A New Investment?????

Well, it looks like Hot Rod and I might be taking on a new investment.  The man that owns the house at the end of our block died recently and his children then put their mother in a nursing home as she is not able to care for herself.  The son approached us and asked us if we were interested in buying the house from them.  I think we are going to do it.  We got our first really good look at the house last Saturday so I thought I would post the pictures I took.  Man, it needs some work but I really think it will be a good investment and it definitely has some potential.  So, let’s take a tour of our new soon to be project shall we?

This is the outside of the house.  It is at the end of our dead end street and it flanked by the cotton field on the one side and my sister’s house on the other side. 

It definitely needs a new roof and some updated paint on the outside along with some landscaping.

When you walk in the front door, you walk into a living room.  Very dated…very old.

Directly to the left of the living room is the kitchen and dining room.  It is actually a really good sized kitchen.  The counter tops have been replaced recently even.  The cabinets are old and dingy but I think a coat of paint and new hardware is really all they will need to make them livable.

Along with the kitchen is an eat-in dining room.

Don’t you just LOVE that cabinet on the left there?   I told him if they are going to sell that to please let me know.  I WANT it!

Now, you can see 2 and a small piece of a 3rd door there.  The small piece of a door goes back into the living room.  The door next to that goes into a bedroom.  The door in the back goes to the laundry room and then back door.

Now, going back to the living room, as you go down the hallway on the far right the first thing you see is a bedroom to the right.

It’s actually not a bad sized room, and has a normal size closet.

On the other side of that hallway is another door to a smaller hallway that leads to the master bedroom, the hall bathroom, and the third bedroom…which has a 2nd door that we saw in the dining room.

Now the hall bathroom is HORRIBLE!  It will have to be completely gutted and started over.  It is just so weird how it’s set up!

It’s hard to see in these pictures but there is a space between the door and where the shower starts and it’s just plain weird!

The 3rd bedroom was apparently their hoarding room.  It is a huge MESS!

The master bedroom is actually a nice size with a nice walk-in closet.

Now, this part is a little weird too.  There is a new bathroom they built off of the master, but it’s a Jack and Jill bathroom and shared with the add-on den they built.  It needs work.  If I was going to live in the house I would close it off to the new den and make it one large master bathroom…but since I’m not going to live in it I guess we’ll probably keep it like it is.

This is the sink and toilet on the den side of the bathroom (strange huh?)

This is the sink and toilet on the bedroom side of the bathroom.

In between them both is a full tub.

Now, back to the main hallway.  If you continue down that hallway past that 2nd bedroom on the right you get to the new den.

I really like this room.  It has tons of potential! 

So, that is essentially the house.  I know, I know…it needs tons of work.  Oh yay…more projects!  Like I said in my goals post we may have to forgo some of our projects in our house to get this one up and running but I really think we are going to go for it.  We are going to buy it by taking a loan out for only 5 years so it will be tough for the next 5 years.  We are thinking we will be able to rent it for about half of the loan payment so we will be coming up with the rest of it.  But, once that 5 years is over then we will have income forever.  With the state of the economy we are looking at ways to boost our retirement income and I think this may just be the ticket.  In the meantime my daughter and her husband are seriously considering moving into the house while they save for their dream house.  Now that I would love!  I would love to have her closer to me.  This house is just 2 doors down from my own so that is another good thing about it.  Whew…I’m tired already just thinking about it though.