We’ve all been there. You know, that moment when you impulse buy a house.
No? Just me? The Impulse-Buy-a-House club is a lonely one. It’s definitely not a club that everyone should join, nor is it one that I planned on joining myself. In fact, I had a fairly strict budget planned — one where I automatically deducted the majority of my money and put it far, far away from me.
Based on this plan, a year from now I would have the down payment for a duplex. And the rent would cover my mortgage. And I might even have some extra cash. And I would be able to live out my childhood dream of being a landlord.
But sometimes you find a deal that you simply can’t pass up.
With my planned budget in mind, I mentioned to a family friend and realtor to keep an eye out for me over the next year. Two days later he called me saying he had something for me — in my neighborhood, in my price range and without much work to do. “Yeah, right,” said the part of my brain that stores all of the information I learn from HGTV.
Suspending disbelief, I went with my parents to check it out. There was little or no work to be done. It was half the price it should have been. And I could even get some of the old furniture. I couldn’t have asked for a better deal at a worse time.
I can’t do it alone — yet. I just started a new job, I barely have any money saved, and comic books still exist, so my parents decided to help me out initially and I agreed to pay them back in a year.
But the lesson here isn’t to be lucky and fulfill your year-long goals in a few days; it’s that your plans can’t dictate your life. Sometimes you’ll just have to adapt when you find the right opportunity. I knew that investing in an income property was my goal, but I never thought that it could happen so quickly.
It might inconvenience my parents to loan me some money, but there is almost no risk in this house. Even if I lose my job, renting both units will pay for the mortgage, utilities and my car payment. I’m essentially investing in a money-making box.
As Lex Luthor once said, “You can print money, manufacture diamonds, and people are a dime a dozen. But they’ll always need land. It’s the one thing they’re not making any more of.”
He then grew an island made of Kryptonite and Superman threw it into space.