Tuesday, June 5

I'm Buying a New House

This is our new house!
Three months ago I updated my plans to include increasing recurring income by $2,300/month.  The first phase of the plan is in action:  we are moving to a new home.  This week I signed a contract on a brand new home on the other side of Tampa.  The house is about 40 miles from where we live now, but it's in a high-growth area where real estate is significantly less expensive.  My preference was to stay near our current home, but the few new houses we looked at cost nearly twice as much as the house I am going to buy. 

Our new home is in a master-planned community that features fiber optic Internet and is smart-home ready.  There is a beach entry pool and cabana as well as miles of walking trails.  The lot is 50% larger than the lots we looked at in other neighborhoods.  There are no houses directly behind the one I am buying.  Instead, there is a pond with a beautiful fountain.

On the surface this would not seem to be a frugal decision, but since 2006 I have built my real estate portfolio by moving into a new house every few years.  It's the way I've been growing my net worth.  But this time, instead of finding a long-term tenant, I will try AirBnB.  From the research that I've done, I am confident we can rent our current house on AirBnb for an amount that will more than cover the mortgage on the new house.

I should close on the new house by the end of July.  In the meantime, we are preparing our house for rental.  Such an exciting time!

9 comments:



  1. Congrats on the new house. It sounds like a great deal. I'm interested to see how the Airbnb works out.

    ReplyDelete
    Replies
    1. Thanks Andy. I am really anxious to get this house on AirBnb. Will be sure to let you know how it works out.

      Delete
  2. sounds like a good plan. I have a friend who does airbnb and is doing very well with it financially.

    ReplyDelete
  3. Jan, thanks for commenting. Glad to hear your friend is successful with it. We live a few miles from the beach so I think the house will appeal to tourists.

    ReplyDelete
  4. Best of luck with the AirBnb, Just reading some of your earlier posts, I am sure you will be successful.

    ReplyDelete
    Replies
    1. Thanks Lisa. I'll post updates about my AirBnb experience .

      Delete
  5. I'm sure many of you in the real estate business have picked up a few tricks for saving money over the years. FazWaz.ae

    ReplyDelete
  6. Buyers will always compare like for like when searching for a property online. A home that is overpriced will stand out and you will lose out on a sale to the competition. www.valsvic.com.au

    ReplyDelete
  7. A civil rights attorney can advise you on your chances of winning your case and the timeline you can expect. Know more information from www.mosscolella.com

    ReplyDelete