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The red cottage

August 18th, 2016 at 07:42 pm

We are buying the house next door to us. It is a single family house with a two bedroom cottage behind it on an acre of property. We will not have to pay anything out of pocket because the rents pays the mortgage/property taxes and HO insurance. We already have tenants for both the "big" house and the cottage. I'm not worried about tenants because our rental market is pretty hot and we are definitely building a fund to cover unforeseen expenses for this home.We are buying the property with our future in mind. We decided that in retirement we will spend the three warmer seasons in New Jersey (in the cottage) and winter somewhere in the south of the United States or possibly the Caribbean. Closing should be at the end of the month. Of course, I will be paying the principal as fast as I can and I'll be tracking our progress here.

On another note, I've not done any grocery shopping in 18 days. My friend called me once again before leaving to Ireland to pick up more food. We used what we have on hand with much more to go. I just have to get some basic staples. I have spend $68 in groceries this month. I know, how awesome! My tomato plants are doing great and to top it all off, my neighbor gave me about 6 or 7 beefy tomatoes. I will be canning these!

7 Responses to “The red cottage”

  1. snafu Says:

    wow! Have you planned to be a landlord or was this a decision based on opportunity? Is there an association for landlords in your community? Our initial experience as manager of a small 6 suite apartment was more difficult than anticipated and found the support from others a very helpful quick emersion.

  2. VS_ozgirl Says:

    How exciting, congratulations!!!!

  3. creditcardfree Says:

    That is very exciting. Makes me think that we should consider something similar where we find a property with two houses, rent the larger one and live in the smaller one. I'd have to like the people I'm renting to though! Smile

  4. CB in the City Says:

    Have to say, retiring to a little red cottage sounds pretty sweet!

  5. Joan.of.the.Arch Says:

    Good luck with this endeavor!

  6. rob62521 Says:

    Neat idea for the cottage.

    Good job on the groceries! Sure is nice when you can save.

  7. frugaltexan75 Says:

    Great job on groceries!

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