potential"... oh, well just come right out and say it then. "Chris, Samm, Im ugly and need your love"... well, ok then condo.

4. No pictures
     - Actually, one photo... of a pool. Nothing inside, so we planned for the worst.  Really, we "hoped" for the worst.  More for us to do and fix up and hopefully have others pass by because they don't want to do the work.

I showed Chris and he was game... (which honestly surprised me a little since, again, there were no pictures of the inside)... Let's go see this gem.

(I'm just going to show you a couple pictures and do a full walk thru with more later)

Oh, dear sweet God, yes.

Blue shag carpeting? Well, alright!
Linoleum flooring? Ceiling fan in the kitchen? Sign me up!
                                
And this is the master bath? Blue carpeting in here too? How could I be so lucky?!?

It was EXACTLY what Chris and I wanted.  The flow and the floor plan of the condo was actually really nice, but it needed new flooring, a MAJOR facelift in the kitchen and baths, and to be de-wallpapered STAT.  We told our realtor we wanted to put in a full price offer.  

We thought we had a pretty good chance at getting it since it had only been on the market ONE day, but the next day we received a call tell us that we were in a bidding war with 4 other offers.

Ugh...Sugar.

We were given until 5p that night to come back with our strongest offer.  Chris and I did a lot of back and forth and conversing with our realtor. 

Realtor - "I think $95-$96k should do the trick"
Chris - "Maybe a little higher? $101,029 (the last four numbers are our anniversary... awww)
Me - "Whatever. It. Takes."
As you can see, I went with the subtle approach.

Realistically, when Chris and I were talking, I kept telling him to forget the original asking price, and think of what price "we" would think was a deal for this place without going out of our comfort zone.  If we bid $101k and lost out to a $103k bid, I would be pissed.

Our final bid: $105,000

Yes, $15,000 over asking. But we felt we'd still be getting a deal if we saw that property pop up for $105k but had no regrets if we lost to a $106k bid.

And then we waited... and sweated... and went through a lot of Pepto-Bismol and deodorant.  Stress, my friends, stress.

Later, we went to our first movie in a movie theatre in 14 months, Star Wars...  Yes, we have kids and are too poor to afford a babysitter (and here we are trying to buy a condo... ha, oh the irony).  Right before we went in, we got a text from our agent.

WE GOT IT!

Pretty much my exact reaction.

Oh my goodness! We are under contract on a condo!!! AHHHHH!!!

We still had to under go the inspection and appraisal but other than a busted AC unit part (which the seller agreed to pay) we were good to go!

I'll post a full walk through along with a couple more fun details as soon as we actually close on Tuesday, but the journey has started! Once we gut everything, its going to be like a blank slate... I honestly can't wait and am so excited to be detailing our little flip here with y'all. 

Get excited, this is going to be fun!

Tuesday, January 26, 2016

Hahaha... jk...

Oh life... so silly.

For all 5 of you who still actually read this blog, I have a bit of an updated on our housing addition project.
Yep, just as I told y'all that we were putting up a second story, planned for this Spring (as in this year, 2016), Chris and I have decided to put that project on hold... for something even better.

But first, let me backtrack.  We still have plans to do the 2nd story but the more and more we thought about layout, ideas, finishes, etc, all we could see were $$$.  We knew it would be a great opportunity to really make the house EXACTLY how we wanted it, and didn't want to skip out on any features for the sake of saving a buck now, if only to redo it 5 years down the road.  If I'm going to tear the roof off my house and move out for 6-9 months, I want the thing PERFECT! So, a project that we were hoping was going to cost somewhere around the $120K mark, was pushing $150-$200k.  Yikes.

Also, Chris and I are not rich (...I'll pause for you collect yourself after that shocking statement...).

One of the hesitations we had about moving out was spending additional money on rent in addition to paying out mortgage while our house was being redone.  Rent for a house in our area can go for around $3,000 a month (which we do NOT have the budget for) so more than likely we were going to have to move into an apartment or condo.

Since Chris and I had a little saved, enough for a VERY small down payment on a VERY cheap condo, we decided that was the direction we should take.  Especially since we both loath the idea of paying "rent" and never getting it back opposed to a mortgage.

So, that is where I will leave you for now... on the fact that we are were looking.
Very exciting news coming down the pipeline... can't wait to share more about this new little adventure ;-)

P.S.- Happy Thanksgiving, Merry Christmas, and Happy New Year... man, I've been gone way too long.