We’re buying the tri-plex we live in, making two of the apartments into one, and renting the other. Our Current apartment is a 1 bedroom with about 800 sq feet, when we’re do it’ll be a two bed, two bath at 1300sq/ft. And we’ll have the upstairs apartment rented to some friends for almost the cost of our mortgage. One of which currently lives in the small apartment and the other in our basement.
The house belongs to my father in law who has been giving us a killer deal on rent for 5.5 years now. And he’s giving us about 20% of the houses cutrent value plus playing to have the roof redone, an 8,000 dollar expense. Between a limited and inflated local market, and this deal we really couldn’t say know. The plan is within the next 5 years we’ll move out and rent both apartments.
By the end of the month I’ll be a home owner.