Ian and I first met last winter, when he decided to move his savings into real estate, instead of his under-performing investment accounts. He already owned a home in Mt. Tabor, but decided to rent it out and move into a fixer so that he could build equity, while enjoying the financial benefits of it being his primary residence.
The first house we saw together was an adorable Victorian dollhouse in Buckman. It had been a rental for years and as a result had a lot of deferred maintenance issues. Any one-hundred-twenty-five-year-old house was bound to have issues, but neither we nor the seller were prepared for the extent of the fixes needed. Once we got bids for foundation, plumbing, sewer, electrical, and structural fixes in excess of $40,000, Ian made the painful decision to terminate the deal.
Fast forward six months, and Ian and I hadn’t given up the search for his next big investment. We looked at some moldy oldies, some dingy duplexes, and a couple of rotten rehabs. Then, Ian went to an open house 10 blocks from his current home, and was immediately smitten by a little Craftsman in need of some big love. Ian ran his numbers, and came in with a competitive offer that won the day!
After a 30 day escrow period of pretty intense negotiations, Ian closed on his home, complete with brand new roof and a generous seller credit to help stretch his home improvement budget. Every penny has to count, because Ian also found out that he and his partner are expecting a little boy this fall!
Congratulations, you two! We can’t wait to see you make this little house into a beautiful home for your new family!
