Buying an Investment Property

Real Estate Investing

We are currently searching for an investment property.

February is quickly ending. This winter has been long and cold, so I am happy that Spring will hopefully be here soon. Here is a quick personal financial update as this winter winds down.

Real Estate Investing

The biggest news of the month is that we were out shopping for investment properties a couple hours from our home. The area we are looking at has multiple lakes in the area and is a popular destination for boaters, fishers, hunters, and people wanting to enjoy the outdoors. The plan is to acquire a property to use as a short-term rental property. Think airbnb vacation rentals.

We viewed a half dozen properties and made an offer on one. In the end we were unsuccessful, as we were beaten out by a higher bid. But we are going to be continuing our search. We have another couple of places lined up to look at this coming week.

The goal is to obviously have the property positively cash flow and to continue to build a real estate portfolio in that area over time. Vacation rentals are riskier and more work than acquiring long-term tenants, and the income is more sporadic, but I believe that it will be a lucrative endeavor.

I’ve been interested in real estate for some time now, and I am finally in a financial position that allows me to pursue it. We are hoping to use the income to accelerate when we can walk away from our 9 to 5 jobs and retire early. I will keep you updated on where this goes.

Personal Finances

There isn’t much new to report here. I am still debt free, and the run in the markets has made my portfolio worth more than ever. My emergency fund continues to grow, and I plan to keep contributing to it in the near term.

The biggest news is the possible acquisition of investment property. If we can successfully buy a rental property, I will provide all the details and some pictures when I do my next personal financial update.

Going Forward

The month ahead will be spent continuing to save and invest, and hopefully also finding a rental property to add to our portfolio. I will keep you all updated as to how this unfolds. Until next time.

Read Also:

5 Reasons Why You Should be Investing in Real Estate

Personal Financial Update, February 2021

A Basic Guide to Investing in Real Estate

Master the Market: How to Invest in Real Estate and Make a Killing