What is our next move? That is what Britton and I have been discussing a lot lately. Obviously, we would prefer our next MOVE to be to Puerto Rico, but that’s not happening quite yet. So we’ve been talking about what would make us feel comfortable to move there…and that would be to have a fairly stable income stream. We have our current rentals, but don’t make very much on them, and certainly not enough for a move, a remodel (or rebuild?) and a complete overhaul of our lives.
We’ve thought about what that number would be, and we’ve determined that unless Britton is able to take his work remote with him that we would need to have a pretty decent income -at least as much as from one of our jobs- from the rentals. Right now, the rentals are more like a hobby business, which is fine and a great starting place, but if we want to go out on a wild limb like living full-time in Puerto Rico, we sort of want a net of some kind. And to do that we need more funds. And more funds means more properties (or fewer expenses related to our current properties).
So we decided to put in another offer on a rental property. It’s a short sale, which usually means it’s a long shot and a long time to hear back from the bank. But if it goes through, we would be happy; the numbers work and we could make a decent return on it. We would be getting it for roughly half what is owed on it. It doesn’t need a ton of work and we would live there if we had to (one of our qualifications for which houses to buy).
It’s funny how something as big as buying a house can become second nature after you’ve done it a few times. We’re definitely getting better and learning as we go. However, this short-sale thing is a first for us. Let’s hope it goes through so we can make our next move across the board game of life!