Our renovation posts have been eliciting the same questions in comments and emails again and again, so I thought I’d dedicate a post to it.
(But don’t let the prior sentence lead you to believe I don’t love getting comments and emails. Makes me feel as famous as my girl J-Lo, sans the money and the twins. And the latin husband. But, I’ll take my husband any day. And, I’ll take all the ego-boosting I can get from your comments.)
Why buy another house?
Because Ryan was bored.Β Seriously. He was getting restless and I was ready for a change, too. We had been on a search forΒ a house in the country, but then a few fixer-uppers in town came along. And it made more sense for us to buy our house.
It’s a step towards financial independence. We have a dream to not be tied down by debt someday. And this is a very important step towards that.
How long will you live there?
The current plan is 1-2 years. But let’s be honest, plans change. I said we’d never move from our current home. And, 3 years later, we’re gearing up to move.
Why only move for a few years? I thought this was your forever house?
Nope. Our forever home will be in the country. This house is in town. This is what we like to call a detour home.
Obviously. Because I can’t worry myself with the idea that it won’t sell. There’s obviously a chance it won’t sell right away, but our neighborhood has had quick sales on homes up for sale in the past six months, so we’re hopeful.
How many houses do you have?
3 – our first home, our rental (the little house) and the current renovation. Hopefully, we’ll only have two houses come spring. But Ryan wants to buy another rental after that. So 3 may be the lucky number.
How can you afford it?
I kid you not, friends, I’ve gotten this question. Straight-out and veiled. And maybe more people are actually interested than those who actually ask. I don’t know. So, without getting into details and specifics, here’s the answer.
We save money and we buy very inexpensive homes. Like, “the cost of many peoples’ cars” inexpensive. We take out loans if needed, although traditional 30-year mortgages haven’t typically been the preferred vehicle for us. Then, we pay for the renovations with money we have instead of taking out more loans. At some point, we’ll be able to live debt-free as a result. And by “at some point,” I mean when we sell our house in the spring.
That will be freakin’ awesome.
(Necessary disclaimer: I’m by no means implying that this would work for everyone. And this is also assuming we sell our house in the spring. However, this is our current projection.)
Do you and Ryan have jobs?
Yep. We both work full-time. Which is the only way we can afford to work on the house in our free time because we use our current income for renovation expenses. (See above)
Are your family members contractors?
Father bear does some contracting, but he worked full-time for 30 years at a company doing something different and retired a few years back. He built several of our houses growing up. (Noticing a trend? Remember – my family moved 9 times in my life by the end of college. I’m used to moving.)
Ryan’s dad is great with plumbing and electrical – and we’re thrilled he lets us tap these skills.
As for my brother, he has also been a huge help on this house. And he’s good for a laugh. Plus, we pay him in meals. Most other workers don’t go for that.
How does Ryan know how to do these things?
The husband was a mechanic before going back to school and is handy. He reads A LOT (spends hours on the Internet searching and reads books before doing a project) and learns by doing. His dad and my dad have also taught Ryan a lot of what he knows. He’s an exceptional pupil and he remembers really well.
I, however, have no handy skills. Mostly, I’m just along for the ride.
Why don’t you use contractors?
Because it’s expensive. And we like to think we can do it ourselves. And usually we Ryan can. But, that doesn’t mean that you shouldn’t use contractors. We have nothing against them. Obviously.
And there are a few times that we use them. (Heating/cooling is one example. And the garage door.)
And there are times that I beg Ryan to hire someone so it’s quicker and easier. But, then he takes care of it and I eat my words.
How do you get renovation projects done so quickly?
We don’t feel like it goes quickly at all, so it’s funny to hear folks say this. It’s all in perspective. Ryan works really hard. But, we always wish it goes quicker. I try to share hiccups along the way, but since you only get a weekly snapshot, it probably seems to go quicker for you. It’s all a mirage.
Also, we don’t live in the house while we’re working. I’m convinced this makes things go quicker. Oh yeah, and I slip crack into Ryan’s cereal in the morning.
Any other questions, friends?Β
I may answer them.
(And, come back tomorrow for the gear-up for the first week of Dare to DIY.)
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Angie @ Angie's Roost says
Okay…so I must admit, I’m mildly obsessed with your blog. I’ve been cruising it all night (found you via Decor And The Dog) and LOVING it. I’m a huge fan of DIY and buying cheap homes and fixing them up. It’s our current obsession too! Okay…sorry for all the commenting this evening…I’m off to read more of your juicy posts!!!
Amanda Sevall says
Love it! I laughed pretty hard when I read the comment about slipping something special into Ryan’s cereal… LOL!! Sounds like you have a great plan that is really working for you. Sometimes I wish I lived in an area where property wasn’t ridiculously overpriced and we could do the same. π
Leigh says
ha- I love your last line! I think not living in the house while doing the work really helps, so you can get some distance and relax.
Kim @ NewlyWoodwards says
LOL at anonymous. Are you my dad? He didn’t want me to paint it either. It pains him.
Nope, it wasn’t damaged. I just prefer white to the wood. When you buy your own house, you can totally choose to keep it wood. π
Anonymous says
My question is – why oh why are you painting that wood??!! (In the picture)
I hope it was really damaged or something…
jen @ homeinthecountry says
Kim – you are my hero.
Debt free by next spring? So awesome.
Also, I don’t believe you when you announce how little you do… π
Oonafey says
I love the “I slip crack into Ryan’s cereal” comment. Freakin’ hilarious. I’m still giggling.
Kristen @ Miss Prissy Paige says
You guys rock it! I am constantly impressed by all your projects, keep ’em coming!
Leah says
i just think this is amazing. you answered a lot of questions i have been thinking myself. you guys have to know how amazing you are . . . right??!! this is seriously cool.
Wendy says
Great Q & A post! Love it that you are following your dream and eventually be debt free while doing it π
Wendy
Amanda @ Serenity Now says
I love how in the one picture Ryan is hard at work with his blow torch thingie and right underneath you are smiling sweetly with your one stroke of paint on the wall. π I’m not handy either. If I were, our addition would be held together with hot glue and duct tape.
Good post!
Mrs. Adventure says
Wow Kim this post is awesome, it answered more questions than I thought I had :+)
longbrakeliving says
What do you mean by debt-free? No credit card debt? No loans? No mortgage? All of the above? Either way, color me impressed, but I’m even more so if you’re mortgage free!
LizzieBeth says
It is my dream to own rental properties, but I just can’t fathom how people afford to purchase them. We are having a hard enough time just saving for this first house.
LB
Cindy @The Flipping Couple says
Ooo, I love a good FAQ post! And even though we only have one house we get the money question all the time. Usually as a statement, though. “You guys must have a lot of money to be able to do this.”
Yeah, not so much. We just don’t spend money anywhere but Home Depot.
So excited that you guys will be debt free when the house sells! That’s awesome. And inspiring.
Shannon says
I’m just glad that people are nosy for me & ask the burning questions in my head…and that you indulge our nosiness. Ryan totally impresses me with his jack of all trade-y-ness. And you’re not so bad either π
*claire* says
you guys are awesome (but i already knew that). so glad you are sharing your adventures!
Liz @ It's Great To Be Home says
Ack, debt free by next spring?!? You are my hero! We’re trying to get on that track and we’re hoping to be there by the time we’re 35 – we’ve got 5 years left, so we’ll see how that goes. π Congrats, that’s amazing!!!
Lindsey says
I wish my husband were a fixer upper but he’s not. π We’re going to be buying our first home early next year so at least I have a brother who is good with tools!