Monday, February 6, 2012

We bought.....

....A HOUSE!!!!
That's right, we are now officially homeowners! We found a super deal on a multi-family home. We have a 3 bedroom 1 1/2 bath home and a one bedroom detached apartment. So not only will be homeowners, we will be landlords. Scary, right?!

It is without a doubt a fixer-upper and it has tons of potential. Because we don't have tens of thousands of dollars laying around to do the work ourselves we went with a rehab loan. So the cost of fixing the two houses will be wrapped up into our mortgage and we will have a contractor do the heavy work for us, which will take like 3-6 weeks. We will do the easy stuff. Like paint and replace doors (because interior doors would cost like $200-300 through the contractor because of labor. Crazy, right?!) and of course decorate! I am so excited to decorate! I never really did much by way of decoration in either of our places the last 3 1/2 years because they never really felt like "ours." Well, now it is most certainly ours and there is so much fun decorating that will be happening.
I am so happy that the loan process is finally over! It took nearly 5 months. We put an offer in on the house in September and were on track to be done with the loan and in the house by the end of the year. We were going through a family friend to obtain the loan through Bank of America. A few weeks into the process he was told that BoA was no longer going to allow outside lenders to offer their loans. He talked them into letting him finish ours. He was just about to get into the meat and potatoes of the process and he was told that he was not going to be able to finish our loan. So we had to go directly through BoA and they started completely over and did so at a snail's pace. They kept saying things would happen by a certain time and then it would actually happen like 2-4 weeks later. We had to get like 3 or 4 extensions, all of which they said they could close the file by and then couldn't. It was absolutely frustrating!! But it is finally OVER!! And now the real fun begins!


  1. Yay! Congratulations! Our first house was a multi-family, and it was the best decision ever. We paid only a fraction of the mortgage payment and I think that generally tenants are much better if they know the owner is on site. Good luck!

  2. congratulations! that is very exciting. It is around the same area you are in now?

  3. Thanks Roxanne and Shirley. We are super excited about the house (and to have a renter to supplement the mortgage!). The house is like 2 miles from where we are now, so it is super close and is actually walking distance from our church building. (But in a different ward).

  4. How exciting new baby and house! Invite us to your open house party! So happy for you guys.

  5. So awesome! Congratulations on the new house and the news about your baby boy.