Re-learning Investor moving to Jackson, TN

[Kevin E.]

I've been soaking in BP for a couple of months, now it's time to reach out. So, hi.

Backstory: bought my first property in Nashville, TN but was yearning for the west coast and my newlywed bride gave me thirteen years in Oregon. Accidentally made enough profit from the Nashville house (Lockeland Springs, tornado helped quite a bit) to buy Oregon property with two houses. We lived in one, the other paid the mortgage.  We eventually moved out, had gracious tenants that put up with deferred maintenance, and accidentally made a profit on that place too when it sold last year. But I think my accident-forgiveness plan has run its course and our current house will barely break even.

Current situation: It's time for me to let my wife pick the geography, she's definitely earned that right. So by the summer of 2016 we will be in her family's town of Jackson, TN. In the meantime we're buying property there as part of a 1031 exchange. Closing in a few days. But alas, I had not yet learned from the BP masters before getting in contract and performing due-diligence, so these are not 2%-rule beauties, especially considering the rehab costs. I'm definitely reaping what I have sown in terms of deferred maintenance in those rentals. 

I'm not usually one to let the world know about all the good and not-so-good decisions I've made, but I truly want this venture to work and fund my family's simple-but-eclectic, income-sparse lifestyle.  And from what I've seen, the most successful folks here are the ones who have opened up their ideas to scrutiny from the community. So bring it on, don't hold back. And thank you.

[James Wise]

I wouldn't beat yourself up about the house. If your buying a home that you will live you in cannot base the decision soley on if it would make a good rental after you have moved out.

Happy wife = Happy Life