Ok, not really. It’s a Saturday night, almost midnight, and I am sitting here at the computer, running numbers to see if I can qualify for my dream property that became available, again. Was under contract in 2013. Sellers pulled out last minute. Literally, the night before closing they pulled out. They offered it to me again 2014, but I declined. (I was still raw from their cancelling last minute.) They called me up this week and offered it to me again. Circumstances for them have changed and they really need to sell it.
Now I am struggling with whether to sell the place I just bought sooner rather than later…(I had planned to sell it in the fall.) The market has gone up 4% (roughly) since I bought it last year. I will still loose money it, but overall, not much money at all. The amount I would have to pay to sell it would equate to one year’s worth of rent, which I would have had to pay anyways, if I didn’t own.
This would be the last property I would buy. (I know, I say that now…) It’s literally has everything I have dreamed about for land. The house, meh, needs some work. Stuff I could do, or pay a contractor a few thousand to do.
Using a draft budget, I can afford the place without selling my current one. Lender will go up to 45% DTI. My calculations are that the DTI would be 25% without taxes and insurance.
Do I go for it?