Update On My First House Purchase
Well, at this time, my plan to sell my first investment for a small profit took a twist. My neighbors house was damaged by fire, and they were looking for a house to rent during restoration. I offered them my investment home, which is about 20 minutes away, but they really wanted something closer to their home to give them the opportunity to easily monitor the restoration and also keep things as normal as possible for their family. Having a large family of 6 plus 2 dogs and 2 cats, it's not easy to find a rental, and certainly not a short term rental. Probably impossible. So, since I had been comtemplating a move anyway, I offered them my residence and moved into my investment home. Because the insurance company is paying for the rental, I am receiving more than 2X the normal rent, plus $200 additional per month for the rental of my appliances, as well as a $650 non refundable pet deposit.
So, although the plan changed, I am still making a profit of $3600 (based on 3 months) or more, depending on the time it takes to restore the home. I have a 3 month lease, with option to extend and 30 days notice. I am told it generally takes 4-6 months to restore. Each month I receive a profit of $1200, plus I still have ownership in both houses!
As I said in my first post, it's great having options! I was not only able to make a profit due to the ownership of the investment home, but I was also able to be a help to my neighbors, which is a wonderful feeling. (They told me I am "heaven-sent"
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My plan at this time is to either sell my residence, which will give me a bigger profit than my investment home, or rent it out after my temporary renters move out. I'm in the process of looking at refinancing my residence for a lower monthly payment so I can pocket some profit each month should I decide to go the rental route. I'll also be receiving a bit of cash, about $20000, which I'll use for additional investments.
This is the plan at this point. If anyone has a better one I'd love to hear it!
Jeannie 
Jeannie,
Ever read 'Rich Dad Poor Dad' ? Story about a single guy who sells his house, after owning it 2 yrs. (of course), then takes the $, quites his day job, lives on that $, gets another fixer upper,lives in it 2 yrs. does the same thing over again...Never pays taxes as a w-2 er, only on goods/services etc. Would LOVE to have the oportunity to do that,however,wife says NO moving ,do REI with other houses ! You, of course, depending on your situation, are in a position to do the same,minus quitting your day job and if you don't mind moving every couple of yrs.
Just a thought, which you may have already had anyway.
Hi Leadman,
I like the idea and I'm the position to do it! Kids are grown and I'm a free woman! I quite my JOB (just over broke) about 3 years ago to run my home-based travel agency, so I can take that with me anywhere I go. I love the 60 second commute!
Thanks for the input.
Jeannie